Document_and_Entity_Informatio
Document and Entity Information (USD $) | 11 Months Ended | |
Dec. 29, 2013 | Jun. 28, 2013 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'HEINZ H J CO | ' |
Entity Central Index Key | '0000046640 | ' |
Document Type | 'S-4 | ' |
Document Period End Date | 29-Dec-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Current Fiscal Year End Date | '--12-29 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'Yes | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Public Float | ' | $0 |
Entity Common Stock, Shares Outstanding | 100 | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 11 Months Ended | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 |
Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Sales | $6,239,562 | $1,112,872 | $11,528,886 | $11,507,572 | $10,558,636 |
Cost of products sold | 4,587,791 | 729,537 | 7,333,416 | 7,512,783 | 6,614,259 |
Gross profit | 1,651,771 | 383,335 | 4,195,470 | 3,994,789 | 3,944,377 |
Selling, general and administrative expenses | 1,501,807 | 243,364 | 2,489,005 | 2,492,482 | 2,256,739 |
Merger (see Note 4) | 157,938 | 112,188 | 44,814 | 0 | 0 |
Operating income | -7,974 | 27,783 | 1,661,651 | 1,502,307 | 1,687,638 |
Interest income | 13,071 | 2,878 | 27,795 | 34,547 | 22,548 |
Interest income/(expense) | 408,503 | 35,350 | 283,607 | 293,009 | 272,660 |
Unrealized loss on derivative instrument | 117,934 | 0 | 0 | 0 | 0 |
Other expense, net | -12,233 | -125,638 | -62,196 | -7,756 | -21,204 |
Loss from continuing operations before income tax | -297,705 | -130,327 | 1,343,643 | 1,236,089 | 1,416,322 |
Provision for income taxes | -231,623 | 61,097 | 241,598 | 244,966 | 370,817 |
Income from continuing operations | -66,082 | -191,424 | 1,102,045 | 991,123 | 1,045,505 |
Net after-tax losses | -5,636 | -1,273 | -74,712 | -51,215 | -39,557 |
Loss from continuing operations | -71,718 | -192,697 | 1,027,333 | 939,908 | 1,005,948 |
Less: Net income attributable to the noncontrolling interest | 5,303 | 2,874 | 14,430 | 16,749 | 16,438 |
Net income attributable to H. J. Heinz Company | -77,021 | -195,571 | 1,012,903 | 923,159 | 989,510 |
Amounts attributable to H. J. Heinz Company common shareholders: | ' | ' | ' | ' | ' |
Income from continuing operations, net of tax | -71,385 | -194,298 | 1,087,615 | 974,374 | 1,029,067 |
Loss from discontinued operations, net of tax | -5,636 | -1,273 | -74,712 | -51,215 | -39,557 |
Net income attributable to H. J. Heinz Company | ($77,021) | ($195,571) | $1,012,903 | $923,159 | $989,510 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 11 Months Ended | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 |
Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Loss from continuing operations | ($71,718) | ($192,697) | $1,027,333 | $939,908 | $1,005,948 |
Other comprehensive income/(loss), net of tax: | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | 11,247 | -97,863 | -228,980 | -377,491 | 567,876 |
Net pension and post-retirement benefit gains/ (losses) | 102,452 | 0 | -189,302 | -258,079 | 77,298 |
Reclassification of net pension and post-retirement benefit losses to net income | 0 | 7,266 | 54,833 | 56,813 | 53,353 |
Net deferred gains/(losses) on derivatives from periodic revaluations | 111,196 | -1,059 | -11,743 | 30,377 | 9,395 |
Net deferred (gains)/losses on derivatives reclassified to earnings | -2,743 | 6,552 | 29,608 | -13,811 | -20,794 |
Total comprehensive income/(loss) | 150,434 | -277,801 | 681,749 | 377,717 | 1,693,076 |
Comprehensive loss/(income) attributable to the noncontrolling interest | 5,555 | 1,193 | 1,344 | 734 | -21,373 |
Comprehensive income attributable to H.J. Heinz Company | $155,989 | ($276,608) | $683,093 | $378,451 | $1,671,703 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 |
In Thousands, unless otherwise specified | Successor [Member] | Predecessor [Member] | Predecessor [Member] |
Current Assets: | ' | ' | ' |
Cash and cash equivalents | $2,458,992 | $2,476,699 | $1,330,441 |
Trade receivables (net of allowances: $684, $7,957 and $10,680) | 1,099,655 | 872,864 | 815,600 |
Other receivables (net of allowances: $98, $360 and $607) | 244,528 | 200,988 | 177,910 |
Inventories: | ' | ' | ' |
Finished goods and work-in-process | 1,138,373 | 1,076,779 | 1,082,317 |
Packaging material and ingredients | 297,023 | 255,918 | 247,034 |
Total inventories | 1,435,396 | 1,332,697 | 1,329,351 |
Prepaid expenses | 145,096 | 160,658 | 174,795 |
Other current assets | 60,458 | 91,656 | 54,139 |
Total current assets | 5,444,125 | 5,135,562 | 3,882,236 |
Property, plant and equipment: | ' | ' | ' |
Land | 225,577 | 78,800 | 81,185 |
Buildings and leasehold improvements | 617,413 | 996,719 | 1,009,379 |
Equipment, furniture and other | 1,986,501 | 4,283,570 | 4,175,997 |
Property, plant and equipment | 2,829,491 | 5,359,089 | 5,266,561 |
Less accumulated depreciation | 165,999 | 2,900,288 | 2,782,423 |
Total property, plant and equipment, net | 2,663,492 | 2,458,801 | 2,484,138 |
Other non-current assets: | ' | ' | ' |
Goodwill | 15,070,062 | 3,079,250 | 3,185,527 |
Trademarks, net | 12,130,873 | 1,037,283 | 1,090,892 |
Other intangibles, net | 2,358,781 | 378,187 | 407,802 |
Other non-current assets | 1,305,015 | 849,924 | 932,698 |
Total other non-current assets | 30,864,731 | 5,344,644 | 5,616,919 |
Total assets | 38,972,348 | 12,939,007 | 11,983,293 |
Current Liabilities: | ' | ' | ' |
Short-term debt | 143,689 | 1,137,181 | 46,460 |
Portion of long-term debt due within one year | 107,765 | 1,023,212 | 200,248 |
Trade payables | 1,192,074 | 1,310,009 | 1,202,398 |
Other payables | 148,193 | 182,828 | 146,414 |
Accrued interest | 172,340 | 60,432 | 60,884 |
Accrued marketing | 370,329 | 313,930 | 303,132 |
Other accrued liabilities | 588,281 | 645,050 | 586,885 |
Income taxes | 202,188 | 114,230 | 101,540 |
Total current liabilities | 2,924,859 | 4,786,872 | 2,647,961 |
Long-term debt and other non-current liabilities: | ' | ' | ' |
Long-term debt | 14,617,646 | 3,848,339 | 4,779,981 |
Deferred income taxes | 4,160,903 | 678,565 | 817,928 |
Non-pension post-retirement benefits | 196,372 | 240,319 | 231,452 |
Other non-current liabilities | 529,425 | 506,562 | 581,390 |
Total long-term debt and other non-current liabilities | 19,504,346 | 5,273,785 | 6,410,751 |
Commitments and contingent liabilities (See Note 18) | ' | ' | ' |
Redeemable noncontrolling interest | 29,885 | 29,529 | 113,759 |
Capital Stock: | ' | ' | ' |
Third cumulative preferred, $1.70 first series, $10 par value | 0 | 0 | 61 |
Common stock, 100 shares issued, no par value | 16,140,000 | 107,774 | 107,774 |
Capital stock | 16,140,000 | 107,774 | 107,835 |
Additional capital | 1,427 | 608,504 | 594,608 |
(Accumulated deficit)/retained earnings | -77,021 | 7,907,033 | 7,567,278 |
Sum of capital stock, additional capital and retained earnings | 16,297,416 | 7,448,773 | 7,424,993 |
Less: | ' | ' | ' |
Treasury shares, at cost (109,831 shares at April 28, 2013 and 110,870 shares at April 29, 2012) | 0 | 4,647,242 | 4,666,404 |
Accumulated other comprehensive loss | -233,010 | 1,174,538 | 844,728 |
Total H.J. Heinz Company shareholdersb equity | 16,297,416 | 2,801,531 | 2,758,589 |
Noncontrolling interest | 215,842 | 47,290 | 52,233 |
Total equity | 16,513,258 | 2,848,821 | 2,810,822 |
Total liabilities and equity | $38,972,348 | $12,939,007 | $11,983,293 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 |
In Thousands, except Per Share data, unless otherwise specified | Successor [Member] | Predecessor [Member] | Predecessor [Member] | |||
Current Assets: | ' | ' | ' | ' | ' | ' |
Allowance for trade receivables | $684 | $7,957 | $10,680 | ' | ' | ' |
Allowance for other receivables | $98 | $360 | $607 | ' | ' | ' |
Capital Stock: | ' | ' | ' | ' | ' | ' |
Cumulative preferred stock, dividend per share | ' | ' | ' | $1.70 | $1.70 | $1.70 |
Cumulative preferred stock, par value | ' | ' | ' | $10 | $10 | $10 |
Common stock, shares issued | ' | ' | ' | 100 | 431,096 | 431,096 |
Common stock, par value | ' | ' | ' | $0 | $0.25 | $0.25 |
Equity (Less): | ' | ' | ' | ' | ' | ' |
Treasury stock, shares | ' | ' | ' | 0 | 109,831 | 110,870 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | ||||||
In Thousands, unless otherwise specified | Parent [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Parent [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | ||||||||
Balance at beginning of year at Apr. 28, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $70 | $107,774 | $657,596 | $6,856,033 | ($4,750,547) | ($979,581) | $57,151 | ||||||
Balance at beginning of year, shares at Apr. 28, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 431,096 | ' | ' | -113,404 | ' | ' | ||||||
Shares reacquired, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,425 | ' | ' | ||||||
Shares reacquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -70,003 | ' | ' | ||||||
Conversion of preferred into common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 1 | ' | ' | ||||||
Conversion of preferred into common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | ' | -39 | ' | 40 | ' | ' | ||||||
Stock options exercised, net of shares tendered for payment, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,495 | ' | ' | ||||||
Stock options exercised, net of shares tendered for payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26,482 | [1] | ' | 203,196 | ' | ' | |||||
Stock option expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,447 | ' | ' | ' | ' | ||||||
Restricted stock unit activity, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 296 | ' | ' | ||||||
Restricted stock unit activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,119 | ' | 13,756 | ' | ' | ||||||
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 989,510 | ' | ' | ' | ' | 989,510 | ' | ' | ' | ||||||
Cash dividends: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Preferred (per share $1.70 per share in 2013, 2012 and 2011) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12 | ' | ' | ' | ||||||
Common (per share $2.06, $1.92, and $1.80 in 2013, 2012 and 2011, respectively) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -579,606 | ' | ' | ' | ||||||
Net pension and post-retirement benefit gains/ (losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,298 | ' | ' | ' | ' | ' | ' | 77,355 | -57 | ||||||
Reclassification of net pension and postretirement benefit (gains)/losses to net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,353 | ' | ' | ' | ' | ' | ' | 53,353 | 0 | ||||||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 563,060 | 4,816 | ||||||
Net deferred gains/(losses) on derivatives from periodic revaluations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,395 | ' | ' | ' | ' | ' | ' | 9,790 | -395 | ||||||
Net deferred (gains)/losses on derivatives reclassified to earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20,794 | ' | ' | ' | ' | ' | ' | -21,365 | 571 | ||||||
Purchase of subsidiary shares from noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,411 | [2] | 0 | ' | -2,176 | [2] | -1,750 | [2] | |||
Other, net, shares | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 218 | ' | ' | |||||
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -625 | [3] | -1,247 | [4] | 10,196 | [3] | ' | ' | |||
Net income attributable to the noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,438 | ' | ' | ' | ' | ' | ' | ' | 16,438 | ||||||
Dividends paid to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,270 | ||||||
Balance at end of year at Apr. 27, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,182,466 | 3,108,962 | 69 | 107,774 | 629,367 | 7,264,678 | -4,593,362 | -299,564 | 73,504 | ||||||
Balance at end of year, shares at Apr. 27, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 431,096 | ' | ' | -109,819 | ' | ' | ||||||
Shares reacquired, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,860 | ' | ' | ||||||
Shares reacquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -201,904 | ' | ' | ||||||
Conversion of preferred into common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1 | ' | ' | ' | 12 | ' | ' | ||||||
Conversion of preferred into common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8 | ' | -539 | ' | 547 | ' | ' | ||||||
Stock options exercised, net of shares tendered for payment, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,298 | ' | ' | ||||||
Stock options exercised, net of shares tendered for payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,220 | [1] | ' | 105,144 | ' | ' | |||||
Stock option expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,864 | ' | ' | ' | ' | ||||||
Restricted stock unit activity, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 303 | ' | ' | ||||||
Restricted stock unit activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,305 | ' | 14,087 | ' | ' | ||||||
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 923,159 | ' | ' | ' | ' | 923,159 | ' | ' | ' | ||||||
Cash dividends: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Preferred (per share $1.70 per share in 2013, 2012 and 2011) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9 | ' | ' | ' | ||||||
Common (per share $2.06, $1.92, and $1.80 in 2013, 2012 and 2011, respectively) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -619,095 | ' | ' | ' | ||||||
Net pension and post-retirement benefit gains/ (losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -258,079 | ' | ' | ' | ' | ' | ' | -258,067 | -12 | ||||||
Reclassification of net pension and postretirement benefit (gains)/losses to net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,813 | ' | ' | ' | ' | ' | ' | 56,813 | 0 | ||||||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -359,771 | -5,945 | ||||||
Net deferred gains/(losses) on derivatives from periodic revaluations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,377 | ' | ' | ' | ' | ' | ' | 30,405 | -28 | ||||||
Net deferred (gains)/losses on derivatives reclassified to earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,811 | ' | ' | ' | ' | ' | ' | -14,088 | 277 | ||||||
Purchase of subsidiary shares from noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -34,483 | [2] | 0 | ' | -456 | [2] | -19,885 | [2] | |||
Other, net, shares | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 195 | ' | ' | |||||
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 314 | [3] | -1,455 | [4] | 9,084 | [3] | ' | ' | |||
Net income attributable to the noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,749 | ' | ' | ' | ' | ' | ' | ' | 15,884 | ||||||
Dividends paid to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,562 | ||||||
Balance at end of year at Apr. 29, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,810,822 | 2,758,589 | 61 | 107,774 | 594,608 | 7,567,278 | -4,666,404 | -844,728 | 52,233 | ||||||
Balance at end of year, shares at Apr. 29, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 431,096 | ' | ' | -110,871 | ' | ' | ||||||
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 722,331 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Balance at end of year at Dec. 23, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Balance at beginning of year at Apr. 29, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,810,822 | 2,758,589 | 61 | 107,774 | 594,608 | 7,567,278 | -4,666,404 | -844,728 | 52,233 | ||||||
Balance at beginning of year, shares at Apr. 29, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 431,096 | ' | ' | -110,871 | ' | ' | ||||||
Shares reacquired, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,431 | ' | ' | ||||||
Shares reacquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -139,069 | ' | ' | ||||||
Conversion of preferred into common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6 | ' | ' | ' | 79 | ' | ' | ||||||
Conversion of preferred into common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -61 | ' | -3,600 | ' | 3,661 | ' | ' | ||||||
Stock options exercised, net of shares tendered for payment, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,802 | ' | ' | ||||||
Stock options exercised, net of shares tendered for payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,204 | [1] | ' | 127,084 | ' | ' | |||||
Stock option expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,088 | ' | ' | ' | ' | ||||||
Restricted stock unit activity, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 443 | ' | ' | ||||||
Restricted stock unit activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,837 | ' | 20,618 | ' | ' | ||||||
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,012,903 | ' | ' | ' | ' | 1,012,903 | ' | ' | ' | ||||||
Cash dividends: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Preferred (per share $1.70 per share in 2013, 2012 and 2011) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8 | ' | ' | ' | ||||||
Common (per share $2.06, $1.92, and $1.80 in 2013, 2012 and 2011, respectively) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -665,683 | ' | ' | ' | ||||||
Net pension and post-retirement benefit gains/ (losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -189,302 | ' | ' | ' | ' | ' | ' | -189,294 | -8 | ||||||
Reclassification of net pension and postretirement benefit (gains)/losses to net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,833 | ' | ' | ' | ' | ' | ' | 54,833 | 0 | ||||||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | -228,980 | ' | ' | ' | ' | ' | ' | -197,126 | -5,232 | ||||||
Net deferred gains/(losses) on derivatives from periodic revaluations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,743 | ' | ' | ' | ' | ' | ' | -11,736 | -7 | ||||||
Net deferred (gains)/losses on derivatives reclassified to earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,608 | ' | ' | ' | ' | ' | ' | 29,646 | -38 | ||||||
Purchase of subsidiary shares from noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,956 | [2] | -7,703 | ' | -16,133 | [2] | 0 | [2] | |||
Other, net, shares | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148 | ' | ' | |||||
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,493 | [3] | 246 | [4] | 6,868 | [3] | ' | ' | |||
Net income attributable to the noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,430 | ' | ' | ' | ' | ' | ' | ' | 12,925 | ||||||
Dividends paid to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,583 | ||||||
Balance at end of year at Apr. 28, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,848,821 | 2,801,531 | 0 | 107,774 | 608,504 | 7,907,033 | -4,647,242 | -1,174,538 | 47,290 | ||||||
Balance at end of year, shares at Apr. 28, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 431,096 | ' | ' | -109,830 | ' | ' | ||||||
Balance at beginning of year at Feb. 08, 2013 | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Balance at beginning of year, shares at Feb. 08, 2013 | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Fair Value of Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 230,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Conversion of preferred into common stock, shares | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Conversion of preferred into common stock | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Common stock issued to Holdings, shares | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Common stock issued to Holdings | ' | ' | ' | 16,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Stock option expense | ' | ' | ' | ' | 1,427 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net loss | -77,021 | ' | ' | ' | ' | -77,021 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Cash dividends: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net pension and post-retirement benefit gains/ (losses) | 102,452 | ' | ' | ' | ' | ' | ' | 102,464 | -12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Reclassification of net pension and postretirement benefit (gains)/losses to net income | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Foreign currency translation adjustments | 128,941 | ' | ' | ' | ' | ' | ' | 22,548 | -13,736 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net deferred gains/(losses) on derivatives from periodic revaluations | 111,196 | ' | ' | ' | ' | ' | ' | 110,686 | 510 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Net deferred (gains)/losses on derivatives reclassified to earnings | -2,743 | ' | ' | ' | ' | ' | ' | -2,688 | -55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Purchase of subsidiary shares from noncontrolling interests | [2] | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net income attributable to the noncontrolling interest | 5,303 | ' | ' | ' | ' | ' | ' | ' | 4,823 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Dividends paid to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -5,688 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Dividends | ' | ' | ' | -360,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Authorized shares | ' | ' | 0 | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Balance at end of year at Dec. 29, 2013 | 16,513,258 | 16,297,416 | 0 | 16,140,000 | 1,427 | -77,021 | 0 | 233,010 | 215,842 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Balance at end of year, shares at Dec. 29, 2013 | ' | ' | 0 | 100 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Balance at beginning of year at Apr. 28, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,848,821 | 2,801,531 | 0 | 107,774 | 608,504 | 7,907,033 | -4,647,242 | -1,174,538 | 47,290 | ||||||
Balance at beginning of year, shares at Apr. 28, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 431,096 | ' | ' | -109,830 | ' | ' | ||||||
Shares reacquired, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ||||||
Shares reacquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ||||||
Conversion of preferred into common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ||||||
Conversion of preferred into common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | ' | ' | ||||||
Stock options exercised, net of shares tendered for payment, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24 | ' | ' | ||||||
Stock options exercised, net of shares tendered for payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -299 | [1] | ' | 1,133 | ' | ' | |||||
Cancellation of stock options and restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -178,287 | ' | ' | ' | ' | ||||||
Stock option expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,587 | ' | ' | ' | ' | ||||||
Restricted stock unit activity, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ||||||
Restricted stock unit activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,127 | ' | 351 | ' | ' | ||||||
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | -195,571 | ' | ' | ' | ' | -195,571 | ' | ' | ' | ||||||
Cash dividends: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Preferred (per share $1.70 per share in 2013, 2012 and 2011) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ||||||
Common (per share $2.06, $1.92, and $1.80 in 2013, 2012 and 2011, respectively) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ||||||
Net pension and post-retirement benefit gains/ (losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | ||||||
Reclassification of net pension and postretirement benefit (gains)/losses to net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,266 | ' | ' | ' | ' | ' | ' | 7,291 | -25 | ||||||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | -97,863 | ' | ' | ' | ' | ' | ' | -93,780 | -2,414 | ||||||
Net deferred gains/(losses) on derivatives from periodic revaluations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,059 | ' | ' | ' | ' | ' | ' | -1,099 | 40 | ||||||
Net deferred (gains)/losses on derivatives reclassified to earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,552 | ' | ' | ' | ' | ' | ' | 6,551 | 1 | ||||||
Purchase of subsidiary shares from noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 0 | ' | 0 | [2] | 0 | [2] | |||
Other, net, shares | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | |||||
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -48 | [3] | -15 | [4] | 36 | [3] | ' | ' | |||
Net income attributable to the noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,874 | ' | ' | ' | ' | ' | ' | ' | 2,900 | ||||||
Dividends paid to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ||||||
Balance at end of year at Jun. 07, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,399,046 | $2,351,254 | $0 | $107,774 | $433,330 | $7,711,447 | ($4,645,722) | ($1,255,575) | $47,792 | ||||||
Balance at end of year, shares at Jun. 07, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 431,096 | ' | ' | -109,797 | ' | ' | ||||||
[1] | Includes income tax benefit resulting from exercised stock options. | |||||||||||||||||||||||
[2] | See Note No.B 5 for further details. | |||||||||||||||||||||||
[3] | Includes activity of the Global Stock Purchase Plan. | |||||||||||||||||||||||
[4] | Includes unpaid dividend equivalents on restricted stock units. |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Preferred stock dividend, per share | $1.70 | $1.70 | $1.70 |
Common stock dividend, per share | $2.06 | $1.92 | $1.80 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 |
Investing Activities: | ' | ' | ' | ' | ' |
Acquisitions, net of cash acquired | ' | ' | ' | ' | ($618,302) |
Financing Activities: | ' | ' | ' | ' | ' |
Exercise of stock options | 900 | ' | 113,500 | 82,700 | 154,800 |
Earn-out settlement | ' | -44,547 | ' | ' | ' |
Successor [Member] | ' | ' | ' | ' | ' |
Operating Activities: | ' | ' | ' | ' | ' |
Loss from continuing operations | ' | -71,718 | ' | ' | ' |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' | ' | ' | ' |
Depreciation | ' | 230,987 | ' | ' | ' |
Amortization | ' | 48,975 | ' | ' | ' |
Amortization of deferred debt issuance costs | ' | 29,091 | ' | ' | ' |
Inventory fair value step-up charged to cost of products sold | ' | 383,300 | ' | ' | ' |
Deferred tax (benefit)/provision | ' | -298,003 | ' | ' | ' |
Net losses on divestitures | ' | 0 | ' | ' | ' |
Impairment on assets held for sale | ' | 0 | ' | ' | ' |
Pension contributions | ' | -152,116 | ' | ' | ' |
Asset write-downs from Fiscal 2012 productivity initiatives | ' | 0 | ' | ' | ' |
Unrealized gain on derivative instruments | ' | -117,934 | ' | ' | ' |
Other items, net | ' | 49,535 | ' | ' | ' |
Changes in current assets and liabilities, excluding effects of acquisitions and divestitures: | ' | ' | ' | ' | ' |
Receivables (includes proceeds from securitization) | ' | -118,509 | ' | ' | ' |
Inventories | ' | 84,339 | ' | ' | ' |
Prepaid expenses and other current assets | ' | 43,630 | ' | ' | ' |
Accounts payable | ' | -89,807 | ' | ' | ' |
Accrued liabilities | ' | 77,724 | ' | ' | ' |
Income taxes | ' | -64,436 | ' | ' | ' |
Cash provided by operating activities | ' | 35,058 | ' | ' | ' |
Investing Activities: | ' | ' | ' | ' | ' |
Capital expenditures | ' | -202,015 | ' | ' | ' |
Proceeds from disposals of property, plant and equipment | ' | 6,098 | ' | ' | ' |
Acquisitions, net of cash acquired | ' | -21,494,287 | ' | ' | ' |
Proceeds from divestitures | ' | 25,987 | ' | ' | ' |
Sale of short-term investments | ' | 0 | ' | ' | ' |
Change in restricted cash | ' | 0 | ' | ' | ' |
Other items, net | ' | -7,214 | ' | ' | ' |
Cash used for investing activities | ' | -21,671,431 | ' | ' | ' |
Financing Activities: | ' | ' | ' | ' | ' |
Payments on long-term debt | ' | -2,669,915 | ' | ' | ' |
Proceeds from long-term debt | ' | 12,574,575 | ' | ' | ' |
Debt issuance costs | ' | -320,824 | ' | ' | ' |
Net proceds/(payments) on commercial paper and short-term debt | ' | -1,640,590 | ' | ' | ' |
Dividends | ' | -360,000 | ' | ' | ' |
Purchase of treasury stock | ' | 0 | ' | ' | ' |
Exercise of stock options | ' | 0 | ' | ' | ' |
Acquisition of subsidiary shares from noncontrolling interests | ' | 0 | ' | ' | ' |
Capital contributions | ' | 16,500,000 | ' | ' | ' |
Other items, net | ' | 25,995 | ' | ' | ' |
Cash provided by/(used for) financing activities | ' | 24,109,241 | ' | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | -13,876 | ' | ' | ' |
Net increase in cash and cash equivalents | ' | 2,458,992 | ' | ' | ' |
Cash and cash equivalents at beginning of year | ' | 0 | ' | ' | ' |
Cash and cash equivalents at end of year | ' | 2,458,992 | ' | ' | ' |
Predecessor [Member] | ' | ' | ' | ' | ' |
Operating Activities: | ' | ' | ' | ' | ' |
Loss from continuing operations | -192,697 | ' | 1,027,333 | 939,908 | 1,005,948 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' | ' | ' | ' |
Depreciation | 35,880 | ' | 302,057 | 295,718 | 255,227 |
Amortization | 4,276 | ' | 42,161 | 43,499 | 39,597 |
Amortization of deferred debt issuance costs | 867 | ' | 4,692 | 3,576 | 3,836 |
Inventory fair value step-up charged to cost of products sold | 0 | ' | 0 | 0 | 0 |
Deferred tax (benefit)/provision | -20,492 | ' | -87,265 | -94,816 | 153,725 |
Net losses on divestitures | 0 | ' | 19,532 | 0 | 0 |
Impairment on assets held for sale | 0 | ' | 36,000 | 0 | 0 |
Pension contributions | -6,812 | ' | -69,388 | -23,469 | -22,411 |
Asset write-downs from Fiscal 2012 productivity initiatives | 0 | ' | 0 | 58,736 | 0 |
Unrealized gain on derivative instruments | 0 | ' | 0 | 0 | 0 |
Other items, net | 23,706 | ' | 84,834 | 75,375 | 98,172 |
Changes in current assets and liabilities, excluding effects of acquisitions and divestitures: | ' | ' | ' | ' | ' |
Receivables (includes proceeds from securitization) | -3,360 | ' | -166,239 | 171,832 | -91,057 |
Inventories | -183,413 | ' | -49,468 | 60,919 | -80,841 |
Prepaid expenses and other current assets | -18,411 | ' | 14,111 | -11,584 | -1,682 |
Accounts payable | -69,825 | ' | 168,898 | -72,352 | 233,339 |
Accrued liabilities | 48,025 | ' | 71,846 | -20,008 | -60,862 |
Income taxes | 10,163 | ' | -9,141 | 65,783 | 50,652 |
Cash provided by operating activities | -372,093 | ' | 1,389,963 | 1,493,117 | 1,583,643 |
Investing Activities: | ' | ' | ' | ' | ' |
Capital expenditures | -120,154 | ' | -399,098 | -418,734 | -335,646 |
Proceeds from disposals of property, plant and equipment | 108 | ' | 18,986 | 9,817 | 13,158 |
Acquisitions, net of cash acquired | 0 | ' | 0 | -3,250 | -618,302 |
Proceeds from divestitures | 0 | ' | 16,787 | 3,828 | 1,939 |
Sale of short-term investments | ' | ' | 0 | 56,780 | 0 |
Change in restricted cash | 33,892 | ' | 3,994 | -39,052 | -5,000 |
Other items, net | -3,641 | ' | -13,789 | -11,394 | -5,781 |
Cash used for investing activities | -89,795 | ' | -373,120 | -402,005 | -949,632 |
Financing Activities: | ' | ' | ' | ' | ' |
Payments on long-term debt | -439,747 | ' | -224,079 | -1,440,962 | -45,766 |
Proceeds from long-term debt | 1,521 | ' | 205,350 | 1,912,467 | 229,851 |
Debt issuance costs | 0 | ' | 0 | 0 | 0 |
Net proceds/(payments) on commercial paper and short-term debt | 480,672 | ' | 1,089,882 | -42,543 | -193,200 |
Dividends | 0 | ' | -665,691 | -619,104 | -579,618 |
Purchase of treasury stock | 0 | ' | -139,069 | -201,904 | -70,003 |
Exercise of stock options | 886 | ' | 113,477 | 82,714 | 154,774 |
Acquisition of subsidiary shares from noncontrolling interests | 0 | ' | -80,132 | -54,824 | -6,338 |
Capital contributions | 0 | ' | 0 | 0 | 0 |
Other items, net | 42,086 | ' | -42,811 | 1,321 | 27,791 |
Cash provided by/(used for) financing activities | 85,418 | ' | 256,927 | -362,835 | -482,509 |
Effect of exchange rate changes on cash and cash equivalents | -30,262 | ' | -127,512 | -122,147 | 89,556 |
Net increase in cash and cash equivalents | -406,732 | ' | 1,146,258 | 606,130 | 241,058 |
Cash and cash equivalents at beginning of year | 2,476,699 | ' | 1,330,441 | 724,311 | 483,253 |
Cash and cash equivalents at end of year | $2,069,967 | ' | $2,476,699 | $1,330,441 | $724,311 |
Basis_of_Presentation
Basis of Presentation | 11 Months Ended | |||
Dec. 29, 2013 | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||
Basis of Presentation | ' | |||
Basis of Presentation | ||||
Organization | ||||
On June 7, 2013, H. J. Heinz Company (the “Company,” “we,” “us,” and “our”) was acquired by H.J. Heinz Holding Corporation (formerly known as Hawk Acquisition Holding Corporation) (“Parent”), a Delaware corporation controlled by Berkshire Hathaway Inc. (“Berkshire Hathaway”) and 3G Special Situations Fund III, L.P. (“3G Capital,” and together with Berkshire Hathaway, the “Sponsors”), pursuant to the Agreement and Plan of Merger, dated February 13, 2013 (the “Merger Agreement”), as amended by the Amendment to Agreement and Plan of Merger, dated March 4, 2013 (the “Amendment”), by and among the Company, Parent and Hawk Acquisition Sub, Inc., a Pennsylvania corporation and an indirect wholly owned subsidiary of Parent (“Merger Subsidiary”), in a transaction hereinafter referred to as the “Merger.” As a result of the Merger, Merger Subsidiary merged with and into the Company, with the Company surviving as a wholly owned subsidiary of Hawk Acquisition Intermediate Corporation II ("Holdings"), which in turn is an indirect wholly owned subsidiary of Parent. See Note 2 "Merger and Acquisition" for further information on the Merger. | ||||
Basis of Presentation | ||||
The Merger was accounted for as a business combination using the acquisition method of accounting in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification 805, Business Combinations. The Sponsors' cost of acquiring the Company has been pushed-down to establish a new accounting basis for the Company. Accordingly, the consolidated financial statements are presented for two periods, Predecessor and Successor, which relate to the accounting periods preceding and succeeding the completion of the Merger. The Predecessor and Successor periods have been separated by a vertical line on the face of the consolidated financial statements to highlight the fact that the financial information for such periods has been prepared under two different historical-cost bases of accounting. | ||||
Periods Presented | ||||
Successor -The consolidated financial statements as of December 29, 2013, and for the period from February 8, 2013 through December 29, 2013, include the accounts of Merger Subsidiary from inception on February 8, 2013 and the accounts of the Company subsequent to the closing of the Merger on June 7, 2013. The activity in the period February 8, 2013 to April 28, 2013 related primarily to the issuance of the Second Lien Senior Secured Notes due 2020 and recognition of associated issuance costs and interest expense. The cash was invested in a money market account until the completion of the Merger on June 7, 2013. See Note 10 for further details. The following represents the condensed financial information for Merger Subsidiary for the period February 8, 2013 to April 28, 2013 and as at April 28, 2013: | ||||
Hawk Acquisition Sub, Inc. (Successor) | ||||
Condensed Statement of Operations | ||||
For the Period from February 8, 2013 through April 28, 2013 | ||||
February 8 - April 28, 2013 | ||||
(In thousands) | ||||
Merger related costs | $ | 19,713 | ||
Operating loss | (19,713 | ) | ||
Unrealized loss on derivative instrument | (65,294 | ) | ||
Interest Expense, net | (10,743 | ) | ||
Loss from continuing operations before income tax | (95,750 | ) | ||
Benefit from income taxes | 37,842 | |||
Net loss | $ | (57,908 | ) | |
Hawk Acquisition Sub, Inc. (Successor) | ||||
Condensed Balance Sheet | ||||
As of April 28, 2013 | ||||
28-Apr-13 | ||||
(In thousands) | ||||
Cash | $ | 3,011,750 | ||
Other assets | 125,231 | |||
Total assets | $ | 3,136,981 | ||
Notes payable | $ | 3,100,000 | ||
Other liabilities | 94,889 | |||
Total liabilities | 3,194,889 | |||
Shareholder's deficit | (57,908 | ) | ||
Total liabilities and shareholder's deficit | $ | 3,136,981 | ||
Predecessor - the consolidated financial statements of the Company prior to the Merger on June 7, 2013. | ||||
Transition period - the combination of the Successor and the Predecessor period from April 29, 2013 to December 29, 2013. | ||||
Fiscal 2013 - the fiscal year from April 30, 2012 to April 28, 2013. | ||||
Fiscal 2012 - the fiscal year from April 28, 2011 to April 29, 2012. | ||||
Fiscal 2011 - the fiscal year from April 29, 2010 to April 27, 2011. | ||||
Change In Fiscal Year | ||||
On October 21, 2013, our board of directors approved a change in our fiscal year-end from the Sunday closest to April 30 to the Sunday closest to December 31. As a result of this change, the consolidated financial statements include presentation of the transition period beginning on April 29, 2013 and ending on December 29, 2013. | ||||
Earnings per share information has not been presented because the Company's stock is no longer publicly traded. |
Significant_Accounting_Policie
Significant Accounting Policies | 11 Months Ended |
Dec. 29, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Significant Accounting Policies | |
Principles of Consolidation: | |
The consolidated financial statements include the accounts of the Company, all wholly-owned and majority-owned subsidiaries, and any variable interest entities for which we are the primary beneficiary. All intercompany accounts and transactions are eliminated. Certain prior year amounts have been reclassified to conform with the December 29, 2013 presentation. | |
Use of Estimates: | |
The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. | |
Translation of Foreign Currencies: | |
For all significant foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the exchange rate in effect at each period end. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments arising from the use of differing exchange rates from period to period are included as a component of other comprehensive income/(loss) within shareholders’ equity. Gains and losses from foreign currency transactions are included in net income for the period. | |
Highly Inflationary Accounting: | |
The Company applies highly inflationary accounting if the cumulative inflation rate in an economy for a three-year period meets or exceeds 100 percent. Under highly inflationary accounting, the financial statements of a subsidiary are remeasured into the Company’s reporting currency (U.S. dollars) and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than accumulated other comprehensive loss on the balance sheet, until such time as the economy is no longer considered highly inflationary. See Note 20 for additional information. | |
Cash Equivalents: | |
Cash equivalents are defined as highly liquid investments with original maturities of 90 days or less. | |
Inventories: | |
Inventories are stated at the lower of cost or market. Cost is determined principally under the average cost method. | |
Property, Plant and Equipment: | |
Land, buildings and equipment are recorded at cost. For financial reporting purposes, depreciation is provided on the straight-line method over the estimated useful lives of the assets, which generally have the following ranges: buildings—40 years or less, machinery and equipment—15 years or less, computer software—3 to 7 years, and leasehold improvements—over the life of the lease, not to exceed 15 years. Accelerated depreciation methods are generally used for income tax purposes. Expenditures for new facilities and improvements that substantially extend the capacity or useful life of an asset are capitalized. Ordinary repairs and maintenance are expensed as incurred. When property is retired or otherwise disposed, the cost and related accumulated depreciation are removed from the accounts and any related gains or losses are included in income. The Company reviews property, plant and equipment, whenever circumstances change such that the recorded value of an asset may not be recoverable. Factors that may affect recoverability include changes in planned use of the asset and the closing of facilities. The Company’s impairment review is based on an undiscounted cash flow analysis at the lowest level for which identifiable cash flows exist and are largely independent. When the carrying value of the asset exceeds the future undiscounted cash flows, an impairment is indicated and the asset is written down to its fair value. | |
Goodwill and Intangibles: | |
Intangible assets with finite useful lives are amortized on a straight-line basis over the estimated periods benefited, and are reviewed when appropriate for possible impairment, similar to property, plant and equipment. Goodwill and intangible assets with indefinite useful lives are not amortized. The carrying values of goodwill and other intangible assets with indefinite useful lives are tested at least annually for impairment, or when circumstances indicate that a possible impairment may exist. Prior to the Merger, indefinite-lived intangible assets were tested annually during the fourth quarter of each fiscal year, while the annual impairment tests of goodwill were performed during the third quarter of each fiscal year. Subsequent to the Merger no annual impairment tests have yet been carried out but must be performed within 12 months of the date of the Merger. All goodwill is assigned to reporting units, which are primarily one level below our operating segments. The Company performs its impairment tests of goodwill at the reporting unit level. The Company tests goodwill for impairment by either performing a qualitative evaluation or a two-step quantitative test. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair values of a reporting unit is less than its carrying amount, including goodwill. Factors considered as part of the qualitative assessment include entity-specific industry, market and general economic conditions. The Company may elect to bypass this qualitative assessment for some or all of its reporting units and perform a two-step quantitative test. This quantitative test involves estimating a reporting unit's fair value and comparing it to the reporting unit's carrying value. If the carrying value exceeds fair value, the Company would perform step two to estimate the extent of the impairment, if any. | |
Indefinite-lived intangible assets are tested for impairment by either performing a qualitative evaluation or a quantitative calculation of fair value and comparison to carrying amount. The qualitative evaluation is an assessment of factors including, but not limited to, changes in management, overall financial performance, and other entity-specific events. The objective of the qualitative evaluation is to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. The Company can choose to perform the qualitative assessment on none, some, or all of its indefinite-lived intangible assets. | |
The Company's estimates of fair value when testing quantitatively for impairment of both goodwill and intangible assets with indefinite lives is based principally on a discounted cash flow model, using a market participant approach, that requires significant judgment and requires assumptions about future volume trends, revenue and expense growth rates, terminal growth rates, discount rates, tax rates and working capital changes. | |
Revenue Recognition: | |
The Company recognizes revenue when title, ownership and risk of loss pass to the customer. This primarily occurs upon delivery of the product to the customer. For the most part, customers do not have the right to return products unless damaged or defective. Revenue is recorded net of sales incentives, and includes shipping and handling charges billed to customers. Shipping and handling costs are primarily classified as part of selling, general and administrative expenses. | |
Marketing Costs: | |
The Company promotes its products with advertising, consumer incentives and trade promotions. Such programs include, but are not limited to, discounts, coupons, rebates, in-store display incentives and volume-based incentives. Advertising costs are expensed as incurred. Consumer incentive and trade promotion activities are recorded as a reduction of revenue or as a component of cost of products sold based on amounts estimated as being due to customers and consumers at the end of a period, based principally on historical utilization and redemption rates. Advertising costs are recognized as an expense within selling, general and administrative expenses if the Company determines that it will receive an identifiable, separable benefit in return for the consideration paid and it can reasonably estimate the fair value of the benefit identified. Accruals for trade promotions are initially recorded at the time of sale of product to the customer based on an estimate of the expected levels of performance of the trade promotion, which is dependent upon factors such as historical trends with similar promotions, expectations regarding customer participation, and sales and payment trends with similar previously offered programs. The Company performs monthly evaluations of its outstanding trade promotions, making adjustments where appropriate to reflect changes in estimates. Settlement of these liabilities typically occurs in subsequent periods primarily through an authorization process for deductions taken by a customer from amounts otherwise due to the Company. Coupon redemption costs are accrued in the period in which the coupons are offered. The initial estimates made for each coupon offering are based upon historical redemption experience rates for similar products or coupon amounts. The Company performs monthly evaluations of outstanding coupon accruals that compare actual redemption rates to the original estimates. For interim reporting purposes, advertising, consumer incentive and product placement expenses are charged to operations as a percentage of volume, based on estimated volume and related expense for the full year. | |
Income Taxes: | |
Deferred income taxes result primarily from temporary differences between financial and tax reporting. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. When assessing the need for valuation allowances, the Company considers future taxable income and ongoing prudent and feasible tax planning strategies. Should a change in circumstances lead to a change in judgment about the realizability of deferred tax assets in future years, the Company would adjust related valuation allowances in the period that the change in circumstances occurs, along with a corresponding increase or charge to income. | |
The Company has not provided for possible U.S. taxes on the undistributed earnings of foreign subsidiaries that are considered to be reinvested indefinitely. Calculation of the unrecognized deferred tax liability for temporary differences related to these earnings is not practicable. | |
Stock-Based Employee Compensation Plans: | |
The Company recognizes the cost of all stock-based awards to employees, including grants of employee stock options, on a straight-line basis over their respective requisite service periods (generally equal to an award’s vesting period). A stock-based award is considered vested for expense attribution purposes when the employee’s retention of the award is no longer contingent on providing subsequent service. Accordingly, the Company recognizes compensation cost immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. The vesting approach used does not affect the overall amount of compensation expense recognized, but could accelerate the recognition of expense. Prior to the Merger, the Company followed its previous vesting approach for the remaining portion of those outstanding awards that were unvested and granted prior to May 4, 2006, and accordingly, recognized expense from the grant date to the earlier of the actual date of retirement or the vesting date. Judgment is required in estimating the amount of stock-based awards expected to be forfeited prior to vesting. If actual forfeitures differ significantly from these estimates, stock-based compensation expense could be materially impacted. | |
Compensation cost related to all stock-based awards is determined using the grant date fair value. Determining the fair value of employee stock options at the grant date requires judgment in estimating the expected term that the stock options will be outstanding prior to exercise as well as the volatility and dividends over the expected term. Compensation cost for restricted stock units is determined based on the fair value of the Company’s stock at the grant date. Prior to the Merger, the Company applied the modified-prospective transition method for stock options granted on or prior to, but not vested as of, May 3, 2006. Compensation cost related to these stock options was determined using the grant date fair value originally estimated and disclosed in a pro forma manner in prior period financial statements in accordance with the original provisions of the Financial Accounting Standards Board’s (“FASB’s”) guidance for stock compensation. | |
Stock-based compensation expense is primarily recognized as a component of selling, general and administrative expenses in the Consolidated Statements of Operations. | |
Financial Instruments: | |
The Company’s financial instruments consist primarily of cash and cash equivalents, receivables, accounts payable, short-term and long-term debt, swaps, forward contracts, and option contracts. The carrying values for the Company’s financial instruments approximate fair value, except as disclosed in Note 13. As a policy, the Company does not engage in speculative or leveraged transactions, nor does the Company hold or issue financial instruments for trading purposes. | |
The Company uses derivative financial instruments for the purpose of hedging foreign currency, debt and interest rate exposures, which exist as part of ongoing business operations. The Company carries derivative instruments on the balance sheet at fair value, determined using observable market data. Derivatives with scheduled maturities of less than one year are included in other receivables or other payables, based on the instrument’s fair value. Derivatives with scheduled maturities beyond one year are classified between current and long-term based on the timing of anticipated future cash flows. The current portion of these instruments is included in other receivables or other payables and the long-term portion is presented as a component of other non-current assets or other non-current liabilities, based on the instrument’s fair value. | |
The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. Gains and losses on fair value hedges are recognized in current period earnings in the same line item as the underlying hedged item. The effective portion of gains and losses on cash flow hedges are deferred as a component of accumulated other comprehensive loss and are recognized in earnings at the time the hedged item affects earnings, in the same line item as the underlying hedged item. Hedge ineffectiveness related to cash flow hedges is reported in current period earnings within other income and expense. The income statement classification of gains and losses related to derivative contracts that do not qualify for hedge accounting is determined based on the underlying intent of the contracts. Cash flows related to the settlement of derivative instruments designated as net investment hedges of foreign operations are classified in the consolidated statements of cash flows within investing activities. Cash flows related to the termination of derivative instruments designated as fair value hedges of fixed rate debt obligations are classified in the consolidated statements of cash flows within financing activities. All other cash flows related to derivative instruments are generally classified in the consolidated statements of cash flows within operating activities. | |
Dividends: | |
Berkshire Hathaway has an $8.0 billion preferred stock investment in Parent which requires a 9.0% annual dividend to be paid quarterly in cash or in-kind. The Company's Board of Directors declares quarterly cash distributions to Holdings to fund this dividend. As the Company has an accumulated deficit in the Successor period, these quarterly distributions are recorded as a reduction of common stock. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 11 Months Ended |
Dec. 29, 2013 | |
Recently Issued Accounting Standards [Abstract] | ' |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
In February 2013, the FASB issued an amendment to the comprehensive income standard to improve the transparency of reporting reclassifications out of accumulated other comprehensive income/loss. Other comprehensive income/loss includes gains and losses that are initially excluded from net income for an accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income/loss into net income. The amendments do not change the current requirements for reporting net income or other comprehensive income/loss in financial statements. The new amendments will require the Company to present the effects on income statement line items of certain significant amounts reclassified out of accumulated other comprehensive income/loss, and cross-reference to other disclosures currently required under U.S. generally accepted accounting principles for certain other reclassification items. The Company adopted this revised standard in the first quarter of the transition period. The adoption of this revised standard did not impact our results of operations or financial position. | |
In December 2011, the FASB issued an amendment on disclosures about offsetting assets and liabilities. The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions subject to an agreement similar to a master netting arrangement. The Company was required to adopt this amendment on the first day of Fiscal 2014, and this adoption only impacted the notes to the financial statements and not the financial results. |
Merger_and_Acquisition
Merger and Acquisition (H.J. Heinz Holding Corporation [Member]) | 11 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
H.J. Heinz Holding Corporation [Member] | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Merger and Acquisition | ' | |||||||
Merger and Acquisition | ||||||||
On February 13, 2013, the Company entered into the Merger Agreement with Parent and Merger Subsidiary. The acquisition was consummated on June 7, 2013, and as a result, Merger Subsidiary merged with and into the Company, with the Company surviving as a wholly owned subsidiary of Holdings, which in turn is an indirect wholly owned subsidiary of Parent. Parent is controlled by the Sponsors. Upon the completion of the Merger, the Company's shareholders received $72.50 in cash, without interest and less applicable taxes thereon, for each share of common stock held prior to the effective time of the Merger. | ||||||||
Additionally, all outstanding stock option awards, restricted stock units (except for certain retention RSUs which continue on their original terms) and restricted stock awards issued pursuant to various shareholder-approved plans and a shareholder-authorized employee stock purchase plan were automatically canceled and converted into the right to receive cash consideration of $72.50. | ||||||||
The total consideration paid in connection with the Merger was approximately $28.75 billion, including the assumption of the Company's outstanding debt, which was funded by equity contributions from the Sponsors totaling $16.5 billion as well as proceeds received by Merger Subsidiary of approximately $11.5 billion, pursuant to the Senior Credit Facilities (of which $9.5 billion was drawn at the close of the transaction), and $3.1 billion upon the issuance of 4.25% Senior Secured Notes (as defined and described herein) by Merger Subsidiary, less applicable debt issuance costs of $315.9 million. As a result of the Merger and the transactions entered into in connection therewith, we have assumed the liabilities and obligations of Merger Subsidiary, including Merger Subsidiary's obligations under the Senior Credit Facilities. | ||||||||
The preliminary allocation of consideration to the net tangible and intangible assets acquired and liabilities assumed in the Merger reflects preliminary fair value estimates based on management analysis, including preliminary work performed by third-party valuation specialists, which are subject to change within the measurement period as valuations are finalized. The Company has also not yet finalized its estimated acquisition date deferred taxes associated with planned repatriation of accumulated earnings of foreign subsidiaries. Measurement period adjustments that the Company determines to be material will be applied retrospectively to the Merger Date. | ||||||||
The following is a summary of the preliminary allocation of the purchase price of the Merger to the estimated fair values of assets acquired and liabilities assumed in the transaction: | ||||||||
(In thousands) | ||||||||
Cash (including excess cash from Parent) | $ | 3,223,588 | ||||||
Other current assets | 3,734,558 | |||||||
Property, Plant and Equipment | 2,681,670 | |||||||
Trademark and other intangibles | 14,406,924 | |||||||
Other non-current assets | 652,038 | |||||||
Trade and other payables | (2,799,165 | ) | ||||||
Long term debt | (3,021,655 | ) | ||||||
Deferred income taxes | (4,221,354 | ) | ||||||
Non-pension postretirement benefits and other noncurrent liabilities | (662,439 | ) | ||||||
Redeemable non controlling interest and non controlling interest | (258,008 | ) | ||||||
Net assets acquired | 13,736,157 | |||||||
Goodwill on acquisition | 15,016,807 | |||||||
Total consideration pushed down from Parent | 28,752,964 | |||||||
Debt repayment and associated costs | (3,976,847 | ) | ||||||
Excess cash from parent | (1,153,621 | ) | ||||||
Other transaction related costs | (58,242 | ) | ||||||
Total consideration paid to predecessor shareholders | 23,564,254 | |||||||
Cash and cash equivalents of Predecessor at June 7, 2013 | (2,069,967 | ) | ||||||
Acquisitions of business, net of cash on hand | $ | 21,494,287 | ||||||
Subsequent to the first quarter of the transition period, the Company made revisions to the purchase price allocation based on updated fair value estimates principally affecting trademarks and other intangibles and related tax effects. The adjustments were not recorded retrospectively as the impact was not considered to be material. | ||||||||
Trade receivables and payables, as well as other current and non-current assets and liabilities were valued at the existing carrying values as they represented the fair value of those items at the time of the Merger, based on management's judgments and estimates. | ||||||||
Finished goods and work-in-process inventory has been valued using a net realizable value approach resulting in a step-up of $384.4 million which is recognized in Cost of products sold in the Successor period as the related inventory is sold. Raw materials and packaging inventory has been valued using the replacement cost approach. | ||||||||
Property, plant and equipment have been valued using a combination of the income approach, the market approach and cost approach which is based on current replacement and/or reproduction cost of the asset as new, less depreciation attributable to physical, functional, and economic factors. Useful lives of the property, plant and equipment were estimated to be between 3 and 40 years. | ||||||||
Trademarks have been valued using the excess earnings method for top tier brands and the relief from royalty method for other brands. The excess earnings method estimates fair value of an intangible asset by deducting expected costs, including income taxes, from expected revenues attributable to that asset to arrive at after-tax cash flows. From such after-tax cash flows, after-tax contributory asset charges are deducted to arrive at incremental after-tax cash flows. These resulting cash flows are discounted to a present value to which the tax amortization benefit is added to arrive at fair value. Relief from royalty method under the income approach estimates the cost savings that accrue to the Company which would otherwise have to pay royalties or license fees on revenues earned through the use of the asset. The Company's trademarks are considered to have indefinite lives. | ||||||||
Customer relationships were determined using the distributor method, a variation of the excess earnings method discussed above, whereby distributor-based inputs for margins and contributory asset charges are used. The useful lives of customer relationships is estimated to be 20 years. | ||||||||
Existing long term debt assumed in the Merger was fair valued based on quoted market prices. The debt assumed included the Company's existing 6.375% Debentures due 2028, 6.25% Notes due 2030, 6.75% Notes due 2032 and 7.125% Notes due 2039. | ||||||||
Deferred income tax assets and liabilities as of the acquisition date represent the expected future tax consequences of temporary differences between the fair values of the assets acquired and liabilities assumed and their tax bases. | ||||||||
The total non tax deductible goodwill relating to the Merger is $15.02 billion. The goodwill recognized relates principally to the Company's established global organization, reputation and strategic positioning. | ||||||||
In the Successor period February 8, 2013 to December 29, 2013, the Company incurred $157.9 million in Merger related costs on a pretax basis, including $70.0 million consisting primarily of advisory fees, legal, accounting and other professional costs. The Company also incurred $87.9 million related to severance and compensation arrangements pursuant to existing agreements with certain former executives and employees in connection with the Merger. These amounts are separately reflected in the accompanying statement of operations for the Successor period. | ||||||||
Prior to consummation of the Merger, the Company incurred $112.2 million of Merger related costs, including $48.1 million resulting from the acceleration of expense for stock options, restricted stock units and other compensation plans pursuant to the existing change in control provisions of those plans, and $64.0 million of professional fees. These amounts are separately reflected in Merger related costs in the accompanying statement of operations for the Predecessor period. The Company also recorded a loss from the extinguishment of debt of approximately $129.4 million for debt required to be repaid upon closing as a result of the change in control which is reflected in Other (expense) income, net, in the accompanying statement of operations for the Predecessor period. | ||||||||
In the fourth quarter of Fiscal 2013, the Company incurred $44.8 million of Merger related costs, including legal, accounting and other professional fees. | ||||||||
The following unaudited pro forma financial data summarizes the Company's results of operations as if the Transaction had occurred as of April 30, 2012. The pro forma data is for informational purposes only and may not necessarily reflect the actual results of operations had the Merger been consummated on April 30, 2012. | ||||||||
Eight Months Ended | Fiscal Year | |||||||
29-Dec-13 | 28-Apr-13 | |||||||
(In thousands) | ||||||||
Revenue | $ | 7,352,434 | $ | 11,528,886 | ||||
Income/(loss) from continuing operations | $ | 186,721 | $ | 324,042 | ||||
The most significant of the pro forma adjustments were to reflect the impact of Merger related costs, the unrealized gain on derivative instruments, higher cost of products sold associated with the preliminary purchase accounting adjustments related to the step-up in inventory, amortization of intangible assets and depreciation of property, plant and equipment, and higher interest expense associated with increased debt, in the prior year period. |
Acquisitions
Acquisitions (Acquisitions, Excluding Merger [Member]) | 11 Months Ended | ||||
Dec. 29, 2013 | |||||
Acquisitions, Excluding Merger [Member] | ' | ||||
Business Acquisition [Line Items] | ' | ||||
Other Acquisitions | ' | ||||
Other Acquisitions | |||||
On April 1, 2011, the Company acquired an 80% stake in Coniexpress S.A. Industrias Alimenticias (“Coniexpress”), a leading Brazilian manufacturer of the Quero® brand of tomato-based sauces, tomato paste, ketchup, condiments and vegetables for $493.5 million in cash, which included $10.6 million of acquired cash and $60.1 million of short-term investments. The Company also incurred $11.3 million of pre-tax costs related to the acquisition, consisting primarily of professional fees, which were recorded in selling, general and administrative expenses in the Fiscal 2011 consolidated statement of income. During Fiscal 2013, the Company acquired an additional 15% interest in Coniexpress for $80.1 million. See Note 18 for further details regarding this redeemable noncontrolling interest. The Coniexpress acquisition was accounted for as a business combination and, accordingly, the purchase price was allocated to the assets and liabilities based upon their estimated fair values as of the acquisition date. The allocations of the purchase price resulted in goodwill of $301.6 million, which was assigned to the Rest of World segment and is not deductible for tax purposes. In addition, $161.9 million of intangible assets were acquired, $142.0 million of which relate to trademarks which are not subject to amortization. The remaining $19.9 million represents amortized customer-related assets. | |||||
On November 2, 2010, the Company acquired Foodstar Holding Pte (“Foodstar”), a manufacturer of soy sauces and fermented bean curd in China for $165.4 million in cash, which included $30.0 million of acquired cash, as well as a potential earn-out payment contingent upon certain net sales and EBITDA (earnings before interest, taxes, depreciation and amortization) targets during Fiscals 2013 and 2014. In accordance with accounting principles generally accepted in the United States of America, a liability of $44.5 million was recognized for an estimate of the acquisition date fair value of the earn-out and is included in Other non-current liabilities. The fair value of the earn-out was estimated using a discounted cash flow model and was based on significant inputs not observed in the market and thus represented a Level 3 measurement. Key assumptions in determining the fair value of the earn-out included the discount rate, and revenue and EBITDA projections for Fiscals 2013 and 2014. The Foodstar acquisition has been accounted for as a business combination and, accordingly, the purchase price has been allocated to the assets and liabilities based upon their estimated fair values as of the acquisition date. The allocations of the purchase price resulted in goodwill of $77.3 million, which was assigned to the Asia/Pacific segment and is not deductible for tax purposes. In addition, $70.7 million of intangible assets were acquired, $42.4 million of which relate to trademarks and are not subject to amortization. The remaining $28.3 million are amortized customer-related assets and land usage rights. During the third quarter of Fiscal 2013, the Company renegotiated the terms of the earn-out agreement in order to give the Company additional flexibility in the future for growing its business in China, one of its largest and most important emerging markets. This renegotiation resulted in the settlement of the earn-out for a cash payment of $60.0 million, of which $15.5 million was reported in cash from operating activities and $44.5 million was reported in cash from financing activities on the consolidated cash flow statement for the year ended April 28, 2013. In addition, the Company incurred a $12.1 million charge in the year ended April 28, 2013, which was recorded in SG&A on the consolidated income statement and in the Non-Operating segment, for the difference between the settlement amount and current carrying value of the earn-out as reported on the Company's balance sheet at the date of this transaction. | |||||
Operating results of the above-mentioned businesses acquired have been included in the consolidated statements of income from the respective acquisition dates forward. Pro forma results of the Company, assuming all of the acquisitions had occurred at the beginning of each period presented, would not be materially different from the results reported. There are no significant contingent payments, options or commitments associated with any of the acquisitions, except as disclosed above. | |||||
The following table summarizes the allocation of the cash paid to the fair value of assets acquired and liabilities assumed: | |||||
Predecessor | |||||
April 27, | |||||
2011 | |||||
FY 2011 | |||||
(in thousands) | |||||
Details of Acquisitions: | |||||
Fair value of assets | $ | 1,057,870 | |||
Liabilities(1) | 274,294 | ||||
Redeemable noncontrolling interest(2) | 124,669 | ||||
Cash paid | 658,907 | ||||
Less cash acquired | 40,605 | ||||
Net cash paid for acquisitions | $ | 618,302 | |||
_______________________________________ | |||||
-1 | Includes contingent obligations to sellers of $44.5 million in 2011. | ||||
-2 | See Note 18 for additional information. | ||||
In Fiscal 2012, the Company acquired an additional 10% interest in P.T. Heinz ABC Indonesia for $54.8 million. P.T. Heinz ABC Indonesia is an Indonesian subsidiary of the Company that manufacturers Asian sauces and condiments as well as juices and syrups. Prior to the transaction, the Company owned 65% of this business. During Fiscal 2011, the Company acquired the remaining 21% interest in Heinz UFE Ltd., a Chinese subsidiary of the Company that manufactures infant feeding products, for $6.3 million. Prior to the transaction, the Company owned 79% of the business. |
Discontinued_Operations
Discontinued Operations | 11 Months Ended | |||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||||
Discontinued Operations | ' | |||||||||||||||||
Discontinued Operations | ||||||||||||||||||
In the third quarter of Fiscal 2013, the Company's Board of Directors approved management's plan to sell Shanghai LongFong Foods ("LongFong"), a maker of frozen products in China which was previously reported in the Asia/Pacific segment. During the fourth quarter of Fiscal 2013, the Company secured an agreement with a buyer and during 2014, the sale was completed, resulting in an insignificant pre-tax and after-tax loss which was recorded in discontinued operations in the Successor period. As a result, LongFong's net assets were classified as held for sale and the Company adjusted the carrying value to estimated fair value, recording a $36.0 million pre-tax and after-tax non-cash goodwill impairment charge to discontinued operations during the third quarter of Fiscal 2013. The net assets held for sale related to LongFong as of April 28, 2013 are reported in Other current assets, Other non-current assets, Other accrued liabilities and Other non-current liabilities on the consolidated balance sheet as of April 28, 2013 as they are not material for separate balance sheet presentation. | ||||||||||||||||||
During the first quarter of Fiscal 2013, the Company completed the sale of its U.S. Foodservice frozen desserts business, resulting in a $32.7 million pre-tax ($21.1 million after-tax) loss which has been recorded in discontinued operations. | ||||||||||||||||||
The operating results related to these businesses have been included in discontinued operations in the Company's consolidated statements of income for all periods presented. The following table presents summarized operating results for these discontinued operations: | ||||||||||||||||||
Successor | Predecessor | |||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | ||||||||||||||||
(In millions) | ||||||||||||||||||
Sales | $ | 2.9 | $ | 1.2 | $ | 47.7 | $ | 141.5 | $ | 148 | ||||||||
Net after-tax losses | $ | (5.6 | ) | $ | (1.3 | ) | $ | (17.6 | ) | $ | (51.2 | ) | $ | (39.6 | ) | |||
Tax benefit on losses | $ | — | $ | — | $ | 0.6 | $ | 1.4 | $ | 2.6 | ||||||||
Restructuring_and_Productivity
Restructuring and Productivity Initiatives | 11 Months Ended | |||||||||
Dec. 29, 2013 | ||||||||||
Productivity Initiatives [Abstract] | ' | |||||||||
Restructuring and Productivity Initiatives | ' | |||||||||
Restructuring and Productivity Initiatives | ||||||||||
Transition Period | ||||||||||
During the transition period, the Company is investing in restructuring and productivity initiatives as part of its ongoing cost reduction efforts with the goal of driving efficiencies and creating fiscal resources that will be reinvested into the Company's business as well as to accelerate overall productivity on a global scale. As of December 29, 2013, these initiatives have resulted in the reduction of approximately 3,400 corporate and field positions across the Company's global business segments as well as the closure, or planned closure, and consolidation of manufacturing and corporate office facilities. | ||||||||||
The Company recorded pre-tax costs related to these initiatives of $410.4 million in the Successor period from February 8, 2013 to December 29, 2013, and $6 million in the Predecessor period, which were recorded in the Non-Operating segment. These pre-tax restructuring and productivity initiatives were comprised of the following: | ||||||||||
• | $274.5 million for the Successor period for severance and employee benefit costs relating to the reduction of corporate and field positions across the Company, including pension curtailment and special termination charges of $56.6 million (see Note 14). | |||||||||
• | $69.7 million for the Successor period associated with other implementation costs, primarily for professional fees, and contract and lease termination costs. | |||||||||
• | $66.2 million for the Successor period, and $6 million for the Predecessor period relating to non-cash asset write-downs and accelerated depreciation for the closure of corporate offices and a factory in China and the reduction of manufacturing capacity of a factory in the U.K, and the planned closure and consolidation of 3 factories in the U.S. and Canada. | |||||||||
Of the $410.4 million total pre-tax charges in the Year-to-Date Successor period, $168.7 million was recorded in Cost of products sold and $241.7 million in Selling, general and administrative expenses ("SG&A"). | ||||||||||
The Company does not include productivity charges in the results of its reportable segments. The pre-tax impact of allocating such charges to segment results would have been as follows: | ||||||||||
Successor | Predecessor | |||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | |||||||||
North American Consumer Products | $ | 114.5 | $ | — | ||||||
Europe | 129.1 | 3.6 | ||||||||
Asia/Pacific | 28.1 | 2.4 | ||||||||
U.S. Foodservice | 27.5 | — | ||||||||
Rest of World | 48.3 | — | ||||||||
Non-Operating | 62.9 | — | ||||||||
Total productivity charges | $ | 410.4 | $ | 6 | ||||||
(Totals may not add due to rounding) | ||||||||||
On November 14, 2013, the Company announced the planned closure and consolidation of 3 factories in the U.S. and Canada by the middle of calendar year 2014. The number of employees expected to be impacted by these 3 plant closures and consolidation is approximately 1,350. The Company currently estimates it will incur total charges of approximately $63 million related to severance benefits and other severance-related expenses related to these factory closures, of which an immaterial amount was charged to the consolidated statement of operations in the Successor period. In addition the Company will recognize accelerated depreciation on assets to be disposed of from November 2013 to the planned date of closure for the difference between the carrying amount and the projected recovery for these assets upon disposition in the second half of calendar year 2014. | ||||||||||
The severance-related charges that the Company expects to incur in connection with these factory workforce reductions and factory closures are subject to a number of assumptions and may differ from actual results. The Company may also incur other charges not currently contemplated due to events that may occur as a result of, or related to, these cost reductions. Including charges incurred as of December 29, 2013, the Company currently estimates it will incur total charges of approximately $300 million related to severance benefits and other severance-related expenses. | ||||||||||
Activity in other accrued liability balances for restructuring and productivity charges incurred by the Successor were as follows: | ||||||||||
Severance and other severance related costs | Other exit costs (a) | Total | ||||||||
(In millions) | ||||||||||
Transition period restructuring and productivity initiatives | $ | 217.9 | $ | 69.7 | $ | 287.6 | ||||
Cash payments | (124.6 | ) | (28.1 | ) | (152.7 | ) | ||||
Accrual balance at December 29, 2013 | $ | 93.3 | $ | 41.6 | $ | 134.9 | ||||
(Totals may not add due to rounding) | ||||||||||
______________________________________ | ||||||||||
(a) Other exit costs primarily represent professional fees, and contract and lease termination costs. | ||||||||||
Fiscal 2012 | ||||||||||
On May 26, 2011, the Company announced that it would invest in productivity initiatives during Fiscal 2012 designed to increase manufacturing effectiveness and efficiency as well as accelerate overall productivity on a global scale. The Company recorded costs related to these productivity initiatives of $205.4 million pre-tax ($144.0 million after-tax) during Fiscal 2012, all of which were reported in the Non-Operating segment. These pre-tax costs were comprised of the following: | ||||||||||
• | $50.9 million relating to asset write-downs and accelerated depreciation for the closure of six factories, including two in Europe, three in the U.S. and one in Asia/Pacific, | |||||||||
• | $81.7 million for severance and employee benefit costs relating to the reduction of the global workforce by approximately 1,400 positions, and | |||||||||
• | $72.9 million associated with other implementation costs, primarily for professional fees, contract termination and relocation costs for the establishment of the European supply chain hub and to improve global manufacturing efficiencies. | |||||||||
Of the $205.4 million total pre-tax charges in Fiscal 2012, $129.9 million was recorded in cost of products sold and $75.5 million in SG&A. In addition, after-tax charges of $18.9 million were recorded in losses from discontinued operations for Fiscal 2012, for severance and employee benefit costs relating to workforce reductions by approximately 1,500 positions and the closure of two factories. | ||||||||||
The Company does not include productivity charges in the results of its reportable segments. The pre-tax impact of allocating such charges to segment results would have been as follows: | ||||||||||
Fiscal 2012 | ||||||||||
(In millions) | ||||||||||
North American Consumer Products | $ | 25.6 | ||||||||
Europe | 56.4 | |||||||||
Asia/Pacific | 65.7 | |||||||||
U.S. Foodservice | 52.8 | |||||||||
Rest of World | 4.4 | |||||||||
Non-Operating | 0.6 | |||||||||
Total productivity charges | $ | 205.4 | ||||||||
(Totals may not add due to rounding) | ||||||||||
There were no charges for productivity initiatives in Fiscal 2013. The amount included in other accrued liabilities related | ||||||||||
to productivity initiatives totaled $54.6 million at April 29, 2012, all of which was paid in cash during Fiscal 2013. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 11 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the fiscal years ended April 29, 2012 and April 28, 2013, the Predecessor period April 29, 2013 to June 7, 2013, and the Successor period from February 8, 2013 to December 29, 2013, by reportable segment, are as follows: | ||||||||||||||||||||||||||||||||||||
North | Europe | Asia/ | U.S. | Rest of | Total | |||||||||||||||||||||||||||||||
American | Pacific | Foodservice | World | |||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||
Products | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||||||||||||
Balance at April 27, 2011 | $ | 1,111,737 | $ | 1,221,240 | $ | 392,080 | $ | 257,674 | $ | 315,710 | $ | 3,298,441 | ||||||||||||||||||||||||
Purchase accounting adjustments | — | (600 | ) | — | — | 1,380 | 780 | |||||||||||||||||||||||||||||
Disposals | — | (1,532 | ) | — | — | — | (1,532 | ) | ||||||||||||||||||||||||||||
Translation adjustments | (4,662 | ) | (73,820 | ) | 3,119 | — | (36,799 | ) | (112,162 | ) | ||||||||||||||||||||||||||
Balance at April 29, 2012 | 1,107,075 | 1,145,288 | 395,199 | 257,674 | 280,291 | 3,185,527 | ||||||||||||||||||||||||||||||
Disposals | — | (527 | ) | — | (899 | ) | — | (1,426 | ) | |||||||||||||||||||||||||||
Impairment loss | — | — | (36,000 | ) | — | — | (36,000 | ) | ||||||||||||||||||||||||||||
Goodwill allocated to discontinued operations | — | — | (4,952 | ) | — | — | (4,952 | ) | ||||||||||||||||||||||||||||
Translation adjustments | (5,148 | ) | (39,300 | ) | 5,595 | — | (25,046 | ) | (63,899 | ) | ||||||||||||||||||||||||||
Balance at April 28, 2013 | 1,101,927 | 1,105,461 | 359,842 | 256,775 | 255,245 | 3,079,250 | ||||||||||||||||||||||||||||||
Translation adjustments | (409 | ) | 9,849 | (16,523 | ) | — | (15,986 | ) | (23,069 | ) | ||||||||||||||||||||||||||
Balance at June 7, 2013 | $ | 1,101,518 | $ | 1,115,310 | $ | 343,319 | $ | 256,775 | $ | 239,259 | $ | 3,056,181 | ||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||||||||||||||
Balance at February 8, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Merger (see Note 4) | 8,641,059 | 3,626,692 | 1,501,847 | 1,444,100 | 324,151 | 15,537,849 | ||||||||||||||||||||||||||||||
Purchase accounting adjustment | (122,842 | ) | (105,383 | ) | (210,647 | ) | (55,763 | ) | (26,407 | ) | (521,042 | ) | ||||||||||||||||||||||||
Translation adjustments | (52,976 | ) | 191,063 | (69,438 | ) | — | (15,394 | ) | 53,255 | |||||||||||||||||||||||||||
Balance at December 29, 2013 | $ | 8,465,241 | $ | 3,712,372 | $ | 1,221,762 | $ | 1,388,337 | $ | 282,350 | $ | 15,070,062 | ||||||||||||||||||||||||
The Company recorded goodwill of $15.0 billion in connection with the Merger based on the preliminary purchase price allocation. Subsequent to the first quarter of the transition period, the Company made revisions to the purchase price allocation based on updated fair value estimates and related tax effects, which resulted in increased value allocated primarily to customer-related and other intangible assets and a corresponding reduction in goodwill. The adjustments were not recorded retrospectively as the impact was not considered to be material. | ||||||||||||||||||||||||||||||||||||
As a result of classifying the LongFong business as held for sale in Fiscal 2013, the Company took a non-cash impairment charge of $36.0 million to goodwill based on the fair value of the business based on the anticipated sale. During the second quarter of Fiscal 2013, the Company changed its annual goodwill impairment testing date from the fourth quarter to the third quarter of each year. As such, the Company completed its annual impairment assessment of goodwill during the third quarter of Fiscal 2013. No additional impairments were identified during the Company's annual assessment of goodwill. Total goodwill accumulated impairment losses for the Company since Fiscal 2003 were $120.6 million consisting of $54.5 million for Europe, $38.7 million for Asia/Pacific and $27.4 million for Rest of World as of April 28, 2013. Total goodwill accumulated impairment losses for the Company since Fiscal 2003 were $84.7 million consisting of $54.5 million for Europe, $2.7 million for Asia/Pacific and $27.4 million for Rest of World as of April 29, 2012 and April 27, 2011. | ||||||||||||||||||||||||||||||||||||
During the fourth quarter of Fiscal 2013, the Company completed its annual review of indefinite-lived intangible assets. No impairments were identified during the Company’s annual assessment of indefinite-lived intangible assets. | ||||||||||||||||||||||||||||||||||||
During the second quarter of Fiscal 2012, the Company finalized the purchase price allocation for the Coniexpress acquisition in Brazil resulting primarily in immaterial adjustments between goodwill, income taxes and non-pension postretirement benefits. | ||||||||||||||||||||||||||||||||||||
Customer-related and other intangible assets at December 29, 2013, April 28, 2013 and April 29, 2012, subject to amortization expense, are as follows: | ||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||
December 29, 2013 | April 28, 2013 | April 29, 2012 | ||||||||||||||||||||||||||||||||||
Gross | Accum Amort | Net | Gross | Accum Amort | Net | Gross | Accum Amort | Net | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Licenses | $ | 119,714 | $ | (10,030 | ) | $ | 109,684 | $ | 208,186 | $ | (169,666 | ) | $ | 38,520 | $ | 208,186 | $ | (163,945 | ) | $ | 44,241 | |||||||||||||||
Customer-related assets | 1,375,876 | (35,773 | ) | 1,340,103 | 209,428 | (77,310 | ) | 132,118 | 216,755 | (69,244 | ) | 147,511 | ||||||||||||||||||||||||
Other | 24,665 | (1,118 | ) | 23,547 | 419,642 | (156,032 | ) | 263,610 | 420,787 | (149,178 | ) | 271,609 | ||||||||||||||||||||||||
$ | 1,520,255 | $ | (46,921 | ) | $ | 1,473,334 | $ | 837,256 | $ | (403,008 | ) | $ | 434,248 | $ | 845,728 | $ | (382,367 | ) | $ | 463,361 | ||||||||||||||||
Amortization expense for customer-related and other intangible assets was $46.9 million, $3.2 million, $30.9 million, $31.8 million and $29.0 million for the Successor period February 8, 2013 to December 29, 2013, the Predecessor period April 29, 2013 to June 7, 2013, the fiscal years ended April 28, 2013, April 29, 2012 and April 27, 2011, respectively. Based upon the amortizable intangible assets recorded on the balance sheet as of December 29, 2013, average annual amortization expense for each of the next five fiscal years is estimated to be approximately $82.4 million. | ||||||||||||||||||||||||||||||||||||
Intangible assets not subject to amortization at December 29, 2013 totaled $13.02 billion and consisted of $12.13 billion of trademarks, $839.9 million of licenses, and $45.6 million of other intangible assets. Intangible assets not subject to amortization at April 28, 2013 totaled $981.3 million and consisted of $846.9 million of trademarks, $115.0 million of recipes/processes, and $19.4 million of licenses. Intangible assets not subject to amortization at April 29, 2012 totaled $1.04 billion and consisted of $895.9 million of trademarks, $119.3 million of recipes/processes, and $20.1 million of licenses. The increase in intangible assets, not subject to amortization expense, between April 28, 2013 and December 29, 2013, was due to the preliminary purchase accounting associated with the Acquisition (see Note 4). The reduction in intangible assets, not subject to amortization expense, between April 29, 2012 and April 28, 2013 was primarily due to translation adjustments and $14.6 million of intangible assets allocated to discontinued operations. |
Income_Taxes
Income Taxes | 11 Months Ended | |||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||
Income Taxes | ||||||||||||||||||||
The following table summarizes the provision/(benefit) for U.S. federal, state and foreign taxes on income from continuing operations. | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Current: | ||||||||||||||||||||
U.S. federal | $ | 10,200 | $ | 55,197 | $ | 126,878 | $ | 112,064 | $ | 41,673 | ||||||||||
State | 1,798 | 8,409 | 14,622 | 12,326 | 14,992 | |||||||||||||||
Foreign | 54,382 | 17,983 | 187,363 | 216,076 | 161,355 | |||||||||||||||
66,380 | 81,589 | 328,863 | 340,466 | 218,020 | ||||||||||||||||
Deferred: | ||||||||||||||||||||
U.S. federal | (124,798 | ) | (13,346 | ) | (13,589 | ) | (16,884 | ) | 122,757 | |||||||||||
State | 4,755 | (469 | ) | 894 | 4,124 | (4,402 | ) | |||||||||||||
Foreign | (177,960 | ) | (6,677 | ) | (74,570 | ) | (82,740 | ) | 34,442 | |||||||||||
(298,003 | ) | (20,492 | ) | (87,265 | ) | (95,500 | ) | 152,797 | ||||||||||||
Provision for income taxes | $ | (231,623 | ) | $ | 61,097 | $ | 241,598 | $ | 244,966 | $ | 370,817 | |||||||||
Tax benefits related to stock options and other equity instruments recorded directly to additional capital totaled $0 in the Successor period, $47 million in the Predecessor period from April 29, 2013 to June 7, 2013, $20.8 million in Fiscal 2013, $16.8 million in Fiscal 2012 and $21.4 million in Fiscal 2011. | ||||||||||||||||||||
The components of income (loss) from continuing operations before income taxes consist of the following: | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Domestic | $ | (290,579 | ) | $ | (191,629 | ) | $ | 378,283 | $ | 315,741 | $ | 470,646 | ||||||||
Foreign | (7,126 | ) | 61,302 | 965,360 | 920,348 | 945,676 | ||||||||||||||
Income (loss) from continuing operations | $ | (297,705 | ) | $ | (130,327 | ) | $ | 1,343,643 | $ | 1,236,089 | $ | 1,416,322 | ||||||||
The differences between the U.S. federal statutory tax rate and the Company’s consolidated effective tax rate on continuing operations are as follows: | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | ||||||||||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | ||||||||||
Tax on income of foreign subsidiaries | 6.9 | 6 | (5.5 | ) | (6.2 | ) | (3.9 | ) | ||||||||||||
Changes in valuation allowances | (2.7 | ) | 1.6 | 0.9 | 1.5 | (0.8 | ) | |||||||||||||
State income taxes | (4.3 | ) | (0.5 | ) | 0.3 | 0.8 | 1 | |||||||||||||
Nondeductible deal costs | (2.0 | ) | (18.8 | ) | — | — | — | |||||||||||||
Earnings repatriation | (1.0 | ) | (77.2 | ) | 0.9 | 2 | 2.9 | |||||||||||||
Tax exempt income | 13.3 | 9.7 | (6.6 | ) | (7.3 | ) | (5.7 | ) | ||||||||||||
Effects of revaluation of tax basis of foreign assets | — | 0.4 | (6.2 | ) | (3.2 | ) | (1.6 | ) | ||||||||||||
Reduction of manufacturing deduction for loss carryback | (3.7 | ) | — | — | — | — | ||||||||||||||
Deferred tax effect of foreign statutory tax rate changes | 35.9 | 0.3 | (0.7 | ) | (1.1 | ) | (0.5 | ) | ||||||||||||
Audit settlements and changes in uncertain tax positions | (0.4 | ) | (3.6 | ) | (0.3 | ) | (2.0 | ) | — | |||||||||||
Other | 0.8 | 0.2 | 0.2 | 0.3 | (0.2 | ) | ||||||||||||||
Effective tax rate | 77.8 | % | (46.9 | )% | 18 | % | 19.8 | % | 26.2 | % | ||||||||||
The increase in the effective tax rate on pre-tax losses in the Successor period resulted primarily from benefits related to a statutory tax rate reduction in the United Kingdom and a favorable jurisdictional mix. The negative effective tax rate in the June 7, 2013 Predecessor period was principally caused by tax expense provided in the period for the effect of repatriation costs for earnings of foreign subsidiaries distributed during the period along with the effect of nondeductible Merger related costs. | ||||||||||||||||||||
The decrease in the effective tax rate in Fiscal 2013 compared to Fiscal 2012 is primarily the result of increased benefits from the revaluation of the tax basis of certain foreign assets, and reduced charges for the repatriation of current year foreign earnings. These amounts were partially offset by lower current year benefits from tax exempt income and tax on income of foreign subsidiaries. The Fiscal 2012 tax provision also included a benefit from the resolution of a foreign tax case. Both Fiscal 2013 and Fiscal 2012 included a benefit of approximately $15 million from the reversal of an uncertain tax position liability due to the expiration of the statute of limitations in a foreign tax jurisdiction as well as benefits in each year related to 200 basis point statutory tax rate reductions in the United Kingdom. The decrease in the effective tax rate in Fiscal 2012 compared to Fiscal 2011 was primarily the result of increased benefits from the revaluation of the tax basis of foreign assets, the reversal of an uncertain tax position liability due to the expiration of the statute of limitations in a foreign jurisdiction, the beneficial resolution of a foreign tax case, and lower tax on the income of foreign subsidiaries primarily resulting from a statutory tax rate reduction in the U.K. These benefits were partially offset by changes in valuation allowances. | ||||||||||||||||||||
The tax benefit in the Successor period included a benefit of $106.7 million related to the impact on deferred taxes of a 300 basis point statutory tax rate reduction in the United Kingdom which was enacted during July 2013. The benefit of the statutory tax rate reduction in the United Kingdom was significantly increased as compared to the impact of the prior year United Kingdom rate reductions due to the increase in deferred tax liabilities recorded in purchase accounting for the Merger. | ||||||||||||||||||||
During Fiscal 2013, the Company completed a tax-free reorganization in a foreign jurisdiction which resulted in an increase in the tax basis of both fixed and intangible assets. The increased tax basis resulted in a $63.0 million tax benefit in Fiscal 2013 and is expected to provide cash flow benefits of approximately $91 million over the following 10 years as a result of the tax deductions of the assets over their amortization periods. | ||||||||||||||||||||
During Fiscal 2013, a foreign subsidiary of the Company exercised a tax option under local law to revalue certain of its intangible assets, increasing the local tax basis by $82.1 million. This revaluation resulted in a reduction of tax expense in Fiscal 2013 of $12.9 million, reflecting the deferred tax benefit from the higher tax basis partially offset by the tax liability arising from this revaluation of $13.1 million. | ||||||||||||||||||||
During Fiscal 2012, a foreign subsidiary of the Company exercised a tax option under local law to revalue certain of its intangible assets, increasing the local tax basis by approximately $220.2 million. This revaluation resulted in a reduction in Fiscal 2012 tax expense of $34.9 million reflecting the deferred tax benefit from the higher tax basis partially offset by the current tax liability arising from this revaluation of $34.8 million. | ||||||||||||||||||||
The tax benefit from the higher basis amortization of both revaluations above will result in a reduction in cash taxes over the 20 year tax amortization period of approximately $95 million. Also, as a result of these taxable revaluations, the subsidiary made tax payments of $15.7 million, $17.9 million and $10.4 million during the Successor period, Fiscal 2013 and Fiscal 2012, respectively, and is expected to make an additional payment of approximately $4 million during calendar year 2014. | ||||||||||||||||||||
The following table and note summarize deferred tax (assets) and deferred tax liabilities as of December 29, 2013, April 28, 2013 and April 29, 2012. | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
December 29, 2013 | April 28, 2013 | April 29, 2012 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Depreciation/amortization | $ | 775,441 | $ | 394,361 | $ | 469,963 | ||||||||||||||
Benefit plans | 81,213 | 41,354 | 59,647 | |||||||||||||||||
Deferred income | 259,238 | 95,911 | 90,006 | |||||||||||||||||
Financing costs | — | 117,161 | 117,670 | |||||||||||||||||
Indefinite lived intangible assets | 3,691,087 | 438,647 | 441,024 | |||||||||||||||||
Unremitted earnings of foreign subsidiaries | 344,883 | 1,571 | 6,466 | |||||||||||||||||
Other | 57,973 | 46,510 | 48,371 | |||||||||||||||||
Deferred tax liabilities | 5,209,835 | 1,135,515 | 1,233,147 | |||||||||||||||||
Operating loss carryforwards/carrybacks | (365,595 | ) | (90,790 | ) | (141,358 | ) | ||||||||||||||
Benefit plans | (87,157 | ) | (211,658 | ) | (195,697 | ) | ||||||||||||||
Depreciation/amortization | (358,098 | ) | (158,194 | ) | (147,745 | ) | ||||||||||||||
Tax credit carryforwards | (71,369 | ) | (111,431 | ) | (81,703 | ) | ||||||||||||||
Deferred income | (93,244 | ) | (18,596 | ) | (20,286 | ) | ||||||||||||||
Other | (129,670 | ) | (97,894 | ) | (96,502 | ) | ||||||||||||||
Deferred tax assets | (1,105,133 | ) | (688,563 | ) | (683,291 | ) | ||||||||||||||
Valuation allowance | 78,205 | 46,069 | 90,553 | |||||||||||||||||
Net deferred tax liabilities | $ | 4,182,907 | $ | 493,021 | $ | 640,409 | ||||||||||||||
The table above excludes foreign deferred tax assets of $55.1 million, deferred tax liabilities of $5.2 million and a valuation allowance of $54.3 million related to a business classified as held for sale as of April 28, 2013 which was subsequently sold. | ||||||||||||||||||||
The Company records valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. When assessing the need for valuation allowances, the Company considers future taxable income and ongoing prudent and feasible tax planning strategies. Should a change in circumstances lead to a change in judgment about the realizability of deferred tax assets in future years, the Company would adjust related valuation allowances in the period that the change in circumstances occurs, along with a corresponding increase or charge to income. | ||||||||||||||||||||
The resolution of tax reserves and changes in valuation allowances could be material to the Company’s results of operations for any period, but is not expected to be material to the Company’s financial position. | ||||||||||||||||||||
At the end of the Successor period, foreign operating loss carryforwards totaled $390.3 million. Of that amount, $162.8 million expire between 2014 and 2033; the other $227.5 million do not expire. U.S. federal operating losses, which arose principally as a result of the significant costs related to the Merger and subsequent restructuring and productivity actions, total $657.2 million and expire in 2033. The Company expects to fully utilize its U.S. federal operating losses during 2014 against both prior (through loss carryback) and current year taxable income. Deferred tax assets of $34.4 million have been recorded for foreign tax credit carryforwards. These credit carryforwards expire between 2020 and 2023. Deferred tax assets of $30.5 million have been recorded for state operating loss carryforwards. These losses expire between 2014 and 2033. Additionally, the Company has incurred losses in a foreign jurisdiction where the realization of a tax benefit is considered remote and, as a result, the Company has no deferred tax asset recognized for such losses. | ||||||||||||||||||||
The net change in the Successor period valuation allowance shown above is an increase of $32.1 million. The increase was primarily due to the recording of additional valuation allowance for foreign and state operating loss carryforwards that are not expected to be utilized. The net change in the Fiscal 2013 valuation allowance shown above is a decrease of $44.5 million. The decrease was primarily due to the classification of a foreign business as held for sale. The net change in the Fiscal 2012 valuation allowance was an increase of $26.2 million. The increase was primarily due to the recording of additional valuation allowance for foreign loss carryforwards that are not expected to be utilized, partially offset by the release of valuation allowance related to state tax loss and credit carryforwards that are now expected to be utilized. The net change in the Fiscal 2011 valuation allowance was an increase of $1.9 million. The increase was primarily due to the recording of additional valuation allowance for foreign loss carryforwards that are not expected to be utilized, partially offset by the release of valuation allowance related to state tax loss and credit carryforwards that are now expected to be utilized. | ||||||||||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, 2013 | April 29, 2012 | April 27, 2011 | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance at the beginning of the period | $ | 50.7 | $ | 45.4 | $ | 52.7 | $ | 70.7 | $ | 57.1 | ||||||||||
Increases for tax positions of prior years | 0.5 | 5.8 | 1.9 | 5.2 | 13.5 | |||||||||||||||
Decreases for tax positions of prior years | (6.9 | ) | (0.9 | ) | (8.6 | ) | (18.0 | ) | (26.0 | ) | ||||||||||
Increases based on tax positions related to the current year | 4.6 | 1.7 | 13.9 | 3.7 | 10.8 | |||||||||||||||
Increases due to business combinations | 4.4 | — | — | — | 26.9 | |||||||||||||||
Decreases due to settlements with taxing authorities | — | — | (4.1 | ) | (2.2 | ) | (5.4 | ) | ||||||||||||
Decreases due to lapse of statute of limitations | (0.2 | ) | (1.3 | ) | (10.4 | ) | (6.7 | ) | (6.2 | ) | ||||||||||
Balance at the end of the period | $ | 53.1 | $ | 50.7 | $ | 45.4 | $ | 52.7 | $ | 70.7 | ||||||||||
The amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $44.9 million, $38.3 million and $38.9 million, on December 29, 2013, April 28, 2013 and April 29, 2012, respectively. | ||||||||||||||||||||
The Company classifies interest and penalties on tax uncertainties as a component of the provision for income taxes. For the Successor period from February 8, 2013 to December 29, 2013, the total amount of net interest and penalty expense included in the provision for income taxes was an expense of $1.4 million and $0.1 million, respectively. For the Predecessor period April 29, 2013 to June 7, 2013, the total amount of net interest and penalty expense included in the provision for income taxes was an expense of $1.8 million and $0.2 million, respectively. For Fiscal 2013, the total amount of net interest and penalty expense included in the provision for income taxes was a benefit of $4.2 million and $6.3 million, respectively. For Fiscal 2012, the total amount of net interest and penalty expense included in the provision for income taxes was a benefit of $9.5 million and $4.7 million, respectively. For Fiscal 2011, the total amount of net interest and penalty expense included in the provision for income taxes was a benefit of $1.3 million and $0.1 million, respectively. The total amount of interest and penalties accrued as of December 29, 2013 was $10.7 million and $8.5 million, respectively. The total amount of interest and penalties accrued as of April 28, 2013 was $8.5 million and $6.9 million, respectively. The corresponding amounts of accrued interest and penalties at April 29, 2012 were $16.0 million and $13.8 million, respectively. | ||||||||||||||||||||
It is reasonably possible that the amount of unrecognized tax benefits will decrease by as much as $25 million in the next 12 months primarily due to the expiration of statutes in various foreign jurisdictions along with the progression of federal, state and foreign audits in process. | ||||||||||||||||||||
The provision for income taxes consists of provisions for federal, state and foreign income taxes. The Company operates in an international environment with significant operations in various locations outside the U.S. Accordingly, the consolidated income tax rate is a composite rate reflecting the earnings in various locations and the applicable tax rates. In the normal course of business the Company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Australia, Canada, Italy, the Netherlands, the United Kingdom and the United States. The Company has substantially concluded all national income tax matters for years through Fiscal 2011 for the Netherlands and United Kingdom, Fiscal 2010 for the U.S., through Fiscal 2009 for Italy, and through Fiscal 2008 for Australia and Canada. | ||||||||||||||||||||
Undistributed earnings of foreign subsidiaries considered to be indefinitely reinvested or which may be remitted tax free in certain situations, amounted to approximately $2.2 billion at December 29, 2013. The Company has not determined the deferred tax liability associated with these undistributed earnings, as such determination is not practicable. Prior to the Merger, our intent was to reinvest the accumulated earnings of our foreign subsidiaries in our international operations, except where remittance could be made tax free in certain situations, and our plans did not demonstrate a need to repatriate them to fund our cash requirements in the U.S. and, accordingly, a liability for the related deferred income taxes was not reflected in the Company's financial statements as of April 28, 2013. While we continue to expect to reinvest a substantial portion of the prior and future earnings of our foreign subsidiaries in our international operations, as of the Acquisition date we determined that a portion of our accumulated unremitted foreign earnings are likely to be needed to meet U.S. cash needs principally due to the increased financing costs arising with the Acquisition. For the portion of unremitted foreign earnings preliminarily determined not to be permanently reinvested, a deferred tax liability of approximately $345 million is recorded at December 29, 2013. The Company currently anticipates repatriating the majority of the accumulated unremitted earnings which are no longer permanently reinvested during 2014 resulting in the utilization of a substantial portion of its foreign tax credit carryforwards. The Company has not yet finalized its estimate of acquisition date deferred taxes associated with its repatriation plans and further adjustments of this estimate may be made as the purchase price allocation is finalized during the measurement period. |
Debt_and_Financing_Arrangement
Debt and Financing Arrangements | 11 Months Ended | |||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Debt and Financing Arrangements | ' | |||||||||||||||||||||||||||
Debt and Financing Arrangements | ||||||||||||||||||||||||||||
Short-term debt consisted of bank debt and other borrowings of $143.7 million, $1.14 billion and $46.5 million as of December 29, 2013, April 28, 2013 and April 29, 2012, respectively. The weighted average interest rate was 2.1%, 1.4% and 5.1% for the transition period, Fiscal 2013 and Fiscal 2012, respectively. See below for further discussion of a short-term credit agreement entered into in April 2013. | ||||||||||||||||||||||||||||
Long-term debt was comprised of the following as of December 29, 2013, April 28, 2013 and April 29, 2012: | ||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||
December 29, 2013 | April 28, 2013 | April 29, 2012 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
$2.95 billion Term B-1 Loan | 2,929,213 | — | — | |||||||||||||||||||||||||
$6.55 billion Term B-2 Loan | 6,518,524 | — | — | |||||||||||||||||||||||||
$3.10 billion 4.25% Second Lien Senior Secured Notes due 2020 | 3,100,000 | — | — | |||||||||||||||||||||||||
Japanese Yen Credit Agreement due October 2012 (variable rate) | — | — | 186,869 | |||||||||||||||||||||||||
Other U.S. Dollar Debt due May 2013 — November 2034 (0.94%—7.96%) | 10,774 | 25,688 | 43,164 | |||||||||||||||||||||||||
Other Non-U.S. Dollar Debt due May 2013 — May 2023 (3.50%—11.00%) | 70,411 | 56,293 | 64,060 | |||||||||||||||||||||||||
5.35% U.S. Dollar Notes due July 2013 | — | 499,993 | 499,958 | |||||||||||||||||||||||||
8.0% Heinz Finance Preferred Stock due July 2013 | — | 350,000 | 350,000 | |||||||||||||||||||||||||
Japanese Yen Credit Agreement due December 2013 (variable rate) | — | 163,182 | 199,327 | |||||||||||||||||||||||||
U.S. Dollar Private Placement Notes due May 2014 — May 2021 (2.11% - 4.23%) | — | 500,000 | 500,000 | |||||||||||||||||||||||||
Japanese Yen Credit Agreement due October 2015 (variable rate) | — | 152,983 | — | |||||||||||||||||||||||||
U.S. Dollar Private Placement Notes due July 2016 — July 2018 (2.86% - 3.55%) | — | 100,000 | 100,000 | |||||||||||||||||||||||||
2.00% U.S. Dollar Notes due September 2016 | 58,308 | 299,933 | 299,913 | |||||||||||||||||||||||||
1.50% U.S. Dollar Notes due March 2017 | 17,743 | 299,648 | 299,556 | |||||||||||||||||||||||||
U.S. Dollar Remarketable Securities due December 2020 | — | 119,000 | 119,000 | |||||||||||||||||||||||||
3.125% U.S. Dollar Notes due September 2021 | 34,433 | 395,772 | 395,268 | |||||||||||||||||||||||||
2.85% U.S. Dollar Notes due March 2022 | 5,599 | 299,565 | 299,516 | |||||||||||||||||||||||||
$235 million 6.375% U.S. Dollar Debentures due July 2028 | 258,075 | 231,396 | 231,137 | |||||||||||||||||||||||||
£125 million 6.25% British Pound Notes due February 2030 | 218,507 | 192,376 | 202,158 | |||||||||||||||||||||||||
$437 million 6.75% U.S. Dollar Notes due March 2032 | 476,943 | 435,185 | 435,112 | |||||||||||||||||||||||||
$931 million 7.125% U.S. Dollar Notes due August 2039 | 1,026,881 | 628,082 | 626,747 | |||||||||||||||||||||||||
14,725,411 | 4,749,096 | 4,851,785 | ||||||||||||||||||||||||||
Hedge Accounting Adjustments (See Note 15) | — | 122,455 | 128,444 | |||||||||||||||||||||||||
Less portion due within one year | (107,765 | ) | (1,023,212 | ) | (200,248 | ) | ||||||||||||||||||||||
Total long-term debt | $ | 14,617,646 | $ | 3,848,339 | $ | 4,779,981 | ||||||||||||||||||||||
Weighted-average interest rate on long-term debt, including the impact of applicable interest rate swaps | 4.01 | % | 4.07 | % | 4.28 | % | ||||||||||||||||||||||
Senior Credit Facilities | ||||||||||||||||||||||||||||
The Senior Credit Facilities are with a syndicate of banks and other financial institutions and provides financing of up to $9.5 billion and consist of (i)(a) term B-1 loans in an aggregate principal amount of $2.95 billion (the “B-1 Loans”) and (b) term B-2 loans in aggregate principal amount of $6.55 billion (the “B-2 Loans”) in each case under the new senior secured term loan facilities (the “Term Loan Facilities”) and (ii) revolving loans of up to $2.0 billion (including revolving loans, swingline loans and letters of credit), a portion of which may be denominated in Euro, Sterling, Australian Dollars, Japanese Yen or New Zealand Dollars, under the new senior secured revolving loan facilities (the “Revolving Credit Facilities” and, together with the Term Loan Facilities, the "Senior Credit Facilities"). Concurrently with the consummation of the Merger, the full amount of the term loan was drawn, and no revolving loans were drawn. | ||||||||||||||||||||||||||||
Borrowings under the Term Loan Facilities have tranches of 6 and 7 year maturities and fluctuating interest rates based on, at the Company's election, base rate or LIBOR plus a spread on each of the tranches, with respective spreads ranging from 125-150 basis points for base rate loans with a 2% base rate floor and 225-250 basis points for LIBOR loans with a 1% LIBOR floor. Loans under the revolving credit facilities have 5 year maturities and a fluctuating interest rate based on, at the Company's election, base rate or LIBOR, with respective spreads ranging from 50-100 basis points for base rate loans and 150-200 basis points for LIBOR loans, on which nothing is currently drawn. | ||||||||||||||||||||||||||||
The obligations of the Company under the Senior Credit Facilities are guaranteed by Holdings and each direct and indirect, existing and future, domestic material wholly-owned restricted subsidiary of the Company. The Senior Credit Facilities and any swap agreements and cash management arrangements provided by any party to the Senior Credit Facilities or any of its affiliates are expected to be secured on a first priority basis by a perfected security interest in substantially all of the Company's and each guarantor's tangible and intangible assets (subject to certain exceptions), including U.S. registered intellectual property, owned real property above a value to be agreed and all of the capital stock of the borrower and all capital stock directly held by the borrower or any subsidiary guarantor of each of its wholly-owned material restricted subsidiaries (limited to 65% of the capital stock of foreign subsidiaries). | ||||||||||||||||||||||||||||
The Senior Credit Facilities contain a number of customary affirmative and negative covenants that, among other things, limits or restricts the ability of the Company and its restricted subsidiaries to incur additional indebtedness (including guarantee obligations); incur liens; engage in mergers, consolidations, liquidations and dissolutions (other than the Merger); sell assets; pay dividends and make other payments in respect of capital stock; make acquisitions, investments, loans and advances; pay and modify the terms of certain indebtedness; engage in certain transactions with affiliates; enter into negative pledge clauses and clauses restricting subsidiary distributions; and change its line of business. | ||||||||||||||||||||||||||||
In addition, under the Revolving Credit Facilities, the Company is required to comply with a specified first lien senior secured leverage ratio to the extent any loans are outstanding under the New Revolving Credit Facility or Letters of Credit issued and outstanding thereunder exceed $50 million as of the end of any fiscal quarter. The Senior Credit Facilities also contains certain customary representations and warranties, affirmative covenants and events of default. As of December 29, 2013, the Company is in compliance with these credit facility covenants. | ||||||||||||||||||||||||||||
4.25% Second Lien Senior Secured Notes | ||||||||||||||||||||||||||||
On April 1, 2013, in connection with the Merger, Merger Subsidiary completed the private placement of $3.1 billion aggregate principal amount of 4.25% Second Lien Senior Secured Notes due 2020 (the “Notes”) to initial purchasers for resale by the Initial Purchasers to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States under Regulation S of the Securities Act. The Notes were issued pursuant to an indenture (the “Indenture”), dated as of April 1, 2013, by and among Merger Subsidiary, Holdings and Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”) and as collateral agent (in such capacity, the “Collateral Agent”). | ||||||||||||||||||||||||||||
On June 7, 2013, the Company, certain of its direct and indirect wholly owned domestic subsidiaries (the “Guarantors”), the Trustee and the Collateral Agent entered into a supplemental indenture (the “Supplemental Indenture”) to the Indenture pursuant to which the Company assumed all of the obligations of Merger Subsidiary as issuer of the Notes. Also on June 7, 2013, in connection with the Merger, we executed a Joinder Agreement (the “Purchase Agreement Joinder”) to the Purchase Agreement, dated March 22, 2013 (the “Purchase Agreement”), among Merger Subsidiary, Parent and the several initial purchasers named in the schedule thereto (the “Initial Purchasers”), relating to the issuance and sale by Merger Subsidiary to the Initial Purchasers of $3.1 billion in aggregate principal amount of the Notes, pursuant to which the H. J. Heinz Company and certain of its subsidiaries became parties to the Purchase Agreement. | ||||||||||||||||||||||||||||
Interest on the Notes accrues at the rate of 4.25% per annum and is payable, in cash, semi-annually in arrears on each date April 15 and October 15, beginning on October 15, 2013, to holders at the close of business on April 1 and October 1 immediately preceding the applicable interest payment date. Interest on the Notes accrues from and includes the most recent date to which interest has been paid or, if no interest has been paid, from and including the date of issuance. Interest is computed on the basis of a 360-day year consisting of twelve 30-day months. Each interest period will end on (but not include) the relevant interest payment date. | ||||||||||||||||||||||||||||
The Notes are jointly and severally, unconditionally guaranteed on a senior secured basis, by Holdings and each direct and indirect, existing and future, domestic material 100% owned restricted subsidiary that guarantee our obligations under the Senior Credit Facilities. | ||||||||||||||||||||||||||||
The Indenture (as supplemented by the Supplemental Indenture) limits the ability of the Company and its restricted subsidiaries to incur additional indebtedness or guarantee indebtedness; create liens or use assets as security in other transactions; declare or pay dividends, redeem stock or make other distributions to stockholders; make investments; merge or consolidate, or sell, transfer, lease or dispose of substantially all of our assets; enter into transactions with affiliates; sell or transfer certain assets; and agree to certain restrictions on the ability of restricted subsidiaries to make payments to us. We are in compliance with these covenants as of December 29, 2013. | ||||||||||||||||||||||||||||
The Notes can be redeemed at any time prior to April 15, 2015 by paying a make-whole premium, plus accrued and unpaid interest to the redemption date. We may redeem all or part of the Notes at any time after April 15, 2015 at the following percentages: 2015: 102.125%, 2016: 101.0625%, 2017 and thereafter: 100%. In addition, at any time prior to April 15, 2015, we may redeem up to 40% of the aggregate principal amount of the Notes at a redemption price equal to 104.25% of the principal amount thereof plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds from certain equity offerings. | ||||||||||||||||||||||||||||
If the Company experiences a change of control, the holders of the Notes have the right to require the Company to offer to repurchase the Notes at a purchase price equal to 101% of their aggregate principal amount plus accrued and unpaid interest and additional amounts, if any, to the date of such repurchase. | ||||||||||||||||||||||||||||
On April 1, 2013, concurrently with the consummation of the issuance of the Notes, we entered into a Registration Rights Agreement (the "Registration Rights Agreement") among Merger Subsidiary, Holdings and Wells Fargo Securities, LLC for itself and on behalf of the Initial Purchasers. On June 7, 2013, we executed a joinder to the Registration Rights Agreement pursuant to which the H. J. Heinz Company and certain of its subsidiaries became parties to the Registration Rights Agreement. Pursuant to the Registration Rights Agreement, we agreed, at our own cost, for the benefit of the holders of the Notes, to use our commercially reasonable efforts to file a registration statement (the “exchange offer registration statement”) with respect to a registered exchange offer (each, an “exchange offer”) to exchange such notes for new notes with terms substantially identical in all material respects with the notes (except for the provisions relating to the transfer restrictions and payment of additional interest), to cause the exchange offer registration statement to be declared effective by the SEC under the Securities Act and to consummate the exchange offer not later than 365 days after the Merger closing date. In the event that the exchange offer registration statement is not completed or is not declared effective by the SEC within 365 days after the Merger closing date, the interest rate will be increased, up to a maximum increase of 1.00% per annum, until the exchange offer registration is declared effective by the SEC. | ||||||||||||||||||||||||||||
Financing implications of the acquisition on our existing debt | ||||||||||||||||||||||||||||
A substantial portion of the Company's indebtedness was subject to acceleration upon a change of control or required the Company to offer holders the option to repurchase such indebtedness from such holders (assuming such change of control triggered certain downgrades in the ratings of the Company's debt). On June 7, 2013 certain of the Company's outstanding indebtedness that was not subject to acceleration upon a change of control and that either did not contain change of control repurchase obligations or where the holders did not elect to have such indebtedness repurchased in a change of control offer remain outstanding as at June 7, 2013. | ||||||||||||||||||||||||||||
On March 13, 2013, the Company launched a successful consent solicitation relating to the 7.125% Notes due 2039 seeking a waiver of the change of control provisions as applicable to the Merger Agreement and as a result those notes remain outstanding as of December 29, 2013. | ||||||||||||||||||||||||||||
Debt issuance costs | ||||||||||||||||||||||||||||
As of December 29, 2013, unamortized debt issuance costs related to new borrowings under our current Senior Credit Facilities and the Notes were $320.8 million, collectively. Amortization of debt issuance costs recorded were $29.1 million for the period February 8, 2013 to December 29, 2013, and $0.9 million for the Predecessor period. These costs are amortized on a straight-line basis or using the effective interest method, as appropriate, over the respective term of debt to which they specifically relate. | ||||||||||||||||||||||||||||
Total long term debt matures as follows: | ||||||||||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | There After | Total | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Maturity /Retirements | $ | 107,765 | $ | 117,801 | $ | 111,258 | $ | 168,543 | $ | 115,411 | $ | 14,104,633 | $ | 14,725,411 | ||||||||||||||
Other information | ||||||||||||||||||||||||||||
During the first quarter of Fiscal 2013, the Company terminated its variable rate three year 15 billion Japanese yen denominated credit agreement that was due October 2012, and settled the associated swap, which had an immaterial impact to the Company's consolidated statement of income. In addition, the Company entered into a new variable rate three year 15 billion Japanese yen denominated credit agreement. The proceeds were swapped to $188.5 million U.S. dollars and the interest rate was fixed at 2.22%. This credit agreement was terminated in the Predecessor period April 29, 2013 to June 7, 2013. | ||||||||||||||||||||||||||||
At April 28, 2013, the Company had a $1.5 billion credit agreement which expires in June 2016. This credit agreement supported the Company's commercial paper borrowings. In April 2013, the Company entered into a new $1.5 billion 1.28% credit agreement under which it borrowed $1.1 billion primarily to pay off all of the outstanding commercial paper. Both credit agreements were terminated on June 7, 2013 in conjunction with the closing of the Merger Agreement. In addition, the Company has $217.9 million of foreign lines of credit available at December 29, 2013. | ||||||||||||||||||||||||||||
During the fourth quarter of Fiscal 2012, the Company issued $300 million 1.50% Notes due 2017 and $300 million 2.85% Notes due 2022. During the second quarter of Fiscal 2012, the Company issued $300 million 2.00% Notes due 2016 and $400 million 3.125% Notes due 2021. During the first quarter of Fiscal 2012, the Company issued $500 million of private placement notes at an average interest rate of 3.48% with maturities of three, five, seven and ten years. Additionally, during the first quarter of Fiscal 2012, the Company issued $100 million of private placement notes at an average interest rate of 3.38% with maturities of five and seven years. The prior year proceeds were used for the repayment of commercial paper and to pay off the Company's $750 million of notes which matured on July 15, 2011 and $600 million notes which matured on March 15, 2012. | ||||||||||||||||||||||||||||
Certain of the Company's debt agreements contain customary covenants, including a leverage ratio covenant. The Company was in compliance with all of its covenants as of December 29, 2013, April 28, 2013 and April 29, 2012. | ||||||||||||||||||||||||||||
During the third quarter of Fiscal 2012, the Company remarketed the remaining $119 million remarketable securities at a rate of 6.049%. On the same date, the Company entered into a total rate of return swap with a notional amount of $119 million as an economic hedge to reduce the interest cost related to these remarketable securities. See Note 15 for further details. As a result of the Merger, the remarketable securities were repaid and the associated total rate of return swap was terminated. | ||||||||||||||||||||||||||||
During the first quarter of Fiscal 2013, the Company entered into an amendment of its $175 million accounts receivable securitization program that extended the term until June 7, 2013. For the sale of receivables under the program, the Company receives cash consideration of up to $175 million and a receivable for the remainder of the purchase price (the "Deferred Purchase Price"). The cash consideration and the carrying amount of receivables removed from the consolidated balance sheets were $158.7 million and $161.8 million as of April 28, 2013 and April 29, 2012, respectively, resulting in a decrease of $3.1 million in cash for sales under this program for Fiscal 2013 and an increase in cash of $132.8 million for Fiscal 2012. The fair value of the Deferred Purchase Price was $53.6 million and $56.8 million as of April 28, 2013 and April 29, 2012, respectively. The increase in cash proceeds related to the Deferred Purchase Price was $3.2 million and $117.1 million as of April 28, 2013 and April 29, 2012, respectively. This Deferred Purchase Price is included as a trade receivable on the consolidated balance sheets and has a carrying value which approximates fair value as of April 28, 2013 and April 29, 2012, due to the nature of the short-term underlying financial assets. On May 31, 2013, subsequent to the Fiscal 2013 year end, the Company entered into an amendment of the $175 million accounts receivables securitization program that extended the term until May 30, 2014. Prior to this amendment, the Company accounted for transfers of receivables pursuant to this program as a sale and removed them from the consolidated balance sheet. This amendment results in the transfers no longer qualifying for sale treatment under U.S. GAAP. As a result, all transfers are accounted for subsequent to this amendment as secured borrowings and the receivables sold pursuant to this program are included on the balance sheet as trade receivables, along with the Deferred Purchase Price. The amount of trade receivables included on the balance sheet at December 29, 2013 which are acting as collateral for these borrowings was $140 million. |
Supplemental_Cash_Flows_Inform
Supplemental Cash Flows Information | 11 Months Ended | |||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||||||||||
Supplemental Cash Flows Information | ' | |||||||||||||||||||
Supplemental Cash Flows Information | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash Paid During the Period For: | ||||||||||||||||||||
Interest | $ | 259,335 | $ | 42,376 | $ | 285,324 | $ | 277,954 | $ | 268,131 | ||||||||||
Income taxes | $ | 131,213 | $ | 31,912 | $ | 327,046 | $ | 265,547 | $ | 154,527 | ||||||||||
In addition, the Company acted as servicer for approximately $76.5 million, $184.3 million and $205.6 million of trade receivables which were sold to unrelated third parties without recourse as of December 29, 2013, April 28, 2013 and April 29, 2012, respectively. These trade receivables are short-term in nature. The proceeds from these sales are also recognized on the statements of cash flows as a component of operating activities. | ||||||||||||||||||||
The Company has not recorded any servicing assets or liabilities as of December 29, 2013, April 28, 2013 or April 29, 2012 for the arrangements discussed above because the fair value of these servicing agreements as well as the fees earned were not material to the financial statements. |
Employees_Stock_Incentive_Plan
Employees' Stock Incentive Plans and Management Incentive Plans | 11 Months Ended | |||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||
Employees' Stock Incentive Plans and Management Incentive Plans | ' | |||||||||||||||||||
Employees' Stock Incentive Plans and Management Incentive Plans | ||||||||||||||||||||
On June 7, 2013, in accordance with the Merger, (i) each outstanding share of Company common stock (other than shares owned by the Company, Parent, Merger Sub or any other direct or indirect wholly owned subsidiary of Parent, and in each case not held on behalf of third parties) was canceled and automatically converted into the right to receive $72.50 in cash, without interest and less applicable withholding taxes thereon (the “Merger Consideration”), (ii) each outstanding stock option, whether vested or unvested, was canceled and automatically converted into the right to receive, with respect to each share subject to the option, the Merger Consideration less the exercise price per share, (iii) each outstanding Company phantom unit, whether vested or unvested, was canceled and automatically converted into the right to receive the Merger Consideration, and (iv) each outstanding Company restricted stock unit ("RSU") (other than retention restricted stock units), whether vested or unvested, was canceled and automatically converted into the right to receive, with respect to each share subject to the restricted stock unit, the Merger Consideration plus any accrued and unpaid dividend equivalents, except that payment in respect of Company restricted stock units that have been deferred will be made in accordance with the terms of the award and the applicable deferral election made by the holder. The expense from accelerated vesting of these stock-based awards totaling $24.3 million was recorded in Merger related costs in the accompanying statement of operations for the Predecessor period ended June 7, 2013. | ||||||||||||||||||||
At December 29, 2013, the Company has no outstanding pre-Merger stock option awards, restricted stock units and restricted stock awards, other than the retention RSUs. Retention RSUs were not canceled in connection with the Merger, and remain subject to the vesting schedule pursuant to the existing terms of the applicable award agreements and the general timing of payment would be in accordance with such terms. Pursuant to the Merger Agreement, these equity awards have been converted into liability awards and for the vested portion of these awards the Company recorded an amount equal to the Merger consideration plus any accrued and unpaid dividend equivalents. | ||||||||||||||||||||
The compensation cost related to equity plans that were in place in the Predecessor periods primarily recognized in SG&A and Merger related costs, and the related tax benefit, are as follows: | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Pre-tax compensation cost | $ | 2.6 | $ | 26.3 | $ | 33.7 | $ | 36.5 | $ | 32.7 | ||||||||||
Tax benefit | 0.9 | 8 | 10.8 | 12 | 10.4 | |||||||||||||||
After-tax compensation cost | $ | 1.7 | $ | 18.3 | $ | 22.9 | $ | 24.5 | $ | 22.3 | ||||||||||
During Fiscals 2013 and 2012, the Company's plan from which it issued equity-based awards was the Fiscal Year 2003 Stock Incentive Plan (the “2003 Plan”), which was approved by shareholders on September 12, 2002. During Fiscal 2011, the Company issued equity-based awards from the 2003 Plan and the 2000 Stock Option Plan (the “2000 Plan”). The 2000 Plan was approved by Shareholders on September 12, 2000 and expired on September 12, 2010. Pursuant to the 2003 Plan, the Management Development & Compensation Committee ("MD&CC") was authorized to grant a maximum of 9.4 million shares for issuance as restricted stock units or restricted stock. Any available shares may have been issued as stock options. The maximum number of shares that may have been granted under this plan was 18.9 million shares. Shares issued under these plans were sourced from available treasury shares. The 2003 Plan was originally scheduled to continue to be used until there were no more outstanding shares to award; however, the 2003 Plan was terminated as a result of the Merger. Effective August 28, 2012, the MD&CC approved the 2013 Plan with a term of ten years. The MD&CC was authorized to grant a maximum of 10 million shares for issuance as restricted stock units, restricted stock, or stock options; however, no shares were issued from this Plan. The 2013 Plan was terminated as a result of the Merger. | ||||||||||||||||||||
Stock Options: | ||||||||||||||||||||
In October 2013, the Board adopted the H.J. Heinz Holding Corporation 2013 Omnibus Incentive Plan (the “2013 Omnibus Plan”) which authorizes the issuance of up to 39,600,000 shares of our Parent's capital stock. On October 16, 2013, Parent granted non-qualified stock options under the 2013 Omnibus Plan to purchase up to 14,300,000 shares of Common Stock in Parent to select employees and Directors. With respect to the 14,300,000 shares underlying such options, the exercise price is $10.00 per share with cliff vesting on July1, 2018, provided the employee is continuously employed by Parent or one of its subsidiaries or affiliates. Share-based compensation expense of $1.4 million associated with such grant was pushed down to the Company and is reflected in SG&A for the Successor period. | ||||||||||||||||||||
Prior to the Merger, stock options generally vested over a period of four years after the date of grant. Awards granted prior to Fiscal 2006 generally had a maximum term of ten years. Awards granted between Fiscal 2006 and Fiscal 2012 had a maximum term of seven years. Awards granted in Fiscal 2013 had a maximum term of ten years. | ||||||||||||||||||||
In accordance with their respective plans, stock option awards are forfeited if a holder voluntarily terminates employment prior to the vesting date. The Company estimates forfeitures based on an analysis of historical trends updated as discrete new information becomes available and are re-evaluated on an annual basis. Compensation cost in any period is at least equal to the grant-date fair value of the vested portion of an award on that date. | ||||||||||||||||||||
The Company presents all benefits of tax deductions resulting from the exercise of stock-based compensation as operating cash flows in the consolidated statements of cash flows, except the benefit of tax deductions in excess of the compensation cost recognized for those options (“excess tax benefits”) which are classified as financing cash flows. There were no exercises of stock-based compensation in the Successor period February 8, 2013 to December 29, 2013. For the Predecessor period April 29, 2013 to June 7, 2013, $14.4 million of cash tax benefits was reported as an operating cash inflow and $36.7 million of excess tax benefits as a financing cash inflow. For the fiscal year ended April 28, 2013, $8.1 million of cash tax benefits was reported as an operating cash inflow and $10.3 million of excess tax benefits as a financing cash inflow. For the fiscal year ended April 29, 2012, $7.5 million of cash tax benefits was reported as an operating cash inflow and $7.6 million of excess tax benefits as a financing cash inflow. For the fiscal year ended April 27, 2011, $12.4 million of cash tax benefits was reported as an operating cash inflow and $8.6 million of excess tax benefits as a financing cash inflow. | ||||||||||||||||||||
During Fiscal 2013, the Company granted 1,540,340 option awards to employees sourced from the 2003 Plan. The weighted average fair value per share of the options granted during the Successor period February 8, 2013 to December 29, 2013, fiscal years ended April 28, 2013, April 29, 2012, and April 27, 2011 as computed using the Black-Scholes pricing model was $2.43, $5.79, $5.80, and $5.36, respectively. There were no options granted in the Predecessor period April 29, 2013 to June 7, 2013. The weighted average assumptions used to estimate these fair values are as follows: | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 28, | April 29, | April 27, | |||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | ||||||||||||||||||
Dividend yield | — | % | 3.7 | % | 3.7 | % | 3.9 | % | ||||||||||||
Expected volatility | 24.3 | % | 19.4 | % | 20.9 | % | 20.5 | % | ||||||||||||
Expected term (years) | 5 | 7 | 5 | 5.5 | ||||||||||||||||
Risk-free interest rate | 1.4 | % | 1 | % | 1 | % | 1.7 | % | ||||||||||||
The dividend yield assumption is based on the current fiscal year dividend payouts. The expected volatility of the Company’s common stock at the date of grant in the Predecessor was estimated based on a historic daily volatility rate over a period equal to the average life of an option. The expected volatility of the Company’s common stock at the date of grant in the Successor period was estimated based on a review of the equity volatilities of publicly-traded peer companies . The weighted average expected life of options is based on consideration of historical exercise patterns adjusted for changes in the contractual term and exercise periods of current awards. The risk-free interest rate is based on the U.S. Treasury (constant maturity) rate in effect at the date of grant for periods corresponding with the expected term of the options. | ||||||||||||||||||||
A summary of the Company’s stock option activity and related information is as follows: | ||||||||||||||||||||
Number of | Weighted | Aggregate | ||||||||||||||||||
Options | Average | Intrinsic Value | ||||||||||||||||||
Exercise Price | ||||||||||||||||||||
(per share) | ||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Predecessor | ||||||||||||||||||||
Options outstanding at April 28, 2010 | 12,921 | $ | 39.36 | $ | 508,611 | |||||||||||||||
Options granted | 1,733 | 46.42 | 80,460 | |||||||||||||||||
Options exercised | (4,813 | ) | 35.73 | (171,980 | ) | |||||||||||||||
Options cancelled/forfeited and returned to the plan | (73 | ) | 42.81 | (3,147 | ) | |||||||||||||||
Options outstanding at April 27, 2011 | 9,768 | 42.38 | 413,944 | |||||||||||||||||
Options granted | 1,649 | 52.19 | 86,068 | |||||||||||||||||
Options exercised | (2,798 | ) | 37.99 | (106,287 | ) | |||||||||||||||
Options cancelled/forfeited and returned to the plan | (11 | ) | 38.38 | (435 | ) | |||||||||||||||
Options outstanding at April 29, 2012 | 8,608 | 45.69 | 393,290 | |||||||||||||||||
Options granted | 1,540 | 55.72 | 85,828 | |||||||||||||||||
Options exercised | (3,504 | ) | 42.35 | (148,376 | ) | |||||||||||||||
Options cancelled/forfeited and returned to the plan | (110 | ) | 50.67 | (5,616 | ) | |||||||||||||||
Options outstanding at April 28, 2013 | 6,534 | 49.76 | 325,126 | |||||||||||||||||
Options exercised - settled in shares | (25 | ) | 34.6 | (850 | ) | |||||||||||||||
Options exercised - settled in cash | (6,509 | ) | 49.82 | (324,276 | ) | |||||||||||||||
Options outstanding at June 7, 2013 | — | — | — | |||||||||||||||||
Successor | ||||||||||||||||||||
Options outstanding at June 8, 2013 | — | $ | — | $ | — | |||||||||||||||
Options granted | 14,300 | $ | 10 | $ | 143,000 | |||||||||||||||
Options outstanding at December 29, 2013 | 14,300 | $ | 10 | $ | 143,000 | |||||||||||||||
Options vested and exercisable at April 27, 2011 | 5,744 | $ | 40.65 | $ | 233,507 | |||||||||||||||
Options vested and exercisable at April 29, 2012 | 4,418 | $ | 43.9 | $ | 193,942 | |||||||||||||||
Options vested and exercisable at April 28, 2013 | 2,573 | $ | 48.01 | $ | 123,502 | |||||||||||||||
Options vested and exercisable at June 7, 2013 | — | $ | — | $ | — | |||||||||||||||
Options vested and exercisable at December 29, 2013 | — | $ | — | $ | — | |||||||||||||||
The Company received proceeds of $0.9 million, $113.5 million, $82.7 million, and $154.8 million from the exercise of stock options during the Predecessor period April 29, 2013 to June 7, 2013, fiscal years ended April 28, 2013, April 29, 2012 and April 27, 2011, respectively. The tax benefit recognized as a result of stock option exercises was $51.1 million, $18.3 million, $15.1 million and $21.0 million for the Predecessor period April 29, 2013 to June 7, 2013, fiscal years ended April 28, 2013, April 29, 2012, and April 27, 2011, respectively. | ||||||||||||||||||||
A summary of the status of the Company’s unvested stock options is as follows: | ||||||||||||||||||||
Number of | Weighted | |||||||||||||||||||
Options | Average | |||||||||||||||||||
Grant Date | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
(per share) | ||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Predecessor | ||||||||||||||||||||
Unvested options at April 29, 2012 | 4,190 | $ | 5.43 | |||||||||||||||||
Options granted | 1,540 | $ | 5.79 | |||||||||||||||||
Options vested | (1,662 | ) | $ | 5.39 | ||||||||||||||||
Options forfeited | (107 | ) | $ | 5.61 | ||||||||||||||||
Unvested options at April 28, 2013 | 3,961 | $ | 5.59 | |||||||||||||||||
Options vested | (3,961 | ) | $ | 5.59 | ||||||||||||||||
Unvested options at June 7, 2013 | — | $ | — | |||||||||||||||||
Successor | ||||||||||||||||||||
Unvested options at June 8, 2013 | — | $ | — | |||||||||||||||||
Options granted | 14,300 | $ | 2.43 | |||||||||||||||||
Unvested options at December 29, 2013 | 14,300 | $ | 2.43 | |||||||||||||||||
Unrecognized compensation cost related to unvested option awards under the 2000 and 2003 Plans totaled $4.6 million and $6.4 million as of April 28, 2013 and April 29, 2012, respectively. Due to the Merger, stock options were canceled and cash-settled; therefore, there is no unrecognized expense as of June 7, 2013. Unrecognized compensation cost related to unvested option awards under the 2013 Omnibus Plan was $33.3 million as of December 29, 2013 to be recognized over 5 years. | ||||||||||||||||||||
Restricted Stock Units and Restricted Shares: | ||||||||||||||||||||
The 2003 Plan authorized up to 9.4 million shares for issuance as restricted stock units (“RSUs”) or restricted stock with vesting periods from the first to the fifth anniversary of the grant date as set forth in the award agreements. Upon vesting, the RSUs were converted into shares of the Company’s stock on a one-for-one basis and issued to employees, subject to any deferral elections made by a recipient or required by the plan. Restricted stock was reserved in the recipients’ name at the grant date and issued upon vesting. The Company was entitled to an income tax deduction in an amount equal to the taxable income reported by the holder upon vesting of the award. RSUs generally vested over a period of one to four years after the date of grant. The 2003 Plan was terminated as a result of the Merger. | ||||||||||||||||||||
Total compensation expense relating to former RSUs and restricted stock was $2.6 million, $21.7 million, $23.6 million, $25.7 million and $23.2 million for the Successor period February 8, 2013 to December 29, 2013, Predecessor period April 29, 2013 to June 7, 2013, fiscal years ended April 28, 2013, April 29, 2012, and April 27, 2011, respectively. Unrecognized compensation cost in connection with RSU and restricted stock grants totaled $24.9 million, $27.6 million, and $29.4 million at April 28, 2013, April 29, 2012, and April 27, 2011, respectively. Due to the Merger, RSUs and restricted stock (except retention RSUs) were cancelled and settled in cash; therefore, there is no unrecognized expense as of June 7, 2013. No RSUs or restricted stock was granted subsequent to June 7, 2013. | ||||||||||||||||||||
A summary of the activity of unvested RSU and restricted stock awards and related information is as follows: | ||||||||||||||||||||
Number of Units | Weighted | |||||||||||||||||||
Average | ||||||||||||||||||||
Grant Date | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
(Per Share) | ||||||||||||||||||||
(In thousands, | ||||||||||||||||||||
except per share data) | ||||||||||||||||||||
Predecessor | ||||||||||||||||||||
Unvested units and stock at April 28, 2010 | 1,496 | $ | 44.13 | |||||||||||||||||
Units and stock granted | 574 | 46.74 | ||||||||||||||||||
Units and stock vested | (725 | ) | 44.96 | |||||||||||||||||
Units and stock cancelled/forfeited and returned to the plan | (49 | ) | 43.47 | |||||||||||||||||
Unvested units and stock at April 27, 2011 | 1,296 | 44.84 | ||||||||||||||||||
Units and stock granted | 526 | 52.31 | ||||||||||||||||||
Units and stock vested | (520 | ) | 45.27 | |||||||||||||||||
Units and stock cancelled/forfeited and returned to the plan | (32 | ) | 45.9 | |||||||||||||||||
Unvested units and stock at April 29, 2012 | 1,270 | 47.75 | ||||||||||||||||||
Units and stock granted | 464 | 55.88 | ||||||||||||||||||
Units and stock vested | (567 | ) | 47.33 | |||||||||||||||||
Units and stock cancelled/forfeited and returned to the plan | (53 | ) | 50.01 | |||||||||||||||||
Unvested units and stock at April 28, 2013 | 1,114 | $ | 51.24 | |||||||||||||||||
Units and stock vested - settled in shares | (9 | ) | 46.37 | |||||||||||||||||
Units and stock vested - settled in cash | (1,004 | ) | 51.05 | |||||||||||||||||
Units and stock converted to liability awards (RSU retention awards) | (97 | ) | 53.69 | |||||||||||||||||
Units and stock cancelled/forfeited and returned to the plan | (4 | ) | 51.35 | |||||||||||||||||
Unvested units and stock at June 7, 2013 | — | $ | — | |||||||||||||||||
Upon share option exercise or vesting of restricted stock and RSUs, the Company used available treasury shares and maintained a repurchase program that anticipated exercises and vesting of awards so that shares were available for issuance. The Company recorded forfeitures of restricted stock as treasury share repurchases. | ||||||||||||||||||||
Global Stock Purchase Plan: | ||||||||||||||||||||
The Company had a shareholder-approved employee global stock purchase plan (the “GSPP”) that permitted substantially all employees to purchase shares of the Company’s common stock at a discounted price through payroll deductions at the end of two six-month offering periods. The offering periods were February 16 to August 15 and August 16 to February 15. The purchase price of the option was equal to 95% of the fair market value of the Company’s common stock on the last day of the offering period. The number of shares available for issuance under the GSPP was a total of five million shares. During the two offering periods from February 16, 2012 to February 15, 2013, employees purchased 121,460 shares under the plan. During the two offering periods from February 16, 2011 to February 15, 2012, employees purchased 165,635 shares under the plan. | ||||||||||||||||||||
As a result of the Merger Agreement, the Company's GSPP was terminated immediately following the scheduled purchases on the February 15, 2013 purchase date for the purchase period August 16, 2012 to February 15, 2013. | ||||||||||||||||||||
Annual Incentive Bonus: | ||||||||||||||||||||
The Company’s management incentive plans cover officers and other key employees. Participants may elect to be paid on a current or deferred basis. The aggregate amount of all awards may not exceed certain limits in any year. Compensation under the management incentive plans was approximately $15 million, $3 million, $32 million, $34 million, and $45 million in the Successor period February 8, 2013 to December 29, 2013, the Predecessor period April 29, 2013 to June 7, 2013, Fiscals 2013, 2012 and 2011, respectively. | ||||||||||||||||||||
Long-Term Performance Program: | ||||||||||||||||||||
In May 2013, the Company granted performance awards as permitted in the 2003 Plan, subject to the achievement of certain performance goals. These performance awards were tied to the Company’s Relative Total Shareholder Return (“Relative TSR”) Ranking within the defined Long-term Performance Program (“LTPP”) peer group and the two-year average after-tax Return on Invested Capital (“ROIC”) metrics. The Relative TSR metric was based on the two-year cumulative return to shareholders from the change in stock price and dividends paid between the starting and ending dates. These LTPP awards, as well as those granted in the first quarter of Fiscal 2013 were settled in connection with the Merger. No LTPP awards were granted subsequent to the Merger (Successor period February 8, 2013 to December 29, 2013). | ||||||||||||||||||||
The compensation cost related to LTPP awards primarily recognized in SG&A and the related tax benefit are as follows: | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Pre-tax compensation cost | $ | — | $ | 3.8 | $ | 17.3 | $ | 18.4 | $ | 21.5 | ||||||||||
Tax benefit | — | 1.3 | 6.1 | 6.5 | 7.4 | |||||||||||||||
After-tax compensation cost | $ | — | $ | 2.5 | $ | 11.2 | $ | 11.9 | $ | 14.1 | ||||||||||
Fair_Value_Measurements
Fair Value Measurements | 11 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy consists of three levels to prioritize the inputs used in valuations, as defined below: | ||||||||||||||||||||||||||||||||||||||||||||||||
Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets. | ||||||||||||||||||||||||||||||||||||||||||||||||
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | ||||||||||||||||||||||||||||||||||||||||||||||||
Level 3: Unobservable inputs for the asset or liability. | ||||||||||||||||||||||||||||||||||||||||||||||||
As of December 29, 2013, April 28, 2013 and April 29, 2012, the fair values of the Company’s assets and liabilities measured on a recurring basis are categorized as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||
December 29, 2013 | April 28, 2013 | April 29, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives(a) | $ | — | $ | 315,361 | $ | — | $ | 315,361 | $ | — | $ | 68,892 | $ | — | $ | 68,892 | $ | — | $ | 90,221 | $ | — | $ | 90,221 | ||||||||||||||||||||||||
Total assets at fair value | $ | — | $ | 315,361 | $ | — | $ | 315,361 | $ | — | $ | 68,892 | $ | — | $ | 68,892 | $ | — | $ | 90,221 | $ | — | $ | 90,221 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives(a) | $ | — | $ | 206,134 | $ | — | $ | 206,134 | $ | — | $ | 79,871 | $ | — | $ | 79,871 | $ | — | $ | 15,379 | $ | — | $ | 15,379 | ||||||||||||||||||||||||
Earn-out(b) | — | — | — | — | — | — | — | — | — | — | 46,881 | 46,881 | ||||||||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | — | $ | 206,134 | $ | — | $ | 206,134 | $ | — | $ | 79,871 | $ | — | $ | 79,871 | $ | — | $ | 15,379 | $ | 46,881 | $ | 62,260 | ||||||||||||||||||||||||
(a) | Foreign currency derivative contracts are valued based on observable market spot and forward rates and classified within Level 2 of the fair value hierarchy. Interest rate swaps are valued based on observable market swap rates and classified within Level 2 of the fair value hierarchy. Cross-currency interest rate swaps are valued based on observable market spot and swap rates and classified within Level 2 of the fair value hierarchy. Cross-currency swaps are valued based on observable market spot and swap rates and classified within Level 2 of the fair value hierarchy. The total rate of return swap is valued based on observable market swap rates and the Company's credit spread, and is classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | The Company acquired Foodstar in China in Fiscal 2011. Consideration for this acquisition included a potential earn-out payment in 2014 contingent upon certain net sales and EBITDA (earnings before interest, taxes, depreciation and amortization) targets during Fiscals 2013 and 2014. The fair value of the earn-out was estimated using a discounted cash flow model and is based on significant inputs not observed in the market and thus represents a Level 3 measurement. Key assumptions in determining the fair value of the earn-out include the discount rate, and revenue and EBITDA projections for Fiscals 2013 and 2014. As of April 29, 2012 there were no significant changes to the fair value of the earn-out recorded for Foodstar at the acquisition date. During the third quarter of Fiscal 2013, the Company renegotiated the terms of the earn-out agreement in order to give the Company additional flexibility in the future for growing its business in China, one of its largest and most important emerging markets. This renegotiation resulted in the settlement of the earn-out for a cash payment of $60.0 million (see Note 5 for additional information). | |||||||||||||||||||||||||||||||||||||||||||||||
There have been no transfers between Levels 1, 2 and 3 in Fiscals 2013 and 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||
As a result of classifying the LongFong business as held for sale, the Company took a non-cash impairment charge of $36.0 million to goodwill during the third quarter Fiscal 2013. This charge reduced the Company's carrying value to the estimated fair value of the anticipated sale, which is based on unobservable inputs and thus represents a Level 3 measurement. The remaining carrying value at April 28, 2013 was not material. See Note 6 for further information. | ||||||||||||||||||||||||||||||||||||||||||||||||
The Company recognized $50.9 million of non-cash asset write-downs during Fiscal 2012 related to six factory closures. These factory closures are directly linked to the Company's Fiscal 2012 productivity initiatives (see Note 7). These charges reduced the Company's carrying value in the assets to the estimated fair value, the remainder of which was not material. | ||||||||||||||||||||||||||||||||||||||||||||||||
The aggregate fair value of the Company's long-term debt, including the current portion, was $14.65 billion as compared with the carrying value of $14.73 billion at December 29, 2013, $5.35 billion as compared with the carrying value of $4.87 billion at April 28, 2013, and $5.70 billion as compared with the carrying value of $4.98 billion at April 29, 2012. The Company's debt obligations are valued based on market quotes and are classified within Level 2 of the fair value hierarchy. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefit Plans | 11 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
Pensions and Other Postretirement Benefit Plans | ' | |||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans | ||||||||||||||||||||||||||||||||||||||||
Pension Plans: | ||||||||||||||||||||||||||||||||||||||||
The Company maintains retirement plans for the majority of its employees. Current defined benefit plans are provided primarily for domestic union and foreign employees. Defined contribution plans are provided for the majority of its domestic non-union hourly and salaried employees as well as certain employees in foreign locations. | ||||||||||||||||||||||||||||||||||||||||
Other Postretirement Benefit Plans: | ||||||||||||||||||||||||||||||||||||||||
The Company provides health care and life insurance benefits for retired employees and their eligible dependents. Certain of the Company’s U.S. and Canadian employees may become eligible for such benefits. The Company currently does not fund these benefit arrangements until claims occur and may modify plan provisions or terminate plans at its discretion. | ||||||||||||||||||||||||||||||||||||||||
Measurement Date: | ||||||||||||||||||||||||||||||||||||||||
The Company uses the last day of its fiscal year as the measurement date for all of its defined benefit plans and other postretirement benefit plans. | ||||||||||||||||||||||||||||||||||||||||
Obligations and Funded Status: | ||||||||||||||||||||||||||||||||||||||||
The following table sets forth the changes in benefit obligation, plan assets and funded status of the Company’s principal defined benefit plans and other postretirement benefit plans at December 29, 2013, June 7, 2013, April 28, 2013 and April 29, 2012. | ||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, 2013 | April 29, 2012 | February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, 2013 | April 29, 2012 | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Change in Benefit Obligation: | ||||||||||||||||||||||||||||||||||||||||
Benefit obligation at the beginning of the period | $ | 3,152,003 | $ | 3,271,566 | $ | 2,930,347 | $ | 2,765,316 | $ | 250,633 | $ | 257,317 | $ | 249,017 | $ | 234,431 | ||||||||||||||||||||||||
Service cost | 20,684 | 3,967 | 31,580 | 33,719 | 3,550 | 743 | 6,486 | 5,967 | ||||||||||||||||||||||||||||||||
Interest cost | 71,850 | 13,557 | 132,110 | 139,525 | 5,053 | 938 | 9,923 | 11,457 | ||||||||||||||||||||||||||||||||
Participants’ contributions | 1,298 | 186 | 2,294 | 2,281 | 376 | 56 | 659 | 712 | ||||||||||||||||||||||||||||||||
Amendments | — | — | (145 | ) | 3,396 | (20,603 | ) | — | — | 735 | ||||||||||||||||||||||||||||||
Actuarial (gain) loss | (72,118 | ) | (91,756 | ) | 428,881 | 196,606 | (19,570 | ) | (6,038 | ) | 9,153 | 17,278 | ||||||||||||||||||||||||||||
Settlement | (113,075 | ) | — | (11,971 | ) | (1,854 | ) | — | — | — | — | |||||||||||||||||||||||||||||
Curtailment | (3,167 | ) | — | — | — | (1,017 | ) | — | — | — | ||||||||||||||||||||||||||||||
Special/contractual termination benefits | 36,385 | 17,230 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Annuity plan transfers | 81,144 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Benefits paid | (93,630 | ) | (13,191 | ) | (157,672 | ) | (152,342 | ) | (8,372 | ) | (1,485 | ) | (15,760 | ) | (19,574 | ) | ||||||||||||||||||||||||
Translation adjustments | 144,018 | (49,556 | ) | (83,858 | ) | (56,300 | ) | (1,871 | ) | (898 | ) | (2,161 | ) | (1,989 | ) | |||||||||||||||||||||||||
Benefit obligation at the end of the period | $ | 3,225,392 | $ | 3,152,003 | $ | 3,271,566 | $ | 2,930,347 | $ | 208,179 | $ | 250,633 | $ | 257,317 | $ | 249,017 | ||||||||||||||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at the beginning of the period | $ | 3,334,138 | $ | 3,379,143 | $ | 3,140,834 | $ | 3,261,881 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Actual return on plan assets | 161,056 | 16,740 | 429,011 | 84,004 | — | — | — | — | ||||||||||||||||||||||||||||||||
Settlement | (113,075 | ) | — | (11,971 | ) | (1,854 | ) | — | — | — | — | |||||||||||||||||||||||||||||
Special/contractual termination benefits | (714 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Employer contribution | 156,165 | 6,812 | 69,388 | 23,469 | 7,996 | 1,429 | 15,101 | 18,862 | ||||||||||||||||||||||||||||||||
Participants’ contributions | 1,298 | 186 | 2,294 | 2,281 | 376 | 56 | 659 | 712 | ||||||||||||||||||||||||||||||||
Annuity plan transfers | 41,149 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Benefits paid | (93,630 | ) | (13,191 | ) | (157,672 | ) | (152,342 | ) | (8,372 | ) | (1,485 | ) | (15,760 | ) | (19,574 | ) | ||||||||||||||||||||||||
Translation adjustments | 168,302 | (55,552 | ) | (92,741 | ) | (76,605 | ) | — | — | — | ||||||||||||||||||||||||||||||
Fair value of plan assets at the end of the period | 3,654,689 | 3,334,138 | 3,379,143 | 3,140,834 | — | — | — | — | ||||||||||||||||||||||||||||||||
Funded status | $ | 429,297 | $ | 182,135 | $ | 107,577 | $ | 210,487 | $ | (208,179 | ) | $ | (250,633 | ) | $ | (257,317 | ) | $ | (249,017 | ) | ||||||||||||||||||||
The reductions in work force resulting from restructuring of the Company resulted in a reduction in both the accumulated benefit obligation and plan assets for certain defined benefit plans in the Successor period. | ||||||||||||||||||||||||||||||||||||||||
Amounts recognized in the consolidated balance sheets consist of the following: | ||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, 2013 | April 29, 2012 | February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, 2013 | April 29, 2012 | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Other non-current assets | $ | 502,143 | $ | 362,832 | $ | 287,467 | $ | 399,868 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Other accrued liabilities | (3,309 | ) | (73,593 | ) | (32,271 | ) | (15,943 | ) | (14,625 | ) | (15,679 | ) | (16,998 | ) | (17,565 | ) | ||||||||||||||||||||||||
Other non-current liabilities | (69,537 | ) | (107,104 | ) | (147,619 | ) | (173,438 | ) | (193,554 | ) | (234,954 | ) | (240,319 | ) | (231,452 | ) | ||||||||||||||||||||||||
Net asset/(liabilities) recognized | $ | 429,297 | $ | 182,135 | $ | 107,577 | $ | 210,487 | $ | (208,179 | ) | $ | (250,633 | ) | $ | (257,317 | ) | $ | (249,017 | ) | ||||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $2.96 billion at December 29, 2013, $3.11 billion at April 28, 2013 and $2.79 billion at April 29, 2012. | ||||||||||||||||||||||||||||||||||||||||
Certain of the Company’s pension plans have accumulated benefit obligations in excess of the fair value of plan assets. For these plans, the accumulated benefit obligations, projected benefit obligations and the fair value of plan assets at December 29, 2013, were $338.1 million, $339.1 million and $312.7 million, respectively. For pension plans having accumulated benefit obligations in excess of the fair value of plan assets, the accumulated benefit obligations, projected benefit obligations and the fair value of plan assets at April 28, 2013 were $631.7 million, $640.8 million, and $460.9 million, respectively. For pension plans having accumulated benefit obligations in excess of the fair value of plan assets at April 29, 2012, the accumulated benefit obligations, projected benefit obligations and the fair value of plan assets were $630.3 million, $642.3 million and $452.9 million, respectively. | ||||||||||||||||||||||||||||||||||||||||
Certain of the Company's pension plans have projected benefit obligations in excess of the fair value of plan assets. For these plans, the projected benefit obligations and the fair value of the plan assets at December 29, 2013 were $614.7 million and $585.5 million, respectively. For pension plans having projected benefit obligations in excess of the fair value of plan assets at April 28, 2013, the projected benefit obligations and the fair value of plan assets were $900.3 million and $720.5 million, respectively. For pension plans having projected benefit obligations in excess of the fair value of plan assets at April 29, 2012, the projected benefit obligations and the fair value of plan assets were $642.3 million and $452.9 million, respectively. | ||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost and Defined Contribution Plan Expense: | ||||||||||||||||||||||||||||||||||||||||
Total pension cost of the Company’s principal pension plans and postretirement plans consisted of the following: | ||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | FY 2013 | FY 2012 | FY 2011 | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Components of defined benefit net periodic benefit cost: | ||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 20,684 | $ | 3,967 | $ | 31,580 | $ | 33,719 | $ | 32,329 | $ | 3,550 | $ | 743 | $ | 6,486 | $ | 5,967 | $ | 6,311 | ||||||||||||||||||||
Interest cost | 71,850 | 13,557 | 132,110 | 139,525 | 142,133 | 5,053 | 938 | 9,923 | 11,457 | 12,712 | ||||||||||||||||||||||||||||||
Expected return on assets | (116,294 | ) | (28,784 | ) | (250,660 | ) | (234,717 | ) | (229,258 | ) | — | — | — | — | — | |||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||||||||||
Prior service cost/(credit) | — | 245 | 2,495 | 1,995 | 2,455 | — | (677 | ) | (6,178 | ) | (6,127 | ) | (5,155 | ) | ||||||||||||||||||||||||||
Net actuarial loss | — | 10,460 | 75,897 | 83,800 | 77,687 | — | 222 | 1,803 | 1,095 | 1,604 | ||||||||||||||||||||||||||||||
Loss due to curtailment, settlement and special termination benefits | 56,584 | 17,230 | 4,524 | 1,120 | 2,039 | (1,017 | ) | — | — | — | — | |||||||||||||||||||||||||||||
Net periodic benefit (income)/cost | 32,824 | 16,675 | (4,054 | ) | 25,442 | 27,385 | 7,586 | 1,226 | 12,034 | 12,392 | 15,472 | |||||||||||||||||||||||||||||
Defined contribution plans | 24,039 | 4,573 | 47,382 | 46,572 | 49,089 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total cost | $ | 56,863 | $ | 21,248 | $ | 43,328 | $ | 72,014 | $ | 76,474 | $ | 7,586 | $ | 1,226 | $ | 12,034 | $ | 12,392 | $ | 15,472 | ||||||||||||||||||||
The reductions in work force resulting from restructuring of the Company triggered curtailment and special termination benefit charges for certain defined benefit plans in the Successor period. The Company elected to accelerate vesting of benefits under certain supplemental retirement plans upon consummation of the Merger and such plans will be terminated within 364 days of the Merger. The expense associated with the accelerated vesting of $17.2 million was recognized in the Predecessor period ended June 7, 2013. | ||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income: | ||||||||||||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss, before tax, consist of the following: | ||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||||||||||||||||||||
December 29, 2013 | June 7, 2013 | April 28, 2013 | April 29, 2012 | December 29, 2013 | June 7, 2013 | April 28, 2013 | April 29, 2012 | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Net actuarial (gain)/loss | $ | (99,537 | ) | $ | 1,259,795 | $ | 1,349,614 | $ | 1,174,199 | $ | (19,570 | ) | $ | 29,089 | $ | 35,349 | $ | 28,000 | ||||||||||||||||||||||
Prior service cost/(credit) | — | 27,165 | 27,410 | 30,051 | (20,603 | ) | (6,619 | ) | (7,296 | ) | (13,474 | ) | ||||||||||||||||||||||||||||
Net amount recognized | $ | (99,537 | ) | $ | 1,286,960 | $ | 1,377,024 | $ | 1,204,250 | $ | (40,173 | ) | $ | 22,470 | $ | 28,053 | $ | 14,526 | ||||||||||||||||||||||
The change in other comprehensive loss related to pension benefit (gains) losses arising during the period was ($80.0 million), ($79.7 million), $255.7 million and $353.1 million for the Successor period from February 8, 2013 to December 29, 2013, the Predecessor period from April 29, 2013 to June 7, 2013, and fiscal years April 28, 2013 and April 29, 2012, respectively. The change in other comprehensive loss related to the reclassification of pension benefit losses to net income was $19.5 million, $10.7 million, $82.9 million and $87.3 million for the Successor period from February 8, 2013 to December 29, 2013, the Predecessor period from April 29, 2013 to June 7, 2013, and fiscal years April 28, 2013 and April 29, 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||
The change in other comprehensive loss related to postretirement benefit (gains) losses arising during the period was ($41.2 million), ($6.0 million), $9.1 million and $18.0 million for the Successor period from February 8, 2013 to December 29, 2013, the Predecessor period from April 29, 2013 to June 7, 2013, and fiscal years April 28, 2013 and April 29, 2012, respectively. The change in other comprehensive loss related to the reclassification of postretirement benefit (losses) gains to net income was $(1.0) million, $0.4 million, $4.4 million and $5.0 million for the Successor period from February 8, 2013 to December 29, 2013, the Predecessor period from April 29, 2013 to June 7, 2013, and fiscal years April 28, 2013 and April 29, 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||
Amounts in accumulated other comprehensive loss (income) expected to be recognized as components of net periodic benefit cost/(credit) in the following fiscal year are as follows: | ||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||||||||||||||||||||
December 29, 2013 | April 28, 2013 | April 29, 2012 | December 29, 2013 | April 28, 2013 | April 29, 2012 | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Net actuarial (gain)/loss | $ | (62 | ) | $ | 95,772 | $ | 77,238 | $ | — | $ | 2,030 | $ | 1,803 | |||||||||||||||||||||||||||
Prior service cost/(credit) | — | 2,253 | 2,569 | (6,306 | ) | (6,180 | ) | (6,174 | ) | |||||||||||||||||||||||||||||||
Net amount recognized | $ | (62 | ) | $ | 98,025 | $ | 79,807 | $ | (6,306 | ) | $ | (4,150 | ) | $ | (4,371 | ) | ||||||||||||||||||||||||
Assumptions: | ||||||||||||||||||||||||||||||||||||||||
The weighted-average rates used in determining the projected benefit obligations for defined benefit pension plans and the accumulated postretirement benefit obligation for other postretirement plans were as follows: | ||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||||||||||||||||||||
December 29, 2013 | June 7, 2013 | April 28, 2013 | April 29, 2012 | December 29, 2013 | June 7, 2013 | April 28, 2013 | April 29, 2012 | |||||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 4.1 | % | 4 | % | 4.8 | % | 4.3 | % | 3.7 | % | 3.4 | % | 4.1 | % | ||||||||||||||||||||||||
Compensation increase rate | 3.7 | % | 3.4 | % | 3.5 | % | 3.4 | % | — | % | — | % | — | % | — | % | ||||||||||||||||||||||||
The weighted-average rates used in determining the defined benefit plans’ net pension costs and net postretirement benefit costs were as follows: | ||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | FY 2013 | FY 2012 | FY 2011 | |||||||||||||||||||||||||||||||||||
Expected rate of return | 6.2 | % | 8.1 | % | 8.1 | % | 8.2 | % | 8.2 | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||||||
Discount rate | 4.1 | % | 4 | % | 4 | % | 4.8 | % | 5.6 | % | 3.7 | % | 3.4 | % | 3.4 | % | 4.1 | % | 5.5 | % | ||||||||||||||||||||
Compensation increase rate | 3.5 | % | 3.5 | % | 3.5 | % | 3.4 | % | 4 | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||||||
The Company’s expected rate of return is determined based on a methodology that considers investment returns for certain asset classes over historic periods of various durations, in conjunction with the long-term outlook for inflation (i.e. “building block” approach). This methodology is applied to the actual asset allocation, which is in line with the investment policy guidelines for each plan. The Company also considers long-term rates of return for each asset class based on projections from consultants and investment advisors regarding the expectations of future investment performance of capital markets. | ||||||||||||||||||||||||||||||||||||||||
The weighted-average assumed annual composite rate of increase in the per capita cost of company-provided health care benefits begins at 6.0% for 2014, gradually decreases to 4.8% by 2021 and remains at that level thereafter. Assumed health care cost trend rates have a significant effect on the amounts reported for postretirement medical benefits. | ||||||||||||||||||||||||||||||||||||||||
A one-percentage-point change in assumed health care cost trend rates would have the following effects: | ||||||||||||||||||||||||||||||||||||||||
1% Increase | 1% Decrease | |||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Effect on total service and interest cost components | $ | 863 | $ | (763 | ) | |||||||||||||||||||||||||||||||||||
Effect on postretirement benefit obligations | $ | 15,697 | $ | (14,209 | ) | |||||||||||||||||||||||||||||||||||
Pension Plan Assets: | ||||||||||||||||||||||||||||||||||||||||
The underlying basis of the investment strategy of the Company’s defined benefit plans is to ensure that pension funds are available to meet the plans’ benefit obligations when they are due. The Company’s investment objectives include: investing plan assets in a high-quality, diversified manner in order to maintain the security of the funds; achieving an optimal return on plan assets within specified risk tolerances; and investing according to local regulations and requirements specific to each country in which a defined benefit plan operates. The investment strategy expects equity investments to yield a higher return over the long term than fixed income securities, while fixed income securities are expected to provide certain matching characteristics to the plans’ benefit payment cash flow requirements. Company common stock held as part of the equity securities amounted to less than one percent of plan assets at April 28, 2013 and April 29, 2012. The Company’s investment policy specifies the type of investment vehicles appropriate for the applicable plan, asset allocation guidelines, criteria for the selection of investment managers, procedures to monitor overall investment performance as well as investment manager performance. It also provides guidelines enabling the applicable plan fiduciaries to fulfill their responsibilities. | ||||||||||||||||||||||||||||||||||||||||
The Company’s defined benefit pension plans’ weighted average actual and target asset allocation at December 29, 2013, April 28, 2013 and April 29, 2012 were as follows: | ||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Plan Assets at | Target Allocation at | |||||||||||||||||||||||||||||||||||||||
Asset Category | December 29, 2013 | April 28, 2013 | April 29, 2012 | December 29, 2013 | April 28, 2013 | April 29, 2012 | ||||||||||||||||||||||||||||||||||
Equity securities | 53 | % | 62 | % | 61 | % | 58 | % | 58 | % | 59 | % | ||||||||||||||||||||||||||||
Debt securities | 26 | % | 29 | % | 31 | % | 33 | % | 33 | % | 32 | % | ||||||||||||||||||||||||||||
Real estate | 8 | % | 8 | % | 7 | % | 8 | % | 8 | % | 8 | % | ||||||||||||||||||||||||||||
Cash and cash equivalents | 13 | % | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | ||||||||||||||||||||||||||||
100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||||||
The following section describes the valuation methodologies used to measure the fair value of pension plan assets, including an indication of the level in the fair value hierarchy in which each type of asset is generally classified. | ||||||||||||||||||||||||||||||||||||||||
Equity Securities. These securities consist of direct investments in the stock of publicly traded companies. Such investments are valued based on the closing price reported in an active market on which the individual securities are traded. As such, the direct investments are classified as Level 1. | ||||||||||||||||||||||||||||||||||||||||
Equity Securities (mutual and pooled funds). Mutual funds are valued at the net asset value of shares held by the applicable plan at year end. As such, these mutual fund investments are classified as Level 1. Pooled funds are similar in nature to retail mutual funds, but are more efficient for institutional investors than retail mutual funds. As pooled funds are only accessible by institutional investors, the net asset value is not readily observable by non-institutional investors; therefore, pooled funds are classified as Level 2. | ||||||||||||||||||||||||||||||||||||||||
Fixed Income Securities. These securities consist of publicly traded U.S. and non-U.S. fixed interest obligations (principally corporate bonds and debentures). Such investments are valued through consultation and evaluation with brokers in the institutional market using quoted prices and other observable market data. As such, a portion of these securities are included in Levels 1, 2, and 3. | ||||||||||||||||||||||||||||||||||||||||
Other Investments. Primarily consist of real estate and private equity holdings. Direct investments of real estate and private equity are valued by investment managers based on the most recent financial information available, which typically represents significant observable data. As such, these investments are generally classified as Level 3. | ||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents. This consists of direct cash holdings and institutional short-term investment vehicles. Direct cash holdings are valued based on cost, which approximates fair value and are classified as Level 1. Institutional short-term investment vehicles are valued daily and are classified as Level 2. | ||||||||||||||||||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||||||||||||||||||
December 29, 2013 | ||||||||||||||||||||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Equity Securities | $ | 624,154 | $ | — | $ | — | $ | 624,154 | ||||||||||||||||||||||||||||||||
Equity Securities (mutual and pooled funds) | 126,001 | 1,187,306 | — | 1,313,307 | ||||||||||||||||||||||||||||||||||||
Fixed Income Securities | 44,621 | 886,388 | 11,235 | 942,244 | ||||||||||||||||||||||||||||||||||||
Other Investments | — | — | 296,880 | 296,880 | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | 77,761 | 400,342 | — | 478,103 | ||||||||||||||||||||||||||||||||||||
Total | $ | 872,537 | $ | 2,474,036 | $ | 308,115 | $ | 3,654,688 | ||||||||||||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||||||||||||||||
April 28, 2013 | ||||||||||||||||||||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Equity Securities | $ | 882,081 | $ | — | $ | — | $ | 882,081 | ||||||||||||||||||||||||||||||||
Equity Securities (mutual and pooled funds) | 182,723 | 1,057,111 | — | 1,239,834 | ||||||||||||||||||||||||||||||||||||
Fixed Income Securities | 49,577 | 919,383 | 11,336 | 980,296 | ||||||||||||||||||||||||||||||||||||
Other Investments | — | — | 256,781 | 256,781 | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | 6,787 | 13,364 | — | 20,151 | ||||||||||||||||||||||||||||||||||||
Total | $ | 1,121,168 | $ | 1,989,858 | $ | 268,117 | $ | 3,379,143 | ||||||||||||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||||||||||||||||
April 29, 2012 | ||||||||||||||||||||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Equity Securities | $ | 822,184 | $ | — | $ | — | $ | 822,184 | ||||||||||||||||||||||||||||||||
Equity Securities (mutual and pooled funds) | 147,865 | 943,745 | — | 1,091,610 | ||||||||||||||||||||||||||||||||||||
Fixed Income Securities | 76,032 | 894,978 | 10,486 | 981,496 | ||||||||||||||||||||||||||||||||||||
Other Investments | — | — | 216,234 | 216,234 | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | 10,335 | 18,975 | — | 29,310 | ||||||||||||||||||||||||||||||||||||
Total | $ | 1,056,416 | $ | 1,857,698 | $ | 226,720 | $ | 3,140,834 | ||||||||||||||||||||||||||||||||
Level 3 Gains and Losses: | ||||||||||||||||||||||||||||||||||||||||
Changes in the fair value of the Plan’s Level 3 assets are summarized as follows: | ||||||||||||||||||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||||||||||||||||||
Fair Value | Acquisitions | Transfers Out | Dispositions | Realized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||||||
April 28, | Gain/(Loss) | Gain/(Loss) | December 29, | |||||||||||||||||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Fixed Income Securities | $ | 11,336 | $ | — | $ | — | $ | — | $ | — | $ | (101 | ) | $ | 11,235 | |||||||||||||||||||||||||
Other Investments | 256,781 | 8,211 | — | (767 | ) | 741 | 31,914 | 296,880 | ||||||||||||||||||||||||||||||||
Total | $ | 268,117 | $ | 8,211 | $ | — | $ | (767 | ) | $ | 741 | $ | 31,813 | $ | 308,115 | |||||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||||||||||||||||
Fair Value | Acquisitions | Transfers Out | Dispositions | Realized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||||||
April 29, | Gain/(Loss) | Gain/(Loss) | April 28, | |||||||||||||||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Fixed Income Securities | $ | 10,486 | $ | — | $ | — | $ | — | $ | — | $ | 850 | $ | 11,336 | ||||||||||||||||||||||||||
Other Investments | 216,234 | 58,701 | (10,498 | ) | (3,605 | ) | (6,637 | ) | 2,586 | 256,781 | ||||||||||||||||||||||||||||||
Total | $ | 226,720 | $ | 58,701 | $ | (10,498 | ) | $ | (3,605 | ) | $ | (6,637 | ) | $ | 3,436 | $ | 268,117 | |||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||||||||||||||||
Fair Value | Acquisitions | Transfers In | Dispositions | Realized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||||||
April 27, | Gain/(Loss) | Gain/(Loss) | April 29, | |||||||||||||||||||||||||||||||||||||
2011 | 2012 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Fixed Income Securities | $ | 9,649 | $ | — | $ | — | $ | — | $ | — | $ | 837 | $ | 10,486 | ||||||||||||||||||||||||||
Other Investments | 131,095 | 96,938 | 10,138 | (21,262 | ) | 753 | (1,428 | ) | 216,234 | |||||||||||||||||||||||||||||||
Total | $ | 140,744 | $ | 96,938 | $ | 10,138 | $ | (21,262 | ) | $ | 753 | $ | (591 | ) | $ | 226,720 | ||||||||||||||||||||||||
Cash Flows: | ||||||||||||||||||||||||||||||||||||||||
The Company contributed $152.1 million and $6.8 million to the defined benefit plans in the Successor period February 8, 2013 to December 29, 2013 and the Predecessor period April 29, 2013 to June 7, 2013, respectively, $28.3 million of which was discretionary. The Company funds its U.S. defined benefit plans in accordance with IRS regulations, while foreign defined benefit plans are funded in accordance with local laws and regulations in each respective country. Discretionary contributions to the pension funds may also be made by the Company from time to time. Defined benefit plan contributions for the next fiscal year are expected to be approximately $67 million; however, actual contributions may be affected by pension asset and liability valuation changes during the year. | ||||||||||||||||||||||||||||||||||||||||
The Company paid $8.0 million and $1.4 million for benefits in the postretirement medical plans in the Successor period February 8, 2013 to December 29, 2013 and the Predecessor period April 29, 2013 to June 7, 2013, respectively. The Company makes payments on claims as they occur during the fiscal year. Payments for the next fiscal year are expected to be approximately $14.7 million. | ||||||||||||||||||||||||||||||||||||||||
Benefit payments expected in future years are as follows: | ||||||||||||||||||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||||||||||||||||||
Benefits | Retiree | |||||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
2014 | $ | 168,604 | $ | 14,674 | ||||||||||||||||||||||||||||||||||||
2015 | $ | 166,798 | $ | 15,522 | ||||||||||||||||||||||||||||||||||||
2016 | $ | 170,395 | $ | 16,334 | ||||||||||||||||||||||||||||||||||||
2017 | $ | 173,630 | $ | 16,959 | ||||||||||||||||||||||||||||||||||||
2018 | $ | 176,858 | $ | 17,244 | ||||||||||||||||||||||||||||||||||||
Years 2019-2023 | $ | 923,753 | $ | 84,295 | ||||||||||||||||||||||||||||||||||||
Hawk Acquisition Holding Corporation has agreed that for purposes of eligibility, vesting, level of benefits and benefit accrual under employee benefit plans in which the Company's employees are eligible to participate, it will recognize service with the Company and its subsidiaries to the same extent that service was recognized under comparable Company employee benefit plans prior to the merger. |
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging Activities | 11 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Derivative Financial Instruments and Hedging Activities | ' | |||||||||||||||||||||||||||||||||||
Derivative Financial Instruments and Hedging Activities | ||||||||||||||||||||||||||||||||||||
The Company operates internationally, with manufacturing and sales facilities in various locations around the world, and utilizes certain derivative financial instruments to manage its foreign currency, debt and interest rate exposures. At December 29, 2013, the Company had outstanding currency exchange, interest rate, and cross-currency swap derivative contracts with notional amounts of $2.5 billion, $9.0 billion and $8.3 billion, respectively. At April 28, 2013, the Company had outstanding currency exchange, interest rate, and cross-currency interest rate derivative contracts with notional amounts of $873 million, $160 million and $316 million, respectively. At April 29, 2012, the Company had outstanding currency exchange, interest rate, and cross-currency interest rate derivative contracts with notional amounts of $1.91 billion, $160 million and $386 million, respectively. The fair value of derivative financial instruments was a net asset of $109.2 million, a net liability of $11.0 million and a net asset of $74.8 million at December 29, 2013, April 28, 2013 and April 29, 2012, respectively. | ||||||||||||||||||||||||||||||||||||
The following table presents the fair values and corresponding balance sheet captions of the Company’s derivative instruments as of December 29, 2013, April 28, 2013 and April 29, 2012: | ||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||
December 29, 2013 | April 28, 2013 | April 29, 2012 | ||||||||||||||||||||||||||||||||||
Foreign | Interest | Cross-Currency Swap Contracts | Foreign | Interest | Cross- | Foreign | Interest | Cross- | ||||||||||||||||||||||||||||
Exchange | Rate | Exchange | Rate | Currency | Exchange | Rate | Currency | |||||||||||||||||||||||||||||
Contracts | Contracts | Contracts | Contracts | Interest Rate | Contracts | Contracts | Interest Rate | |||||||||||||||||||||||||||||
Swap | Swap | |||||||||||||||||||||||||||||||||||
Contracts | Contracts | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||
Other receivables, net | $ | 37,072 | $ | — | $ | — | $ | 23,240 | $ | 4,226 | $ | — | $ | 17,318 | $ | 6,851 | $ | 18,222 | ||||||||||||||||||
Other non-current assets | 4,129 | 265,390 | 31,303 | 11,498 | 29,103 | — | 8,188 | 29,393 | 4,974 | |||||||||||||||||||||||||||
41,201 | 265,390 | 31,303 | 34,738 | 33,329 | — | 25,506 | 36,244 | 23,196 | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||
Other receivables, net | 8,771 | — | — | 825 | — | — | 5,041 | — | — | |||||||||||||||||||||||||||
Other non-current assets | — | — | — | — | — | — | — | 234 | — | |||||||||||||||||||||||||||
8,771 | — | — | 825 | — | — | 5,041 | 234 | — | ||||||||||||||||||||||||||||
Total assets(1) | $ | 49,972 | $ | 265,390 | $ | 31,303 | $ | 35,563 | $ | 33,329 | $ | — | $ | 30,547 | $ | 36,478 | $ | 23,196 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||
Other payables | $ | 5,251 | $ | — | $ | — | $ | 1,508 | $ | — | $ | 34,805 | $ | 10,653 | $ | — | $ | 2,760 | ||||||||||||||||||
Other non-current liabilities | — | — | 221,899 | 217 | — | 37,520 | 14 | — | — | |||||||||||||||||||||||||||
5,251 | — | 221,899 | 1,725 | — | 72,325 | 10,667 | — | 2,760 | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||
Other payables | — | — | — | 4,860 | — | — | 1,952 | — | — | |||||||||||||||||||||||||||
Other non-current liabilities | 10,286 | — | — | — | 960 | — | — | — | — | |||||||||||||||||||||||||||
10,286 | — | — | 4,860 | 960 | — | 1,952 | — | — | ||||||||||||||||||||||||||||
Total liabilities(1) | $ | 15,537 | $ | — | $ | 221,899 | $ | 6,585 | $ | 960 | $ | 72,325 | $ | 12,619 | $ | — | $ | 2,760 | ||||||||||||||||||
(1) The Company’s derivative financial instruments are subject to master netting arrangements that allow for the offset of asset and liabilities in the event of default or early termination of the contract. The Company elects to record the gross assets and liabilities of its derivative financial instruments in the consolidated balance sheets. If the derivative financial instruments had been netted in the consolidated balance sheets, the asset and liability positions each would have been reduced by $237.4 million, $68.9 million and $15.4 million at December 29, 2013, April 28, 2013 and April 29, 2012. No material amounts of collateral were received or posted on the Company’s derivative assets and liabilities as at December 29, 2013. | ||||||||||||||||||||||||||||||||||||
Refer to Note 13 for further information on how fair value is determined for the Company’s derivatives. | ||||||||||||||||||||||||||||||||||||
The following table presents the pre-tax effect of derivative instruments on the statement of income for the Successor period February 8, 2013 to December 29, 2013, the Predecessor period April 29, 2013 to June 7, 2013, and fiscal year ended April 28, 2013: | ||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, 2013 FY2013 | ||||||||||||||||||||||||||||||||||
Foreign Exchange | Interest Rate | Cross-Currency Swap Contracts | Foreign Exchange | Interest Rate | Cross-Currency | Foreign Exchange | Interest Rate | Cross-Currency | ||||||||||||||||||||||||||||
Contracts | Contracts | Contracts | Contracts | Interest Rate | Contracts | Contracts | Interest Rate | |||||||||||||||||||||||||||||
Swap Contracts | Swap Contracts | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||||||
Net gains/(losses) recognized in other comprehensive loss (effective portion) | $ | 30,441 | $ | 147,455 | $ | (190,597 | ) | $ | 2,603 | $ | — | $ | (4,079 | ) | $ | 47,623 | $ | — | $ | (77,080 | ) | |||||||||||||||
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): | ||||||||||||||||||||||||||||||||||||
Sales | $ | (1,020 | ) | $ | — | $ | — | $ | 990 | $ | — | $ | — | $ | 10,940 | $ | — | $ | — | |||||||||||||||||
Cost of products sold | 2,874 | — | — | 1,814 | — | — | (4,584 | ) | — | — | ||||||||||||||||||||||||||
Selling, general and administrative expenses | (83 | ) | — | — | — | — | — | (102 | ) | — | — | |||||||||||||||||||||||||
Other income/(expense), net | 2,387 | — | — | (1,858 | ) | — | (9,821 | ) | 13,924 | — | (70,135 | ) | ||||||||||||||||||||||||
Interest income/(expense) | 35 | — | — | 61 | (20 | ) | (538 | ) | 29 | (236 | ) | (5,389 | ) | |||||||||||||||||||||||
4,193 | — | — | 1,007 | (20 | ) | (10,359 | ) | 20,207 | (236 | ) | (75,524 | ) | ||||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||||||||||||
Net losses recognized in other expense, net | — | (180 | ) | — | — | (5,925 | ) | — | — | (2,915 | ) | 70,135 | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | — | 117,934 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net losses recognized in other expense, net | (31,241 | ) | — | — | (3,890 | ) | — | — | (7,976 | ) | — | — | ||||||||||||||||||||||||
Net losses recognized in interest income | — | — | — | — | — | — | — | (1,193 | ) | — | ||||||||||||||||||||||||||
(31,241 | ) | 117,934 | — | (3,890 | ) | — | — | (7,976 | ) | (1,193 | ) | — | ||||||||||||||||||||||||
Total amount recognized in statement of income | $ | (27,048 | ) | $ | 117,754 | $ | — | $ | (2,883 | ) | $ | (5,945 | ) | $ | (10,359 | ) | $ | 12,231 | $ | (4,344 | ) | $ | (5,389 | ) | ||||||||||||
The following table presents the pre-tax effect of derivative instruments on the statement of income for the fiscal years ended April 29, 2012 and April 27, 2011: | ||||||||||||||||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||||||||||||||||
April 29, 2012 | April 27, 2011 | |||||||||||||||||||||||||||||||||||
Foreign Exchange | Interest Rate | Cross-Currency | Foreign Exchange | Interest Rate | Cross-Currency | |||||||||||||||||||||||||||||||
Contracts | Contracts | Interest Rate | Contracts | Contracts | Interest Rate | |||||||||||||||||||||||||||||||
Swap Contracts | Swap Contracts | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||||||
Net gains/(losses) recognized in other comprehensive loss (effective portion) | $ | 45,658 | $ | (2,341 | ) | $ | 5,725 | $ | 3,626 | $ | — | $ | 16,649 | |||||||||||||||||||||||
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): | ||||||||||||||||||||||||||||||||||||
Sales | $ | 8,033 | $ | — | $ | — | $ | 3,375 | $ | — | $ | — | ||||||||||||||||||||||||
Cost of products sold | (19,880 | ) | — | — | (23,372 | ) | — | — | ||||||||||||||||||||||||||||
Selling, general and administrative expenses | (62 | ) | — | — | (141 | ) | — | — | ||||||||||||||||||||||||||||
Other income, net | 33,401 | — | 8,901 | 35,744 | — | 24,644 | ||||||||||||||||||||||||||||||
Interest income/(expense) | 199 | (146 | ) | (5,966 | ) | 226 | — | (4,484 | ) | |||||||||||||||||||||||||||
21,691 | (146 | ) | 2,935 | 15,832 | — | 20,160 | ||||||||||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||||||||||||
Net losses recognized in other expense, net | — | (19,181 | ) | — | — | (51,125 | ) | — | ||||||||||||||||||||||||||||
Net losses recognized in interest expense, net | — | — | — | — | (351 | ) | — | |||||||||||||||||||||||||||||
— | (19,181 | ) | — | — | (51,476 | ) | — | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||
Net (losses)/gains recognized in other expense, net | (2,183 | ) | — | — | 3,351 | — | — | |||||||||||||||||||||||||||||
Net gains recognized in interest income | — | 234 | — | — | — | — | ||||||||||||||||||||||||||||||
(2,183 | ) | 234 | — | 3,351 | — | — | ||||||||||||||||||||||||||||||
Total amount recognized in statement of income | $ | 19,508 | $ | (19,093 | ) | $ | 2,935 | $ | 19,183 | $ | (51,476 | ) | $ | 20,160 | ||||||||||||||||||||||
Foreign Currency Hedging: | ||||||||||||||||||||||||||||||||||||
The Company uses forward contracts and to a lesser extent, option contracts to mitigate its foreign currency exchange rate exposure due to forecasted purchases of raw materials and sales of finished goods, and future settlement of foreign currency denominated assets and liabilities. The Company’s principal foreign currency exposures that are hedged include the Australian dollar, British pound sterling, Canadian dollar, Euro, and the New Zealand dollar. Derivatives used to hedge forecasted transactions and specific cash flows associated with foreign currency denominated financial assets and liabilities that meet the criteria for hedge accounting are designated as cash flow hedges. Consequently, the effective portion of gains and losses is deferred as a component of accumulated other comprehensive loss and is recognized in earnings at the time the hedged item affects earnings, in the same line item as the underlying hedged item. | ||||||||||||||||||||||||||||||||||||
Interest Rate Hedging: | ||||||||||||||||||||||||||||||||||||
The Company uses interest rate swaps to manage debt and interest rate exposures. The Company is exposed to interest rate volatility with regard to existing and future issuances of fixed and floating rate debt. Primary exposures include U.S. Treasury rates and London Interbank Offered Rates (LIBOR). Derivatives used to hedge risk associated with changes in the fair value of certain fixed-rate debt obligations are primarily designated as fair value hedges. Consequently, changes in the fair value of these derivatives, along with changes in the fair value of the hedged debt obligations that are attributable to the hedged risk, are recognized in current period earnings. | ||||||||||||||||||||||||||||||||||||
The Company also entered into cross-currency interest rate swaps which were designated as cash flow hedges of the future payments of loan principal and interest associated with certain foreign denominated variable rate debt obligations. As a result of the merger, these contracts were terminated in May 2013. As a result of exchange rate movement between the Japanese Yen and the U.S. Dollar throughout Fiscal 2013, net losses of $70.1 million on the cross-currency derivatives were reclassified from other comprehensive loss to other expense, net. This net loss on the derivative was offset by a currency gain on the principal balance of the underlying debt obligation. | ||||||||||||||||||||||||||||||||||||
Prior to the Merger date, Merger Subsidiary entered into interest rate swaps to mitigate exposure to variable rate debt that was raised to finance the acquisition. These agreements were not designated as hedging instruments prior to the acquisition date, and as such, we recognized the fair value of these instruments as an asset with income of $117.9 million in the Successor period. As a result of the Merger and the transactions entered into in connection therewith, we have assumed the liabilities and obligations of Merger Subsidiary. Upon consummation of the acquisition, these interest rate swaps with an aggregate notional amount of $9 billion met the criteria for hedge accounting and were designated as hedges of future interest payments. | ||||||||||||||||||||||||||||||||||||
Hedge accounting adjustments related to debt obligations totaled $122.5 million and $128.4 million as of April 28, 2013 and April 29, 2012, respectively. No adjustments were recorded as of December 29, 2013. See Note 10 for further information. | ||||||||||||||||||||||||||||||||||||
Deferred Hedging Gains and Losses: | ||||||||||||||||||||||||||||||||||||
As of December 29, 2013, the Company is hedging forecasted transactions for periods not exceeding 2 years. During the next 12 months, the Company expects $16.4 million of net deferred gains reported in accumulated other comprehensive loss to be reclassified to earnings, assuming market rates remain constant through contract maturities. Hedge ineffectiveness related to cash flow hedges as well as reclassifications to earnings due to hedged transactions no longer expected to occur, which is reported in current period earnings as other expense, net, was not significant for the Successor period February 8, 2013 to December 29, 2013, the Predecessor period April 29, 2013 to June 7, 2013, and years ended April 28, 2013, April 29, 2012 and April 27, 2011. | ||||||||||||||||||||||||||||||||||||
Hedges of Net Investments in Foreign Operations: | ||||||||||||||||||||||||||||||||||||
We have numerous investments in our foreign subsidiaries, the net assets of which are exposed to volatility in foreign currency exchange rates. Beginning in October 2013, we have used cross currency swaps to hedge a portion of our net investment in such foreign operations against adverse movements in exchange rates. We designated cross currency swap contracts between pound sterling and USD, the Euro and USD, the Australian Dollar and USD, and the Japanese Yen and USD, as net investment hedges of a portion of our equity in foreign operations in those currencies. The component of the gains and losses on our net investment in these designated foreign operations driven by changes in foreign exchange rates, are economically offset by movements in the fair values of our cross currency swap contracts. The fair value of the swaps is calculated each period with changes in fair value reported in foreign currency translation adjustments within accumulated other comprehensive income (loss), net of tax. Such amounts will remain in other comprehensive income (loss) until the complete or substantially complete liquidation of our investment in the underlying foreign operations. | ||||||||||||||||||||||||||||||||||||
In relation to the cross currency swaps: | ||||||||||||||||||||||||||||||||||||
•We pay 6.462% per annum on the pound sterling notional amount of $2.795 billion and receive 6.15% per annum on the USD notional amount of $4.5 billion on each January 8, April 8, July 8 and October 8, through the maturity date of the swap, which was also expected to be on October 8, 2019. | ||||||||||||||||||||||||||||||||||||
•We pay 5.696% per annum on the Euro notional amount of €2.210 billion and receive 6.15% per annum on the USD notional amount of $3.0 billion on each January 9, April 9, July 9 and October 9, through the maturity date of the swap, which was also expected to be on October 9, 2019. | ||||||||||||||||||||||||||||||||||||
•We pay 9.164% per annum on the Australian dollar notional amount of A$793.8 million and receive 6.15% per annum on the USD notional amount of $750.0 million on each January 10, April 10, July 10 and October 10, through the maturity date of the swap, which was also expected to be on October 10, 2019. | ||||||||||||||||||||||||||||||||||||
•We pay 4.104% per annum on the Japanese yen notional amount of ¥4,854.5 billion and receive 6.15% per annum on the USD notional amount of $50.0 million on each January 11, April 11, July 11 and October 11, through the maturity date of the swap, which was also expected to be on October 11, 2019. | ||||||||||||||||||||||||||||||||||||
The net amounts paid or received on a quarterly basis are recorded in Other income/(expense), net, in the consolidated statement of operations, and was a net expense of $5.1 million in the Successor period February 8, 2013 to December 29, 2013. | ||||||||||||||||||||||||||||||||||||
Other Activities: | ||||||||||||||||||||||||||||||||||||
The Company enters into certain derivative contracts in accordance with its risk management strategy that do not meet the criteria for hedge accounting but which have the economic impact of largely mitigating foreign currency or interest rate exposures. The Company maintained foreign currency forward contracts with a total notional amount of $1,010 million, $369.9 million and $445.5 million that did not meet the criteria for hedge accounting as of December 29, 2013, April 28, 2013 and April 29, 2012, respectively. These forward contracts are accounted for on a full mark-to-market basis through current earnings, with gains and losses recorded as a component of other expense, net. Net unrealized (losses)/gains related to outstanding contracts totaled $(1.3) million, $(4.0) million and $3.1 million as of December 29, 2013, April 28, 2013 and April 29, 2012, respectively. These contracts are scheduled to mature within one year. | ||||||||||||||||||||||||||||||||||||
Forward contracts that were put in place to help mitigate the unfavorable impact of translation associated with key foreign currencies resulted in gains/(losses) of $3.6 million, $8.8 million and $(16.9) million for the years ended April 28, 2013, April 29, 2012 and April 27, 2011, respectively. These contracts were terminated as part of the merger agreement in early May 2013 and as such no activity existed in the Predecessor or Successor periods. | ||||||||||||||||||||||||||||||||||||
The Company entered into a three-year total rate of return swap with an unaffiliated international financial institution during the third quarter of Fiscal 2012 with a notional amount of $119 million. This instrument was being used as an economic hedge to reduce the interest cost related to the Company's $119 million remarketable securities. The swap was being accounted for on a full mark-to-market basis through current earnings, with gains and losses recorded as a component of interest income. As a result of the Merger, the remarketable securities were repaid and the associated total rate of return swap was terminated. During the fiscal year ended April 28, 2013, the Company recorded a $1.8 million reduction in interest income, representing changes in the fair value of the swap and interest on the arrangement. Net unrealized losses totaled $1.0 million as of April 28, 2013. In connection with this swap, the Company was required to maintain a restricted cash collateral balance of $34.1 million with the counterparty for the term of the swap which was reported in Other non-current assets on the consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||
Concentration of Credit Risk: | ||||||||||||||||||||||||||||||||||||
Counterparties to currency exchange and interest rate derivatives consist of major international financial institutions. The Company continually monitors its positions and the credit ratings of the counterparties involved and, by policy, limits the amount of credit exposure to any one party. While the Company may be exposed to potential losses due to the credit risk of non-performance by these counterparties, losses are not anticipated. During the Successor period February 8, 2013 to December 29, 2013, the Predecessor period April 29, 2013 to June 7, 2013, Fiscal 2013, 2012 and 2011, one customer represented approximately 10% of the Company’s sales. The Company closely monitors the credit risk associated with its counterparties and customers and to date has not experienced material losses. |
Other_Comprehensive_IncomeLoss
Other Comprehensive Income/(Loss) | 11 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||||||||||
Other Comprehensive Income/(Loss) [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Other Comprehensive Income/(Loss) | ' | |||||||||||||||||||||||||||||||||||
Other Comprehensive Income/(Loss) | ||||||||||||||||||||||||||||||||||||
The following table summarizes the allocation of total other comprehensive income/(loss) between H. J. Heinz Company and the noncontrolling interest: | ||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | 28-Apr-13 | ||||||||||||||||||||||||||||||||||
FY 2013 | ||||||||||||||||||||||||||||||||||||
H. J. Heinz | Noncontrolling | Total | H. J. Heinz | Noncontrolling | Total | H. J. Heinz | Noncontrolling | Total | ||||||||||||||||||||||||||||
Company | Interest | Company | Interest | Company | Interest | |||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Net (loss)/income | $ | (77,021 | ) | $ | 5,303 | $ | (71,718 | ) | $ | (195,571 | ) | $ | 2,874 | $ | (192,697 | ) | $ | 1,012,903 | $ | 14,430 | $ | 1,027,333 | ||||||||||||||
Other comprehensive income/(loss), net of tax: | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 140,242 | (11,301 | ) | 128,941 | (93,780 | ) | (4,083 | ) | (97,863 | ) | (213,259 | ) | (15,721 | ) | (228,980 | ) | ||||||||||||||||||||
Net deferred (losses) on net investment hedges from periodic revaluations | (117,694 | ) | — | (117,694 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Net pension and post-retirement benefit (losses)/gains | 102,464 | (12 | ) | 102,452 | — | — | — | (189,294 | ) | (8 | ) | (189,302 | ) | |||||||||||||||||||||||
Reclassification of net pension and post-retirement benefit losses/(gains) to net income | — | — | — | 7,291 | (25 | ) | 7,266 | 54,833 | — | 54,833 | ||||||||||||||||||||||||||
Net deferred (losses)/gains on other derivatives from periodic revaluations | 110,686 | 510 | 111,196 | (1,099 | ) | 40 | (1,059 | ) | (11,736 | ) | (7 | ) | (11,743 | ) | ||||||||||||||||||||||
Net deferred losses/(gains) on derivatives reclassified to earnings | (2,688 | ) | (55 | ) | (2,743 | ) | 6,551 | 1 | 6,552 | 29,646 | (38 | ) | 29,608 | |||||||||||||||||||||||
Total comprehensive income/(loss) | $ | 155,989 | $ | (5,555 | ) | $ | 150,434 | $ | (276,608 | ) | $ | (1,193 | ) | $ | (277,801 | ) | $ | 683,093 | $ | (1,344 | ) | $ | 681,749 | |||||||||||||
The tax (expense)/benefit associated with each component of other comprehensive income/(loss) are as follows: | ||||||||||||||||||||||||||||||||||||
Fiscal Year Ending | ||||||||||||||||||||||||||||||||||||
H. J. Heinz Company | Noncontrolling Interest | Total | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||||||||||||
27-Apr-11 | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | (1,158 | ) | $ | — | $ | (1,158 | ) | ||||||||||||||||||||||||||||
Net pension and post-retirement benefit losses | $ | (25,670 | ) | $ | 14 | $ | (25,656 | ) | ||||||||||||||||||||||||||||
Reclassification of net pension and post-retirement benefit losses to net income | $ | 25,276 | $ | — | $ | 25,276 | ||||||||||||||||||||||||||||||
Net change in fair value of cash flow hedges | $ | (10,348 | ) | $ | 132 | $ | (10,216 | ) | ||||||||||||||||||||||||||||
Net hedging gains/losses reclassified into earnings | $ | (15,149 | ) | $ | 191 | $ | (14,958 | ) | ||||||||||||||||||||||||||||
29-Apr-12 | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 180 | $ | — | $ | 180 | ||||||||||||||||||||||||||||||
Net pension and post-retirement benefit losses | $ | 112,665 | $ | 9 | $ | 112,674 | ||||||||||||||||||||||||||||||
Reclassification of net pension and post-retirement benefit losses to net income | $ | 25,070 | $ | — | $ | 25,070 | ||||||||||||||||||||||||||||||
Net change in fair value of cash flow hedges | $ | (17,770 | ) | $ | 9 | $ | (17,761 | ) | ||||||||||||||||||||||||||||
Net hedging gains/losses reclassified into earnings | $ | (10,756 | ) | $ | 92 | $ | (10,664 | ) | ||||||||||||||||||||||||||||
28-Apr-13 | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | (115 | ) | $ | — | $ | (115 | ) | ||||||||||||||||||||||||||||
Net pension and post-retirement benefit losses | $ | (75,526 | ) | $ | — | $ | (75,526 | ) | ||||||||||||||||||||||||||||
Reclassification of net pension and post-retirement benefit losses to net income | $ | 23,694 | $ | — | $ | 23,694 | ||||||||||||||||||||||||||||||
Net change in fair value of cash flow hedges | $ | 17,712 | $ | 2 | $ | 17,714 | ||||||||||||||||||||||||||||||
Net hedging gains/losses reclassified into earnings | $ | 25,954 | $ | (13 | ) | $ | 25,941 | |||||||||||||||||||||||||||||
April 29 - June 7, 2013 | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | (116 | ) | $ | — | $ | (116 | ) | ||||||||||||||||||||||||||||
Reclassification of net pension and post-retirement benefit losses to net income | $ | 2,958 | $ | — | $ | 2,958 | ||||||||||||||||||||||||||||||
Net change in fair value of cash flow hedges | $ | 377 | $ | (13 | ) | $ | 364 | |||||||||||||||||||||||||||||
Net hedging gains/losses reclassified into earnings | $ | 2,882 | $ | 1 | $ | 2,883 | ||||||||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||||||||||||||
February 8 - December 29, 2013 | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | (422 | ) | $ | — | $ | (422 | ) | ||||||||||||||||||||||||||||
Net change in fair value of net investment hedges | $ | 72,903 | $ | — | $ | 72,903 | ||||||||||||||||||||||||||||||
Net pension and post-retirement benefit gains | $ | (39,682 | ) | $ | — | $ | (39,682 | ) | ||||||||||||||||||||||||||||
Net change in fair value of cash flow hedges | $ | (67,210 | ) | $ | (166 | ) | $ | (67,376 | ) | |||||||||||||||||||||||||||
Net hedging gains/losses reclassified into earnings | $ | 1,505 | $ | 18 | $ | 1,523 | ||||||||||||||||||||||||||||||
The following table provides a summary of the changes in the carrying amount of accumulated other comprehensive (loss)/income, net of tax, by component attributable to H.J. Heinz Company: | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | Net pension and post retirement benefit | Net cash flow hedges | Total | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||||||||||||
Balance as of April 27, 2011 | $ | 337,073 | $ | (626,938 | ) | $ | (9,699 | ) | (299,564 | ) | ||||||||||||||||||||||||||
Other comprehensive (loss)/income before reclassifications | (360,227 | ) | (258,067 | ) | 30,405 | (587,889 | ) | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 56,813 | (14,088 | ) | 42,725 | |||||||||||||||||||||||||||||||
Net current-period other comprehensive loss | (360,227 | ) | (201,254 | ) | 16,317 | (545,164 | ) | |||||||||||||||||||||||||||||
Balance as of April 29, 2012 | $ | (23,154 | ) | $ | (828,192 | ) | $ | 6,618 | $ | (844,728 | ) | |||||||||||||||||||||||||
Other comprehensive (loss)/income before reclassifications | (213,258 | ) | (189,294 | ) | (11,736 | ) | (414,288 | ) | ||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 54,833 | 29,645 | 84,478 | ||||||||||||||||||||||||||||||||
Net current-period other comprehensive loss | (213,258 | ) | (134,461 | ) | 17,909 | (329,810 | ) | |||||||||||||||||||||||||||||
Balance as of April 28, 2013 | $ | (236,412 | ) | $ | (962,653 | ) | $ | 24,527 | $ | (1,174,538 | ) | |||||||||||||||||||||||||
Other comprehensive (loss)/income before reclassifications | (93,780 | ) | — | (1,099 | ) | (94,879 | ) | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 7,291 | 6,551 | 13,842 | ||||||||||||||||||||||||||||||||
Net current-period other comprehensive loss | (93,780 | ) | 7,291 | 5,452 | (81,037 | ) | ||||||||||||||||||||||||||||||
Balance as of June 7, 2013 | $ | (330,192 | ) | $ | (955,362 | ) | $ | 29,979 | $ | (1,255,575 | ) | |||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||||||||||||||
Balance as of February 8, 2013 | $ | — | $ | — | $ | — | — | |||||||||||||||||||||||||||||
Other comprehensive (loss)/income before reclassifications | 140,242 | 102,464 | 110,686 | 353,392 | ||||||||||||||||||||||||||||||||
Net change in fair value of net investment hedges | (117,694 | ) | — | — | (117,694 | ) | ||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | (2,688 | ) | (2,688 | ) | ||||||||||||||||||||||||||||||
Net current-period other comprehensive loss | 22,548 | 102,464 | 107,998 | 233,010 | ||||||||||||||||||||||||||||||||
Balance as of December 29, 2013 | $ | 22,548 | $ | 102,464 | $ | 107,998 | $ | 233,010 | ||||||||||||||||||||||||||||
The following table presents the affected earnings line for reclassifications out of accumulated other comprehensive income/(loss), net of tax, by component attributable to H.J. Heinz Company: | ||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income/(loss) component | Reclassified from accumulated other comprehensive income/(loss) to earnings | Reclassified from accumulated other comprehensive income/(loss) to earnings | Line affected by reclassification | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | |||||||||||||||||||||||||||||||||||
Gains/(losses) on cash flow hedges: | ||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | $ | (1,020 | ) | $ | 990 | Sales | ||||||||||||||||||||||||||||||
Foreign exchange contracts | 2,874 | 1,814 | Cost of products sold | |||||||||||||||||||||||||||||||||
Foreign exchange contracts | 2,387 | (1,859 | ) | Other income/(expense) | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | (83 | ) | — | Selling, general, and administrative expenses | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 61 | Interest expense | |||||||||||||||||||||||||||||||||
Interest rate contracts | 35 | (20 | ) | Interest expense | ||||||||||||||||||||||||||||||||
Cross-currency interest rate swap contracts | — | (538 | ) | Other expense | ||||||||||||||||||||||||||||||||
Cross-currency interest rate swap contracts | — | (9,821 | ) | Interest expense | ||||||||||||||||||||||||||||||||
4,193 | (9,373 | ) | Gain/(loss) from continuing operations before income tax | |||||||||||||||||||||||||||||||||
(1,505 | ) | 2,822 | Provision for income taxes | |||||||||||||||||||||||||||||||||
$ | 2,688 | $ | (6,551 | ) | Gain/(loss) from continuing operations | |||||||||||||||||||||||||||||||
Gains/(losses) on pension and post retirement benefit: | ||||||||||||||||||||||||||||||||||||
Actuarial gains/(losses) | $ | — | $ | (10,681 | ) | (a) | ||||||||||||||||||||||||||||||
Prior service credit/(cost) | — | 432 | (a) | |||||||||||||||||||||||||||||||||
— | (10,249 | ) | Loss from continuing operations before income tax | |||||||||||||||||||||||||||||||||
— | 2,958 | Provision for income taxes | ||||||||||||||||||||||||||||||||||
$ | — | $ | (7,291 | ) | Loss from continuing operations | |||||||||||||||||||||||||||||||
______________________________________ | ||||||||||||||||||||||||||||||||||||
(a) As these components are included in the computation of net periodic pension and post retirement benefit costs refer to Note 14 for further details. |
Segment_Information
Segment Information | 11 Months Ended | |||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
Segment Information | ||||||||||||||||||||
The Company’s segments are primarily organized by geographical area. The composition of segments and measure of segment profitability are consistent with that used by the Company’s management. | ||||||||||||||||||||
Descriptions of the Company’s reportable segments are as follows: | ||||||||||||||||||||
• | North American Consumer Products—This segment primarily manufactures, markets and sells ketchup, condiments, sauces, pasta meals, and frozen potatoes, entrees, snacks, and appetizers to the grocery channels in the United States of America and includes our Canadian business. | |||||||||||||||||||
• | Europe—This segment includes the Company’s operations in Europe and sells products in all of the Company’s categories. | |||||||||||||||||||
• | Asia/Pacific—This segment includes the Company’s operations in Australia, New Zealand, India, Japan, China, Papua New Guinea, South Korea, Indonesia, Vietnam and Singapore. This segment’s operations include products in all of the Company’s categories. | |||||||||||||||||||
• | U.S. Foodservice—This segment primarily manufactures, markets and sells branded and customized products to commercial and non-commercial food outlets and distributors in the United States of America including ketchup, condiments, sauces and frozen soups. | |||||||||||||||||||
• | Rest of World—This segment includes the Company’s operations in Africa, Latin America, and the Middle East that sell products in all of the Company’s categories. | |||||||||||||||||||
The Company’s management evaluates performance based on several factors including net sales, operating income, and the use of capital resources. Inter-segment revenues, items below the operating income line of the consolidated statements of income, the transition period and 2012 restructuring and productivity initiatives (see Note 7), Merger related costs (see Note 4), a charge for the closure of a factory in South Africa and a charge for the settlement of the Foodstar earn-out (see Note 13), and costs associated with the Fiscal 2012 corporation-wide productivity initiatives (see Note 7) are not presented by segment, since they are not reflected in the measure of segment profitability reviewed by the Company’s management. | ||||||||||||||||||||
The following table presents information about the Company’s reportable segments: | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(29 Weeks) | (6 Weeks) | (52 Weeks) | (52 1/2 Weeks) | (52 Weeks) | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net External Sales | ||||||||||||||||||||
North American Consumer Products | $ | 1,669,924 | $ | 307,972 | $ | 3,195,099 | $ | 3,241,533 | $ | 3,265,857 | ||||||||||
Europe | 1,829,607 | 284,657 | 3,314,523 | 3,441,282 | 3,236,800 | |||||||||||||||
Asia/Pacific | 1,328,488 | 272,116 | 2,533,334 | 2,500,411 | 2,247,193 | |||||||||||||||
U.S. Foodservice | 772,598 | 135,688 | 1,370,779 | 1,345,768 | 1,339,100 | |||||||||||||||
Rest of World | 638,945 | 112,439 | 1,115,151 | 978,578 | 469,686 | |||||||||||||||
Consolidated Totals | $ | 6,239,562 | $ | 1,112,872 | $ | 11,528,886 | $ | 11,507,572 | $ | 10,558,636 | ||||||||||
Operating Income (Loss) | ||||||||||||||||||||
North American Consumer Products(a) | $ | 269,642 | $ | 65,459 | $ | 790,939 | $ | 812,056 | $ | 832,719 | ||||||||||
Europe(a) | 195,235 | 32,918 | 593,044 | 608,829 | 581,148 | |||||||||||||||
Asia/Pacific(a) | 11,833 | 37,616 | 265,879 | 234,671 | 253,524 | |||||||||||||||
U.S. Foodservice(a) | 84,273 | 15,531 | 186,155 | 169,843 | 183,425 | |||||||||||||||
Rest of World(a) | 74,238 | 10,559 | 112,660 | 105,080 | 53,371 | |||||||||||||||
Other: | ||||||||||||||||||||
Non-Operating(b) | (74,827 | ) | (16,070 | ) | (226,588 | ) | (222,754 | ) | (216,549 | ) | ||||||||||
Fiscal 2013 special items(c) | — | — | (15,624 | ) | — | — | ||||||||||||||
Restructuring and productivity initiatives(d) | (410,430 | ) | (6,042 | ) | — | (205,418 | ) | — | ||||||||||||
Merger related costs(e) | (157,938 | ) | (112,188 | ) | (44,814 | ) | — | — | ||||||||||||
Consolidated Totals | $ | (7,974 | ) | $ | 27,783 | $ | 1,661,651 | $ | 1,502,307 | $ | 1,687,638 | |||||||||
Depreciation and Amortization Expenses | ||||||||||||||||||||
Total North America | $ | 153,402 | $ | 16,162 | $ | 126,859 | $ | 131,023 | $ | 121,480 | ||||||||||
Europe | 62,044 | 9,976 | 98,806 | 98,384 | 91,222 | |||||||||||||||
Asia/Pacific | 41,009 | 7,311 | 62,233 | 59,796 | 49,802 | |||||||||||||||
Rest of World | 11,256 | 2,520 | 22,836 | 19,290 | 6,324 | |||||||||||||||
Non-Operating(b) | 41,342 | 5,054 | 35,898 | 28,428 | 23,971 | |||||||||||||||
Consolidated Totals | $ | 309,053 | $ | 41,023 | $ | 346,632 | $ | 336,921 | $ | 292,799 | ||||||||||
Successor | Predecessor | |||||||||||||||||||
29-Dec-13 | 28-Apr-13 | 29-Apr-12 | ||||||||||||||||||
FY 2013 | FY 2012 | |||||||||||||||||||
Identifiable Assets | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total North America | $ | 14,486,939 | $ | 3,289,900 | $ | 3,394,387 | ||||||||||||||
Europe | 11,673,072 | 5,129,880 | 4,158,349 | |||||||||||||||||
Asia/Pacific | 4,039,589 | 2,670,376 | 2,544,332 | |||||||||||||||||
Rest of World | 1,336,733 | 1,123,407 | 1,145,696 | |||||||||||||||||
Non-Operating(g) | 7,436,015 | 725,444 | 740,529 | |||||||||||||||||
Consolidated Totals | $ | 38,972,348 | $ | 12,939,007 | $ | 11,983,293 | ||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(29 Weeks) | (6 Weeks) | (52 Weeks) | (52 1/2 Weeks) | (52 Weeks) | ||||||||||||||||
Capital Expenditures(f) | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total North America | $ | 47,060 | $ | 10,050 | $ | 107,207 | $ | 103,958 | $ | 101,001 | ||||||||||
Europe | 45,121 | 4,537 | 96,112 | 113,420 | 97,964 | |||||||||||||||
Asia/Pacific | 47,209 | 3,389 | 91,361 | 99,912 | 71,419 | |||||||||||||||
Rest of World | 15,720 | 2,960 | 48,747 | 38,539 | 12,829 | |||||||||||||||
Non-Operating(b) | 46,905 | 99,218 | 55,671 | 62,905 | 52,433 | |||||||||||||||
Consolidated Totals | $ | 202,015 | $ | 120,154 | $ | 399,098 | $ | 418,734 | $ | 335,646 | ||||||||||
(a) | The negative impact of the inventory step-up adjustment recorded in purchase accounting to operating income in the Successor period was $139.8 million for North American Consumer Products, $110.3 million for Europe, $89.6 million for Asia/Pacific, $33.8 million for U.S. Foodservice and $9.8 million for Rest of World. | |||||||||||||||||||
(b) | Includes corporate overhead, intercompany eliminations and charges not directly attributable to operating segments. | |||||||||||||||||||
(c) | During the fourth quarter of Fiscal 2013, the Company closed a factory in South Africa resulting in a $3.5 million in costs of products sold primarily related to asset write-downs. During the third quarter of Fiscal 2013, the Company renegotiated the terms of the Foodstar Holdings Pte earn-out that was due in 2014 resulting in a $12.1 million charge in SG&A. See Note 13 for further explanation. | |||||||||||||||||||
(d) | See Note 7 for further details on restructuring and productivity initiatives. | |||||||||||||||||||
(e) | See Note 4 for further details on Merger related costs | |||||||||||||||||||
(f) | Excludes property, plant and equipment obtained through acquisitions. | |||||||||||||||||||
(g) | Includes identifiable assets not directly attributable to operating segments. | |||||||||||||||||||
The Company’s revenues are generated via the sale of products in the following categories: | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(29 Weeks) | (6 Weeks) | (52 Weeks) | (52 1/2 Weeks) | (52 Weeks) | ||||||||||||||||
Net External Sales | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Ketchup and Sauces | $ | 3,081,347 | $ | 533,932 | $ | 5,375,788 | $ | 5,232,607 | $ | 4,607,326 | ||||||||||
Meals and Snacks | 2,185,831 | 359,412 | 4,240,808 | 4,337,995 | 4,134,836 | |||||||||||||||
Infant/Nutrition | 624,359 | 118,528 | 1,189,015 | 1,232,248 | 1,175,438 | |||||||||||||||
Other | 348,025 | 101,000 | 723,275 | 704,722 | 641,036 | |||||||||||||||
Total | $ | 6,239,562 | $ | 1,112,872 | $ | 11,528,886 | $ | 11,507,572 | $ | 10,558,636 | ||||||||||
The Company has significant sales and long-lived assets in the following geographic areas. Sales are based on the location in which the sale originated. Long-lived assets include property, plant and equipment, goodwill, trademarks and other intangibles, net of related depreciation and amortization. | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(29 Weeks) | (6 Weeks) | (52 Weeks) | (52 1/2 Weeks) | (52 Weeks) | ||||||||||||||||
Net External Sales | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
United States | $ | 2,072,049 | $ | 371,253 | $ | 3,857,247 | $ | 3,885,057 | $ | 3,916,988 | ||||||||||
United Kingdom | 859,512 | 130,741 | 1,597,755 | 1,611,177 | 1,506,607 | |||||||||||||||
Other | 3,308,001 | 610,878 | 6,073,884 | 6,011,338 | 5,135,041 | |||||||||||||||
Total | $ | 6,239,562 | $ | 1,112,872 | $ | 11,528,886 | $ | 11,507,572 | $ | 10,558,636 | ||||||||||
Successor | Predecessor | |||||||||||||||||||
29-Dec-13 | 28-Apr-13 | 29-Apr-12 | ||||||||||||||||||
FY 2013 | FY 2012 | |||||||||||||||||||
Long-Lived Assets | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
United States | $ | 16,280,596 | $ | 2,383,136 | $ | 2,419,518 | ||||||||||||||
United Kingdom | 6,999,989 | 1,133,086 | 1,207,918 | |||||||||||||||||
Other | 8,942,514 | 3,437,299 | 3,540,923 | |||||||||||||||||
Total | $ | 32,223,099 | $ | 6,953,521 | $ | 7,168,359 | ||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 11 Months Ended |
Dec. 29, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Legal Matters: | |
Certain suits and claims have been filed against the Company and have not been finally adjudicated. In the opinion of management, based upon the information that it presently possesses, the final conclusion and determination of these suits and claims would not be expected to individually and in the aggregate have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity. | |
Lease Commitments: | |
Operating lease rentals for warehouse, production and office facilities and equipment amounted to approximately $122.6 million in the Successor period February 8, 2013 to December 29, 2013, $15.4 million in the Predecessor period April 29, 2013 to June 7, 2013, $145.4 million in 2013, $155.2 million in 2012 and $112.4 million in 2011. Future lease payments for non-cancellable operating leases as of December 29, 2013 totaled $502.6 million (2014 - $137.8 million, 2015 - $60.5 million, 2016 - $53.4 million, 2017 - $47.7 million, 2018 - $44.2 million and thereafter - $159.0 million). | |
As of April 28, 2013, the Company was a party to two operating leases for buildings and equipment, one of which also includes land, under which the Company has guaranteed supplemental payment obligations of approximately $150 million at the termination of these leases. On June 3, 2013, the Company paid $88.7 million to buy-out one of these leases and recorded them within Property, plant and equipment on the balance sheet as of that date. No significant credit guarantees existed between the Company and third parties as of December 29, 2013. | |
Redeemable Noncontrolling Interest: | |
The minority partner in Coniexpress has the right, at any time, to exercise a put option to require the Company to purchase their equity interest at a redemption value determinable from a specified formula based on a multiple of EBITDA (subject to a fixed minimum linked to the original acquisition date value). The Company also has a call right on this noncontrolling interest exercisable at any time and subject to the same redemption price. The put and call options cannot be separated from the noncontrolling interest and the combination of a noncontrolling interest and the redemption feature require classification of the minority partner’s interest as a redeemable noncontrolling interest in the consolidated balance sheet. In the first quarter of Fiscal 2013, the minority partner exercised their put option for 15% of their initial 20% equity interest, retaining 5%. An adjustment was made to retained earnings to record the carrying value at the maximum redemption value immediately prior to this transaction. As this exercise did not result in a change in control of Coniexpress, it was accounted for as an equity transaction. In addition, the amount of cumulative translation adjustment previously allocated to the redeemable noncontrolling interest was adjusted to reflect the change in ownership. The carrying amount of the redeemable noncontrolling interest approximates its maximum redemption value of the remaining 5% equity interest. Any subsequent change in maximum redemption value would be adjusted through retained earnings. We do not currently believe the exercise of the put option would materially impact our results of operations or financial condition. |
Advertising_Costs
Advertising Costs | 11 Months Ended |
Dec. 29, 2013 | |
Advertising Costs [Abstract] | ' |
Advertising Costs | ' |
Advertising Costs | |
Advertising expenses (including production and communication costs) for the Successor period February 8, 2013 to December 29, 2013, the Predecessor period April 29, 2013 to June 7, 2013, and fiscal years 2013, 2012 and 2011 were $282.3 million, $41.7 million, $465.0 million, $440.5 million and $368.6 million, respectively. For the Successor period February 8, 2013 to December 29, 2013, the Predecessor period April 29, 2013 to June 7, 2013, and fiscal years 2013, 2012 and 2011, $86.8 million, $19.4 million, $151.1 million, $151.5 million and $119.0 million, respectively, were recorded as a reduction of revenue and $195.5 million, $22.3 million, $313.8 million, $289.1 million and $249.6 million, respectively, were recorded as a component of SG&A. |
Venezuela_Foreign_Currency_and
Venezuela - Foreign Currency and Inflation | 11 Months Ended |
Dec. 29, 2013 | |
Foreign Currency [Abstract] | ' |
Venezuela - Foreign Currency and Inflation | ' |
Venezuela- Foreign Currency and Inflation | |
The Company applies highly inflationary accounting to its business in Venezuela. Under highly inflationary accounting, the financial statements of our Venezuelan subsidiary are remeasured into the Company's reporting currency (U.S. dollars) and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than accumulated other comprehensive loss on the balance sheet, until such time as the economy is no longer considered highly inflationary. The impact of applying highly inflationary accounting for Venezuela on our consolidated financial statements is dependent upon movements in the official exchange rate between the Venezuelan bolivar fuerte and the U.S. dollar and the amount of net monetary assets and liabilities included in our subsidiary's balance sheet. | |
On March 18, 2013, the Venezuelan government announced the creation of a new foreign exchange mechanism called the Complimentary System of Foreign Currency Acquirement (or SICAD, which stands for Sistema Complimentario de Administración de Divisas). It operates similar to an auction system and allows entities in specific sectors to bid for U.S. dollar to be used for specified import transactions. In December 2013, the regulation that created the SICAD mechanism was amended to require the Central Bank of Venezuela to include on its website the weekly average exchange rate implied by transactions settled via the SICAD auction mechanism. For the weeks of December 23 and December 30, 2013, the SICAD rate posted on the website of the Central Bank of Venezuela was 11.3 BsF/US$. The Company settles its foreign currency denominated payables through the Venezuelan currency exchange board, known as CADIVI. In January 2014, the Venezuelan government announced the formation of the National Center of Foreign Trade (CENCOEX) to replace CADIVI. In addition, the government changed SICAD to include certain types of transactions, including dividends and royalties. The Company has never participated in the SICAD mechanism and has no plans to do so. As a result, the official exchange rate will continue to be used to remeasure the financial statements into U. S. dollars. | |
On February 8, 2013, the Venezuelan government announced the devaluation of its currency relative to the U.S. dollar, changing the official exchange rate from 4.30 to 6.30. As a result, the Company recorded a $42.7 million pre-tax currency translation loss, which was reflected within other expense, net, on the consolidated statement of income during the fourth quarter of Fiscal 2013 ($39.1 million after-tax loss). | |
The amount of net monetary assets and liabilities included in our subsidiary's balance sheet was $109.2 million at December 29, 2013. |
Change_in_Fiscal_Year_End
Change in Fiscal Year End | 11 Months Ended | |||||||||||
Dec. 29, 2013 | ||||||||||||
Change in Fiscal Year End [Abstract] | ' | |||||||||||
Change in Fiscal Year End | ' | |||||||||||
Change in Fiscal Year End | ||||||||||||
The Company changed its fiscal year end from the Sunday closest to April 30 to the Sunday closest December 31, effective December 29, 2013. The consolidated statement of operations are provided below for the Successor period February 8, 2013 to December 29, 2013, the Predecessor period April 29, 2013 to June 7, 2013, and the eight months ended December 23, 2012. The financial information provided for the eight months ended December 23, 2012 is unaudited since it represented an interim period of fiscal year 2013. The unaudited financial information for the eight-month period ended December 23, 2012 (based on the Company's former fiscal month end), include all normal recurring adjustments necessary for a fair statement of the results for that period. | ||||||||||||
H. J. Heinz Company and Subsidiaries | ||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||
Successor | Predecessor | |||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | 23-Dec-12 | ||||||||||
FY2013 | ||||||||||||
(29 Weeks) | (6 Weeks) | (34 Weeks) | ||||||||||
(Unaudited) | ||||||||||||
(In thousands) | ||||||||||||
Sales | $ | 6,239,562 | $ | 1,112,872 | $ | 7,438,060 | ||||||
Gross profit | $ | 1,651,771 | $ | 383,335 | $ | 2,692,003 | ||||||
(Benefit from)/provision for income taxes | $ | (231,623 | ) | $ | 61,097 | $ | 142,528 | |||||
(Loss)/income from continuing operations | $ | (66,082 | ) | $ | (191,424 | ) | $ | 769,272 | ||||
Loss from discontinued operations, net of tax | $ | (5,636 | ) | $ | (1,273 | ) | $ | (36,322 | ) | |||
Net (loss)/income attributable to H. J. Heinz Company | $ | (77,021 | ) | $ | (195,571 | ) | $ | 722,331 | ||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts and Reserves | 11 Months Ended | ||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Valuation and Qualifying Accounts and Reserves | ' | ||||||||||||||||||||
Schedule II | |||||||||||||||||||||
H. J. Heinz Company and Subsidiaries | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||||||||||
Successor Period February 8, 2013 to December 29, 2013, Predecessor Period April 29, 2013 to June 7, 2013, and Fiscal Years Ended April 28, 2013 and April 29, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Description | Balance at beginning of period | Charged to costs and expenses | Deductions | Exchange | Balance at end of period | ||||||||||||||||
Successor period ended December 29, 2013: | |||||||||||||||||||||
Reserves deducted in the balance sheet from the assets to which they apply: | |||||||||||||||||||||
Trade receivables | $ | — | $ | 1,805 | $ | 1,191 | $ | 70 | $ | 684 | |||||||||||
Other receivables | $ | — | $ | 98 | $ | — | $ | — | $ | 98 | |||||||||||
Predecessor period ended June 7, 2013: | |||||||||||||||||||||
Reserves deducted in the balance sheet from the assets to which they apply: | |||||||||||||||||||||
Trade receivables | $ | 7,957 | $ | (125 | ) | $ | 268 | $ | (4 | ) | $ | 7,560 | |||||||||
Other receivables | $ | 360 | $ | 47 | $ | — | $ | — | $ | 407 | |||||||||||
Fiscal year ended April 28, 2013: | |||||||||||||||||||||
Reserves deducted in the balance sheet from the assets to which they apply: | |||||||||||||||||||||
Trade receivables | $ | 10,680 | $ | 1,937 | $ | 4,484 | $ | (176 | ) | $ | 7,957 | ||||||||||
Other receivables | $ | 607 | $ | (183 | ) | $ | 64 | $ | — | $ | 360 | ||||||||||
Fiscal year ended April 29, 2012: | |||||||||||||||||||||
Reserves deducted in the balance sheet from the assets to which they apply: | |||||||||||||||||||||
Trade receivables | $ | 10,909 | $ | 4,220 | $ | 3,807 | $ | (642 | ) | $ | 10,680 | ||||||||||
Other receivables | $ | 503 | $ | 108 | $ | 8 | $ | 4 | $ | 607 | |||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 11 Months Ended |
Dec. 29, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation: | |
The consolidated financial statements include the accounts of the Company, all wholly-owned and majority-owned subsidiaries, and any variable interest entities for which we are the primary beneficiary. All intercompany accounts and transactions are eliminated. Certain prior year amounts have been reclassified to conform with the December 29, 2013 presentation. | |
Use Of Estimates | ' |
Use of Estimates: | |
The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. | |
Translation of Foreign Currencies | ' |
Translation of Foreign Currencies: | |
For all significant foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated at the exchange rate in effect at each period end. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments arising from the use of differing exchange rates from period to period are included as a component of other comprehensive income/(loss) within shareholders’ equity. Gains and losses from foreign currency transactions are included in net income for the period. | |
Highly Inflationary Accounting | ' |
Highly Inflationary Accounting: | |
The Company applies highly inflationary accounting if the cumulative inflation rate in an economy for a three-year period meets or exceeds 100 percent. Under highly inflationary accounting, the financial statements of a subsidiary are remeasured into the Company’s reporting currency (U.S. dollars) and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than accumulated other comprehensive loss on the balance sheet, until such time as the economy is no longer considered highly inflationary. See Note 20 for additional information. | |
Cash Equivalents | ' |
Cash Equivalents: | |
Cash equivalents are defined as highly liquid investments with original maturities of 90 days or less. | |
Inventories | ' |
Inventories: | |
Inventories are stated at the lower of cost or market. Cost is determined principally under the average cost method. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment: | |
Land, buildings and equipment are recorded at cost. For financial reporting purposes, depreciation is provided on the straight-line method over the estimated useful lives of the assets, which generally have the following ranges: buildings—40 years or less, machinery and equipment—15 years or less, computer software—3 to 7 years, and leasehold improvements—over the life of the lease, not to exceed 15 years. Accelerated depreciation methods are generally used for income tax purposes. Expenditures for new facilities and improvements that substantially extend the capacity or useful life of an asset are capitalized. Ordinary repairs and maintenance are expensed as incurred. When property is retired or otherwise disposed, the cost and related accumulated depreciation are removed from the accounts and any related gains or losses are included in income. The Company reviews property, plant and equipment, whenever circumstances change such that the recorded value of an asset may not be recoverable. Factors that may affect recoverability include changes in planned use of the asset and the closing of facilities. The Company’s impairment review is based on an undiscounted cash flow analysis at the lowest level for which identifiable cash flows exist and are largely independent. When the carrying value of the asset exceeds the future undiscounted cash flows, an impairment is indicated and the asset is written down to its fair value. | |
Goodwill and Intangibles | ' |
Goodwill and Intangibles: | |
Intangible assets with finite useful lives are amortized on a straight-line basis over the estimated periods benefited, and are reviewed when appropriate for possible impairment, similar to property, plant and equipment. Goodwill and intangible assets with indefinite useful lives are not amortized. The carrying values of goodwill and other intangible assets with indefinite useful lives are tested at least annually for impairment, or when circumstances indicate that a possible impairment may exist. Prior to the Merger, indefinite-lived intangible assets were tested annually during the fourth quarter of each fiscal year, while the annual impairment tests of goodwill were performed during the third quarter of each fiscal year. Subsequent to the Merger no annual impairment tests have yet been carried out but must be performed within 12 months of the date of the Merger. All goodwill is assigned to reporting units, which are primarily one level below our operating segments. The Company performs its impairment tests of goodwill at the reporting unit level. The Company tests goodwill for impairment by either performing a qualitative evaluation or a two-step quantitative test. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair values of a reporting unit is less than its carrying amount, including goodwill. Factors considered as part of the qualitative assessment include entity-specific industry, market and general economic conditions. The Company may elect to bypass this qualitative assessment for some or all of its reporting units and perform a two-step quantitative test. This quantitative test involves estimating a reporting unit's fair value and comparing it to the reporting unit's carrying value. If the carrying value exceeds fair value, the Company would perform step two to estimate the extent of the impairment, if any. | |
Indefinite-lived intangible assets are tested for impairment by either performing a qualitative evaluation or a quantitative calculation of fair value and comparison to carrying amount. The qualitative evaluation is an assessment of factors including, but not limited to, changes in management, overall financial performance, and other entity-specific events. The objective of the qualitative evaluation is to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. The Company can choose to perform the qualitative assessment on none, some, or all of its indefinite-lived intangible assets. | |
The Company's estimates of fair value when testing quantitatively for impairment of both goodwill and intangible assets with indefinite lives is based principally on a discounted cash flow model, using a market participant approach, that requires significant judgment and requires assumptions about future volume trends, revenue and expense growth rates, terminal growth rates, discount rates, tax rates and working capital changes. | |
Revenue Recognition | ' |
Revenue Recognition: | |
The Company recognizes revenue when title, ownership and risk of loss pass to the customer. This primarily occurs upon delivery of the product to the customer. For the most part, customers do not have the right to return products unless damaged or defective. Revenue is recorded net of sales incentives, and includes shipping and handling charges billed to customers. Shipping and handling costs are primarily classified as part of selling, general and administrative expenses. | |
Marketing Costs | ' |
Marketing Costs: | |
The Company promotes its products with advertising, consumer incentives and trade promotions. Such programs include, but are not limited to, discounts, coupons, rebates, in-store display incentives and volume-based incentives. Advertising costs are expensed as incurred. Consumer incentive and trade promotion activities are recorded as a reduction of revenue or as a component of cost of products sold based on amounts estimated as being due to customers and consumers at the end of a period, based principally on historical utilization and redemption rates. Advertising costs are recognized as an expense within selling, general and administrative expenses if the Company determines that it will receive an identifiable, separable benefit in return for the consideration paid and it can reasonably estimate the fair value of the benefit identified. Accruals for trade promotions are initially recorded at the time of sale of product to the customer based on an estimate of the expected levels of performance of the trade promotion, which is dependent upon factors such as historical trends with similar promotions, expectations regarding customer participation, and sales and payment trends with similar previously offered programs. The Company performs monthly evaluations of its outstanding trade promotions, making adjustments where appropriate to reflect changes in estimates. Settlement of these liabilities typically occurs in subsequent periods primarily through an authorization process for deductions taken by a customer from amounts otherwise due to the Company. Coupon redemption costs are accrued in the period in which the coupons are offered. The initial estimates made for each coupon offering are based upon historical redemption experience rates for similar products or coupon amounts. The Company performs monthly evaluations of outstanding coupon accruals that compare actual redemption rates to the original estimates. For interim reporting purposes, advertising, consumer incentive and product placement expenses are charged to operations as a percentage of volume, based on estimated volume and related expense for the full year. | |
Income Taxes | ' |
Income Taxes: | |
Deferred income taxes result primarily from temporary differences between financial and tax reporting. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. When assessing the need for valuation allowances, the Company considers future taxable income and ongoing prudent and feasible tax planning strategies. Should a change in circumstances lead to a change in judgment about the realizability of deferred tax assets in future years, the Company would adjust related valuation allowances in the period that the change in circumstances occurs, along with a corresponding increase or charge to income. | |
The Company has not provided for possible U.S. taxes on the undistributed earnings of foreign subsidiaries that are considered to be reinvested indefinitely. Calculation of the unrecognized deferred tax liability for temporary differences related to these earnings is not practicable. | |
Stock-Based Employee Compensation Plans | ' |
Stock-Based Employee Compensation Plans: | |
The Company recognizes the cost of all stock-based awards to employees, including grants of employee stock options, on a straight-line basis over their respective requisite service periods (generally equal to an award’s vesting period). A stock-based award is considered vested for expense attribution purposes when the employee’s retention of the award is no longer contingent on providing subsequent service. Accordingly, the Company recognizes compensation cost immediately for awards granted to retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. The vesting approach used does not affect the overall amount of compensation expense recognized, but could accelerate the recognition of expense. Prior to the Merger, the Company followed its previous vesting approach for the remaining portion of those outstanding awards that were unvested and granted prior to May 4, 2006, and accordingly, recognized expense from the grant date to the earlier of the actual date of retirement or the vesting date. Judgment is required in estimating the amount of stock-based awards expected to be forfeited prior to vesting. If actual forfeitures differ significantly from these estimates, stock-based compensation expense could be materially impacted. | |
Compensation cost related to all stock-based awards is determined using the grant date fair value. Determining the fair value of employee stock options at the grant date requires judgment in estimating the expected term that the stock options will be outstanding prior to exercise as well as the volatility and dividends over the expected term. Compensation cost for restricted stock units is determined based on the fair value of the Company’s stock at the grant date. Prior to the Merger, the Company applied the modified-prospective transition method for stock options granted on or prior to, but not vested as of, May 3, 2006. Compensation cost related to these stock options was determined using the grant date fair value originally estimated and disclosed in a pro forma manner in prior period financial statements in accordance with the original provisions of the Financial Accounting Standards Board’s (“FASB’s”) guidance for stock compensation. | |
Stock-based compensation expense is primarily recognized as a component of selling, general and administrative expenses in the Consolidated Statements of Operations. | |
Financial Instruments | ' |
Financial Instruments: | |
The Company’s financial instruments consist primarily of cash and cash equivalents, receivables, accounts payable, short-term and long-term debt, swaps, forward contracts, and option contracts. The carrying values for the Company’s financial instruments approximate fair value, except as disclosed in Note 13. As a policy, the Company does not engage in speculative or leveraged transactions, nor does the Company hold or issue financial instruments for trading purposes. | |
The Company uses derivative financial instruments for the purpose of hedging foreign currency, debt and interest rate exposures, which exist as part of ongoing business operations. The Company carries derivative instruments on the balance sheet at fair value, determined using observable market data. Derivatives with scheduled maturities of less than one year are included in other receivables or other payables, based on the instrument’s fair value. Derivatives with scheduled maturities beyond one year are classified between current and long-term based on the timing of anticipated future cash flows. The current portion of these instruments is included in other receivables or other payables and the long-term portion is presented as a component of other non-current assets or other non-current liabilities, based on the instrument’s fair value. | |
The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. Gains and losses on fair value hedges are recognized in current period earnings in the same line item as the underlying hedged item. The effective portion of gains and losses on cash flow hedges are deferred as a component of accumulated other comprehensive loss and are recognized in earnings at the time the hedged item affects earnings, in the same line item as the underlying hedged item. Hedge ineffectiveness related to cash flow hedges is reported in current period earnings within other income and expense. The income statement classification of gains and losses related to derivative contracts that do not qualify for hedge accounting is determined based on the underlying intent of the contracts. Cash flows related to the settlement of derivative instruments designated as net investment hedges of foreign operations are classified in the consolidated statements of cash flows within investing activities. Cash flows related to the termination of derivative instruments designated as fair value hedges of fixed rate debt obligations are classified in the consolidated statements of cash flows within financing activities. All other cash flows related to derivative instruments are generally classified in the consolidated statements of cash flows within operating activities. | |
Dividends Policy | ' |
Dividends: | |
Berkshire Hathaway has an $8.0 billion preferred stock investment in Parent which requires a 9.0% annual dividend to be paid quarterly in cash or in-kind. The Company's Board of Directors declares quarterly cash distributions to Holdings to fund this dividend. As the Company has an accumulated deficit in the Successor period, these quarterly distributions are recorded as a reduction of common stock. |
Basis_of_Presentation_Tables
Basis of Presentation (Tables) | 11 Months Ended | |||
Dec. 29, 2013 | ||||
Basis of Presentation [Abstract] | ' | |||
Condensed Financial Statements | ' | |||
The following represents the condensed financial information for Merger Subsidiary for the period February 8, 2013 to April 28, 2013 and as at April 28, 2013: | ||||
Hawk Acquisition Sub, Inc. (Successor) | ||||
Condensed Statement of Operations | ||||
For the Period from February 8, 2013 through April 28, 2013 | ||||
February 8 - April 28, 2013 | ||||
(In thousands) | ||||
Merger related costs | $ | 19,713 | ||
Operating loss | (19,713 | ) | ||
Unrealized loss on derivative instrument | (65,294 | ) | ||
Interest Expense, net | (10,743 | ) | ||
Loss from continuing operations before income tax | (95,750 | ) | ||
Benefit from income taxes | 37,842 | |||
Net loss | $ | (57,908 | ) | |
Condensed Balance Sheet | ' | |||
Hawk Acquisition Sub, Inc. (Successor) | ||||
Condensed Balance Sheet | ||||
As of April 28, 2013 | ||||
28-Apr-13 | ||||
(In thousands) | ||||
Cash | $ | 3,011,750 | ||
Other assets | 125,231 | |||
Total assets | $ | 3,136,981 | ||
Notes payable | $ | 3,100,000 | ||
Other liabilities | 94,889 | |||
Total liabilities | 3,194,889 | |||
Shareholder's deficit | (57,908 | ) | ||
Total liabilities and shareholder's deficit | $ | 3,136,981 | ||
Merger_and_Acquisition_Tables
Merger and Acquisition (Tables) (H.J. Heinz Holding Corporation [Member]) | 11 Months Ended | |||||||
Dec. 29, 2013 | ||||||||
H.J. Heinz Holding Corporation [Member] | ' | |||||||
Business Acquisition [Line Items] | ' | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||||||
The following is a summary of the preliminary allocation of the purchase price of the Merger to the estimated fair values of assets acquired and liabilities assumed in the transaction: | ||||||||
(In thousands) | ||||||||
Cash (including excess cash from Parent) | $ | 3,223,588 | ||||||
Other current assets | 3,734,558 | |||||||
Property, Plant and Equipment | 2,681,670 | |||||||
Trademark and other intangibles | 14,406,924 | |||||||
Other non-current assets | 652,038 | |||||||
Trade and other payables | (2,799,165 | ) | ||||||
Long term debt | (3,021,655 | ) | ||||||
Deferred income taxes | (4,221,354 | ) | ||||||
Non-pension postretirement benefits and other noncurrent liabilities | (662,439 | ) | ||||||
Redeemable non controlling interest and non controlling interest | (258,008 | ) | ||||||
Net assets acquired | 13,736,157 | |||||||
Goodwill on acquisition | 15,016,807 | |||||||
Total consideration pushed down from Parent | 28,752,964 | |||||||
Debt repayment and associated costs | (3,976,847 | ) | ||||||
Excess cash from parent | (1,153,621 | ) | ||||||
Other transaction related costs | (58,242 | ) | ||||||
Total consideration paid to predecessor shareholders | 23,564,254 | |||||||
Cash and cash equivalents of Predecessor at June 7, 2013 | (2,069,967 | ) | ||||||
Acquisitions of business, net of cash on hand | $ | 21,494,287 | ||||||
Business Acquisition, Pro Forma Information | ' | |||||||
The following unaudited pro forma financial data summarizes the Company's results of operations as if the Transaction had occurred as of April 30, 2012. The pro forma data is for informational purposes only and may not necessarily reflect the actual results of operations had the Merger been consummated on April 30, 2012. | ||||||||
Eight Months Ended | Fiscal Year | |||||||
29-Dec-13 | 28-Apr-13 | |||||||
(In thousands) | ||||||||
Revenue | $ | 7,352,434 | $ | 11,528,886 | ||||
Income/(loss) from continuing operations | $ | 186,721 | $ | 324,042 | ||||
Other_Acquisitions_Other_Acqui
Other Acquisitions Other Acquisitions (Tables) (Acquisitions, Excluding Merger [Member]) | 11 Months Ended | ||||
Dec. 29, 2013 | |||||
Acquisitions, Excluding Merger [Member] | ' | ||||
Business Acquisition [Line Items] | ' | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | ||||
The following table summarizes the allocation of the cash paid to the fair value of assets acquired and liabilities assumed: | |||||
Predecessor | |||||
April 27, | |||||
2011 | |||||
FY 2011 | |||||
(in thousands) | |||||
Details of Acquisitions: | |||||
Fair value of assets | $ | 1,057,870 | |||
Liabilities(1) | 274,294 | ||||
Redeemable noncontrolling interest(2) | 124,669 | ||||
Cash paid | 658,907 | ||||
Less cash acquired | 40,605 | ||||
Net cash paid for acquisitions | $ | 618,302 | |||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 11 Months Ended | |||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||||||||
The following table presents summarized operating results for these discontinued operations: | ||||||||||||||||||
Successor | Predecessor | |||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | ||||||||||||||||
(In millions) | ||||||||||||||||||
Sales | $ | 2.9 | $ | 1.2 | $ | 47.7 | $ | 141.5 | $ | 148 | ||||||||
Net after-tax losses | $ | (5.6 | ) | $ | (1.3 | ) | $ | (17.6 | ) | $ | (51.2 | ) | $ | (39.6 | ) | |||
Tax benefit on losses | $ | — | $ | — | $ | 0.6 | $ | 1.4 | $ | 2.6 | ||||||||
Restructuring_and_Productivity1
Restructuring and Productivity Initiatives (Tables) | 11 Months Ended | |||||||||
Dec. 29, 2013 | ||||||||||
Productivity Initiatives [Abstract] | ' | |||||||||
Schedule of Accrued Liabilities | ' | |||||||||
Activity in other accrued liability balances for restructuring and productivity charges incurred by the Successor were as follows: | ||||||||||
Severance and other severance related costs | Other exit costs (a) | Total | ||||||||
(In millions) | ||||||||||
Transition period restructuring and productivity initiatives | $ | 217.9 | $ | 69.7 | $ | 287.6 | ||||
Cash payments | (124.6 | ) | (28.1 | ) | (152.7 | ) | ||||
Accrual balance at December 29, 2013 | $ | 93.3 | $ | 41.6 | $ | 134.9 | ||||
(Totals may not add due to rounding) | ||||||||||
______________________________________ | ||||||||||
(a) Other exit costs primarily represent professional fees, and contract and lease termination costs. | ||||||||||
Schedule of Productivity Charges Excluded from Segments | ' | |||||||||
The Company does not include productivity charges in the results of its reportable segments. The pre-tax impact of allocating such charges to segment results would have been as follows: | ||||||||||
Successor | Predecessor | |||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | |||||||||
North American Consumer Products | $ | 114.5 | $ | — | ||||||
Europe | 129.1 | 3.6 | ||||||||
Asia/Pacific | 28.1 | 2.4 | ||||||||
U.S. Foodservice | 27.5 | — | ||||||||
Rest of World | 48.3 | — | ||||||||
Non-Operating | 62.9 | — | ||||||||
Total productivity charges | $ | 410.4 | $ | 6 | ||||||
(Totals may not add due to rounding) | ||||||||||
The Company does not include productivity charges in the results of its reportable segments. The pre-tax impact of allocating such charges to segment results would have been as follows: | ||||||||||
Fiscal 2012 | ||||||||||
(In millions) | ||||||||||
North American Consumer Products | $ | 25.6 | ||||||||
Europe | 56.4 | |||||||||
Asia/Pacific | 65.7 | |||||||||
U.S. Foodservice | 52.8 | |||||||||
Rest of World | 4.4 | |||||||||
Non-Operating | 0.6 | |||||||||
Total productivity charges | $ | 205.4 | ||||||||
(Totals may not add due to rounding) |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 11 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Changes in the carrying amount of goodwill | ' | |||||||||||||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the fiscal years ended April 29, 2012 and April 28, 2013, the Predecessor period April 29, 2013 to June 7, 2013, and the Successor period from February 8, 2013 to December 29, 2013, by reportable segment, are as follows: | ||||||||||||||||||||||||||||||||||||
North | Europe | Asia/ | U.S. | Rest of | Total | |||||||||||||||||||||||||||||||
American | Pacific | Foodservice | World | |||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||
Products | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||||||||||||
Balance at April 27, 2011 | $ | 1,111,737 | $ | 1,221,240 | $ | 392,080 | $ | 257,674 | $ | 315,710 | $ | 3,298,441 | ||||||||||||||||||||||||
Purchase accounting adjustments | — | (600 | ) | — | — | 1,380 | 780 | |||||||||||||||||||||||||||||
Disposals | — | (1,532 | ) | — | — | — | (1,532 | ) | ||||||||||||||||||||||||||||
Translation adjustments | (4,662 | ) | (73,820 | ) | 3,119 | — | (36,799 | ) | (112,162 | ) | ||||||||||||||||||||||||||
Balance at April 29, 2012 | 1,107,075 | 1,145,288 | 395,199 | 257,674 | 280,291 | 3,185,527 | ||||||||||||||||||||||||||||||
Disposals | — | (527 | ) | — | (899 | ) | — | (1,426 | ) | |||||||||||||||||||||||||||
Impairment loss | — | — | (36,000 | ) | — | — | (36,000 | ) | ||||||||||||||||||||||||||||
Goodwill allocated to discontinued operations | — | — | (4,952 | ) | — | — | (4,952 | ) | ||||||||||||||||||||||||||||
Translation adjustments | (5,148 | ) | (39,300 | ) | 5,595 | — | (25,046 | ) | (63,899 | ) | ||||||||||||||||||||||||||
Balance at April 28, 2013 | 1,101,927 | 1,105,461 | 359,842 | 256,775 | 255,245 | 3,079,250 | ||||||||||||||||||||||||||||||
Translation adjustments | (409 | ) | 9,849 | (16,523 | ) | — | (15,986 | ) | (23,069 | ) | ||||||||||||||||||||||||||
Balance at June 7, 2013 | $ | 1,101,518 | $ | 1,115,310 | $ | 343,319 | $ | 256,775 | $ | 239,259 | $ | 3,056,181 | ||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||||||||||||||
Balance at February 8, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Merger (see Note 4) | 8,641,059 | 3,626,692 | 1,501,847 | 1,444,100 | 324,151 | 15,537,849 | ||||||||||||||||||||||||||||||
Purchase accounting adjustment | (122,842 | ) | (105,383 | ) | (210,647 | ) | (55,763 | ) | (26,407 | ) | (521,042 | ) | ||||||||||||||||||||||||
Translation adjustments | (52,976 | ) | 191,063 | (69,438 | ) | — | (15,394 | ) | 53,255 | |||||||||||||||||||||||||||
Balance at December 29, 2013 | $ | 8,465,241 | $ | 3,712,372 | $ | 1,221,762 | $ | 1,388,337 | $ | 282,350 | $ | 15,070,062 | ||||||||||||||||||||||||
Finite-Lived Trademarks and other intangible assets | ' | |||||||||||||||||||||||||||||||||||
other intangible assets at December 29, 2013, April 28, 2013 and April 29, 2012, subject to amortization expense, are as follows: | ||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||
December 29, 2013 | April 28, 2013 | April 29, 2012 | ||||||||||||||||||||||||||||||||||
Gross | Accum Amort | Net | Gross | Accum Amort | Net | Gross | Accum Amort | Net | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Licenses | $ | 119,714 | $ | (10,030 | ) | $ | 109,684 | $ | 208,186 | $ | (169,666 | ) | $ | 38,520 | $ | 208,186 | $ | (163,945 | ) | $ | 44,241 | |||||||||||||||
Customer-related assets | 1,375,876 | (35,773 | ) | 1,340,103 | 209,428 | (77,310 | ) | 132,118 | 216,755 | (69,244 | ) | 147,511 | ||||||||||||||||||||||||
Other | 24,665 | (1,118 | ) | 23,547 | 419,642 | (156,032 | ) | 263,610 | 420,787 | (149,178 | ) | 271,609 | ||||||||||||||||||||||||
$ | 1,520,255 | $ | (46,921 | ) | $ | 1,473,334 | $ | 837,256 | $ | (403,008 | ) | $ | 434,248 | $ | 845,728 | $ | (382,367 | ) | $ | 463,361 | ||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 11 Months Ended | |||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||
Income Tax Expense Benefit Continuing Operations | ' | |||||||||||||||||||
The following table summarizes the provision/(benefit) for U.S. federal, state and foreign taxes on income from continuing operations. | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Current: | ||||||||||||||||||||
U.S. federal | $ | 10,200 | $ | 55,197 | $ | 126,878 | $ | 112,064 | $ | 41,673 | ||||||||||
State | 1,798 | 8,409 | 14,622 | 12,326 | 14,992 | |||||||||||||||
Foreign | 54,382 | 17,983 | 187,363 | 216,076 | 161,355 | |||||||||||||||
66,380 | 81,589 | 328,863 | 340,466 | 218,020 | ||||||||||||||||
Deferred: | ||||||||||||||||||||
U.S. federal | (124,798 | ) | (13,346 | ) | (13,589 | ) | (16,884 | ) | 122,757 | |||||||||||
State | 4,755 | (469 | ) | 894 | 4,124 | (4,402 | ) | |||||||||||||
Foreign | (177,960 | ) | (6,677 | ) | (74,570 | ) | (82,740 | ) | 34,442 | |||||||||||
(298,003 | ) | (20,492 | ) | (87,265 | ) | (95,500 | ) | 152,797 | ||||||||||||
Provision for income taxes | $ | (231,623 | ) | $ | 61,097 | $ | 241,598 | $ | 244,966 | $ | 370,817 | |||||||||
Components of Income From Continuing Operations Before Income Taxes | ' | |||||||||||||||||||
The components of income (loss) from continuing operations before income taxes consist of the following: | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Domestic | $ | (290,579 | ) | $ | (191,629 | ) | $ | 378,283 | $ | 315,741 | $ | 470,646 | ||||||||
Foreign | (7,126 | ) | 61,302 | 965,360 | 920,348 | 945,676 | ||||||||||||||
Income (loss) from continuing operations | $ | (297,705 | ) | $ | (130,327 | ) | $ | 1,343,643 | $ | 1,236,089 | $ | 1,416,322 | ||||||||
U S Federal Statuatory Tax Rate Reconciliation To Effective Tax Rate | ' | |||||||||||||||||||
The differences between the U.S. federal statutory tax rate and the Company’s consolidated effective tax rate on continuing operations are as follows: | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | ||||||||||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | 35 | % | 35 | % | ||||||||||
Tax on income of foreign subsidiaries | 6.9 | 6 | (5.5 | ) | (6.2 | ) | (3.9 | ) | ||||||||||||
Changes in valuation allowances | (2.7 | ) | 1.6 | 0.9 | 1.5 | (0.8 | ) | |||||||||||||
State income taxes | (4.3 | ) | (0.5 | ) | 0.3 | 0.8 | 1 | |||||||||||||
Nondeductible deal costs | (2.0 | ) | (18.8 | ) | — | — | — | |||||||||||||
Earnings repatriation | (1.0 | ) | (77.2 | ) | 0.9 | 2 | 2.9 | |||||||||||||
Tax exempt income | 13.3 | 9.7 | (6.6 | ) | (7.3 | ) | (5.7 | ) | ||||||||||||
Effects of revaluation of tax basis of foreign assets | — | 0.4 | (6.2 | ) | (3.2 | ) | (1.6 | ) | ||||||||||||
Reduction of manufacturing deduction for loss carryback | (3.7 | ) | — | — | — | — | ||||||||||||||
Deferred tax effect of foreign statutory tax rate changes | 35.9 | 0.3 | (0.7 | ) | (1.1 | ) | (0.5 | ) | ||||||||||||
Audit settlements and changes in uncertain tax positions | (0.4 | ) | (3.6 | ) | (0.3 | ) | (2.0 | ) | — | |||||||||||
Other | 0.8 | 0.2 | 0.2 | 0.3 | (0.2 | ) | ||||||||||||||
Effective tax rate | 77.8 | % | (46.9 | )% | 18 | % | 19.8 | % | 26.2 | % | ||||||||||
Deferred Tax Assets And Liabilities | ' | |||||||||||||||||||
The following table and note summarize deferred tax (assets) and deferred tax liabilities as of December 29, 2013, April 28, 2013 and April 29, 2012. | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
December 29, 2013 | April 28, 2013 | April 29, 2012 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Depreciation/amortization | $ | 775,441 | $ | 394,361 | $ | 469,963 | ||||||||||||||
Benefit plans | 81,213 | 41,354 | 59,647 | |||||||||||||||||
Deferred income | 259,238 | 95,911 | 90,006 | |||||||||||||||||
Financing costs | — | 117,161 | 117,670 | |||||||||||||||||
Indefinite lived intangible assets | 3,691,087 | 438,647 | 441,024 | |||||||||||||||||
Unremitted earnings of foreign subsidiaries | 344,883 | 1,571 | 6,466 | |||||||||||||||||
Other | 57,973 | 46,510 | 48,371 | |||||||||||||||||
Deferred tax liabilities | 5,209,835 | 1,135,515 | 1,233,147 | |||||||||||||||||
Operating loss carryforwards/carrybacks | (365,595 | ) | (90,790 | ) | (141,358 | ) | ||||||||||||||
Benefit plans | (87,157 | ) | (211,658 | ) | (195,697 | ) | ||||||||||||||
Depreciation/amortization | (358,098 | ) | (158,194 | ) | (147,745 | ) | ||||||||||||||
Tax credit carryforwards | (71,369 | ) | (111,431 | ) | (81,703 | ) | ||||||||||||||
Deferred income | (93,244 | ) | (18,596 | ) | (20,286 | ) | ||||||||||||||
Other | (129,670 | ) | (97,894 | ) | (96,502 | ) | ||||||||||||||
Deferred tax assets | (1,105,133 | ) | (688,563 | ) | (683,291 | ) | ||||||||||||||
Valuation allowance | 78,205 | 46,069 | 90,553 | |||||||||||||||||
Net deferred tax liabilities | $ | 4,182,907 | $ | 493,021 | $ | 640,409 | ||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | |||||||||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, 2013 | April 29, 2012 | April 27, 2011 | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance at the beginning of the period | $ | 50.7 | $ | 45.4 | $ | 52.7 | $ | 70.7 | $ | 57.1 | ||||||||||
Increases for tax positions of prior years | 0.5 | 5.8 | 1.9 | 5.2 | 13.5 | |||||||||||||||
Decreases for tax positions of prior years | (6.9 | ) | (0.9 | ) | (8.6 | ) | (18.0 | ) | (26.0 | ) | ||||||||||
Increases based on tax positions related to the current year | 4.6 | 1.7 | 13.9 | 3.7 | 10.8 | |||||||||||||||
Increases due to business combinations | 4.4 | — | — | — | 26.9 | |||||||||||||||
Decreases due to settlements with taxing authorities | — | — | (4.1 | ) | (2.2 | ) | (5.4 | ) | ||||||||||||
Decreases due to lapse of statute of limitations | (0.2 | ) | (1.3 | ) | (10.4 | ) | (6.7 | ) | (6.2 | ) | ||||||||||
Balance at the end of the period | $ | 53.1 | $ | 50.7 | $ | 45.4 | $ | 52.7 | $ | 70.7 | ||||||||||
Debt_and_Financing_Arrangement1
Debt and Financing Arrangements (Tables) | 11 Months Ended | |||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | ' | |||||||||||||||||||||||||||
Long-term debt was comprised of the following as of December 29, 2013, April 28, 2013 and April 29, 2012: | ||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||
December 29, 2013 | April 28, 2013 | April 29, 2012 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
$2.95 billion Term B-1 Loan | 2,929,213 | — | — | |||||||||||||||||||||||||
$6.55 billion Term B-2 Loan | 6,518,524 | — | — | |||||||||||||||||||||||||
$3.10 billion 4.25% Second Lien Senior Secured Notes due 2020 | 3,100,000 | — | — | |||||||||||||||||||||||||
Japanese Yen Credit Agreement due October 2012 (variable rate) | — | — | 186,869 | |||||||||||||||||||||||||
Other U.S. Dollar Debt due May 2013 — November 2034 (0.94%—7.96%) | 10,774 | 25,688 | 43,164 | |||||||||||||||||||||||||
Other Non-U.S. Dollar Debt due May 2013 — May 2023 (3.50%—11.00%) | 70,411 | 56,293 | 64,060 | |||||||||||||||||||||||||
5.35% U.S. Dollar Notes due July 2013 | — | 499,993 | 499,958 | |||||||||||||||||||||||||
8.0% Heinz Finance Preferred Stock due July 2013 | — | 350,000 | 350,000 | |||||||||||||||||||||||||
Japanese Yen Credit Agreement due December 2013 (variable rate) | — | 163,182 | 199,327 | |||||||||||||||||||||||||
U.S. Dollar Private Placement Notes due May 2014 — May 2021 (2.11% - 4.23%) | — | 500,000 | 500,000 | |||||||||||||||||||||||||
Japanese Yen Credit Agreement due October 2015 (variable rate) | — | 152,983 | — | |||||||||||||||||||||||||
U.S. Dollar Private Placement Notes due July 2016 — July 2018 (2.86% - 3.55%) | — | 100,000 | 100,000 | |||||||||||||||||||||||||
2.00% U.S. Dollar Notes due September 2016 | 58,308 | 299,933 | 299,913 | |||||||||||||||||||||||||
1.50% U.S. Dollar Notes due March 2017 | 17,743 | 299,648 | 299,556 | |||||||||||||||||||||||||
U.S. Dollar Remarketable Securities due December 2020 | — | 119,000 | 119,000 | |||||||||||||||||||||||||
3.125% U.S. Dollar Notes due September 2021 | 34,433 | 395,772 | 395,268 | |||||||||||||||||||||||||
2.85% U.S. Dollar Notes due March 2022 | 5,599 | 299,565 | 299,516 | |||||||||||||||||||||||||
$235 million 6.375% U.S. Dollar Debentures due July 2028 | 258,075 | 231,396 | 231,137 | |||||||||||||||||||||||||
£125 million 6.25% British Pound Notes due February 2030 | 218,507 | 192,376 | 202,158 | |||||||||||||||||||||||||
$437 million 6.75% U.S. Dollar Notes due March 2032 | 476,943 | 435,185 | 435,112 | |||||||||||||||||||||||||
$931 million 7.125% U.S. Dollar Notes due August 2039 | 1,026,881 | 628,082 | 626,747 | |||||||||||||||||||||||||
14,725,411 | 4,749,096 | 4,851,785 | ||||||||||||||||||||||||||
Hedge Accounting Adjustments (See Note 15) | — | 122,455 | 128,444 | |||||||||||||||||||||||||
Less portion due within one year | (107,765 | ) | (1,023,212 | ) | (200,248 | ) | ||||||||||||||||||||||
Total long-term debt | $ | 14,617,646 | $ | 3,848,339 | $ | 4,779,981 | ||||||||||||||||||||||
Weighted-average interest rate on long-term debt, including the impact of applicable interest rate swaps | 4.01 | % | 4.07 | % | 4.28 | % | ||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | ' | |||||||||||||||||||||||||||
Total long term debt matures as follows: | ||||||||||||||||||||||||||||
Fiscal Year | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | There After | Total | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Maturity /Retirements | $ | 107,765 | $ | 117,801 | $ | 111,258 | $ | 168,543 | $ | 115,411 | $ | 14,104,633 | $ | 14,725,411 | ||||||||||||||
Supplemental_Cash_Flows_Inform1
Supplemental Cash Flows Information (Tables) | 11 Months Ended | |||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||||||||||
Supplemental Cash Flows Information | ' | |||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Cash Paid During the Period For: | ||||||||||||||||||||
Interest | $ | 259,335 | $ | 42,376 | $ | 285,324 | $ | 277,954 | $ | 268,131 | ||||||||||
Income taxes | $ | 131,213 | $ | 31,912 | $ | 327,046 | $ | 265,547 | $ | 154,527 | ||||||||||
Employees_Stock_Incentive_Plan1
Employees' Stock Incentive Plans and Management Incentive Plans (Tables) | 11 Months Ended | |||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions | ' | |||||||||||||||||||
There were no options granted in the Predecessor period April 29, 2013 to June 7, 2013. The weighted average assumptions used to estimate these fair values are as follows: | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 28, | April 29, | April 27, | |||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | ||||||||||||||||||
Dividend yield | — | % | 3.7 | % | 3.7 | % | 3.9 | % | ||||||||||||
Expected volatility | 24.3 | % | 19.4 | % | 20.9 | % | 20.5 | % | ||||||||||||
Expected term (years) | 5 | 7 | 5 | 5.5 | ||||||||||||||||
Risk-free interest rate | 1.4 | % | 1 | % | 1 | % | 1.7 | % | ||||||||||||
Stock option activity and related information | ' | |||||||||||||||||||
A summary of the Company’s stock option activity and related information is as follows: | ||||||||||||||||||||
Number of | Weighted | Aggregate | ||||||||||||||||||
Options | Average | Intrinsic Value | ||||||||||||||||||
Exercise Price | ||||||||||||||||||||
(per share) | ||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Predecessor | ||||||||||||||||||||
Options outstanding at April 28, 2010 | 12,921 | $ | 39.36 | $ | 508,611 | |||||||||||||||
Options granted | 1,733 | 46.42 | 80,460 | |||||||||||||||||
Options exercised | (4,813 | ) | 35.73 | (171,980 | ) | |||||||||||||||
Options cancelled/forfeited and returned to the plan | (73 | ) | 42.81 | (3,147 | ) | |||||||||||||||
Options outstanding at April 27, 2011 | 9,768 | 42.38 | 413,944 | |||||||||||||||||
Options granted | 1,649 | 52.19 | 86,068 | |||||||||||||||||
Options exercised | (2,798 | ) | 37.99 | (106,287 | ) | |||||||||||||||
Options cancelled/forfeited and returned to the plan | (11 | ) | 38.38 | (435 | ) | |||||||||||||||
Options outstanding at April 29, 2012 | 8,608 | 45.69 | 393,290 | |||||||||||||||||
Options granted | 1,540 | 55.72 | 85,828 | |||||||||||||||||
Options exercised | (3,504 | ) | 42.35 | (148,376 | ) | |||||||||||||||
Options cancelled/forfeited and returned to the plan | (110 | ) | 50.67 | (5,616 | ) | |||||||||||||||
Options outstanding at April 28, 2013 | 6,534 | 49.76 | 325,126 | |||||||||||||||||
Options exercised - settled in shares | (25 | ) | 34.6 | (850 | ) | |||||||||||||||
Options exercised - settled in cash | (6,509 | ) | 49.82 | (324,276 | ) | |||||||||||||||
Options outstanding at June 7, 2013 | — | — | — | |||||||||||||||||
Successor | ||||||||||||||||||||
Options outstanding at June 8, 2013 | — | $ | — | $ | — | |||||||||||||||
Options granted | 14,300 | $ | 10 | $ | 143,000 | |||||||||||||||
Options outstanding at December 29, 2013 | 14,300 | $ | 10 | $ | 143,000 | |||||||||||||||
Options vested and exercisable at April 27, 2011 | 5,744 | $ | 40.65 | $ | 233,507 | |||||||||||||||
Options vested and exercisable at April 29, 2012 | 4,418 | $ | 43.9 | $ | 193,942 | |||||||||||||||
Options vested and exercisable at April 28, 2013 | 2,573 | $ | 48.01 | $ | 123,502 | |||||||||||||||
Options vested and exercisable at June 7, 2013 | — | $ | — | $ | — | |||||||||||||||
Options vested and exercisable at December 29, 2013 | — | $ | — | $ | — | |||||||||||||||
Unvested Stock Options | ' | |||||||||||||||||||
A summary of the status of the Company’s unvested stock options is as follows: | ||||||||||||||||||||
Number of | Weighted | |||||||||||||||||||
Options | Average | |||||||||||||||||||
Grant Date | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
(per share) | ||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Predecessor | ||||||||||||||||||||
Unvested options at April 29, 2012 | 4,190 | $ | 5.43 | |||||||||||||||||
Options granted | 1,540 | $ | 5.79 | |||||||||||||||||
Options vested | (1,662 | ) | $ | 5.39 | ||||||||||||||||
Options forfeited | (107 | ) | $ | 5.61 | ||||||||||||||||
Unvested options at April 28, 2013 | 3,961 | $ | 5.59 | |||||||||||||||||
Options vested | (3,961 | ) | $ | 5.59 | ||||||||||||||||
Unvested options at June 7, 2013 | — | $ | — | |||||||||||||||||
Successor | ||||||||||||||||||||
Unvested options at June 8, 2013 | — | $ | — | |||||||||||||||||
Options granted | 14,300 | $ | 2.43 | |||||||||||||||||
Unvested options at December 29, 2013 | 14,300 | $ | 2.43 | |||||||||||||||||
Activity Of Unvested Restricted Stock Unit And Restricted Stock Awards | ' | |||||||||||||||||||
A summary of the activity of unvested RSU and restricted stock awards and related information is as follows: | ||||||||||||||||||||
Number of Units | Weighted | |||||||||||||||||||
Average | ||||||||||||||||||||
Grant Date | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
(Per Share) | ||||||||||||||||||||
(In thousands, | ||||||||||||||||||||
except per share data) | ||||||||||||||||||||
Predecessor | ||||||||||||||||||||
Unvested units and stock at April 28, 2010 | 1,496 | $ | 44.13 | |||||||||||||||||
Units and stock granted | 574 | 46.74 | ||||||||||||||||||
Units and stock vested | (725 | ) | 44.96 | |||||||||||||||||
Units and stock cancelled/forfeited and returned to the plan | (49 | ) | 43.47 | |||||||||||||||||
Unvested units and stock at April 27, 2011 | 1,296 | 44.84 | ||||||||||||||||||
Units and stock granted | 526 | 52.31 | ||||||||||||||||||
Units and stock vested | (520 | ) | 45.27 | |||||||||||||||||
Units and stock cancelled/forfeited and returned to the plan | (32 | ) | 45.9 | |||||||||||||||||
Unvested units and stock at April 29, 2012 | 1,270 | 47.75 | ||||||||||||||||||
Units and stock granted | 464 | 55.88 | ||||||||||||||||||
Units and stock vested | (567 | ) | 47.33 | |||||||||||||||||
Units and stock cancelled/forfeited and returned to the plan | (53 | ) | 50.01 | |||||||||||||||||
Unvested units and stock at April 28, 2013 | 1,114 | $ | 51.24 | |||||||||||||||||
Units and stock vested - settled in shares | (9 | ) | 46.37 | |||||||||||||||||
Units and stock vested - settled in cash | (1,004 | ) | 51.05 | |||||||||||||||||
Units and stock converted to liability awards (RSU retention awards) | (97 | ) | 53.69 | |||||||||||||||||
Units and stock cancelled/forfeited and returned to the plan | (4 | ) | 51.35 | |||||||||||||||||
Unvested units and stock at June 7, 2013 | — | $ | — | |||||||||||||||||
Long-term Performance Program [Member] | ' | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||||||||
Compensation cost recognized in SG&A | ' | |||||||||||||||||||
The compensation cost related to LTPP awards primarily recognized in SG&A and the related tax benefit are as follows: | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Pre-tax compensation cost | $ | — | $ | 3.8 | $ | 17.3 | $ | 18.4 | $ | 21.5 | ||||||||||
Tax benefit | — | 1.3 | 6.1 | 6.5 | 7.4 | |||||||||||||||
After-tax compensation cost | $ | — | $ | 2.5 | $ | 11.2 | $ | 11.9 | $ | 14.1 | ||||||||||
Stock Option and Restricted Stock Plans [Member] | ' | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||||||||
Compensation cost recognized in SG&A | ' | |||||||||||||||||||
The compensation cost related to equity plans that were in place in the Predecessor periods primarily recognized in SG&A and Merger related costs, and the related tax benefit, are as follows: | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Pre-tax compensation cost | $ | 2.6 | $ | 26.3 | $ | 33.7 | $ | 36.5 | $ | 32.7 | ||||||||||
Tax benefit | 0.9 | 8 | 10.8 | 12 | 10.4 | |||||||||||||||
After-tax compensation cost | $ | 1.7 | $ | 18.3 | $ | 22.9 | $ | 24.5 | $ | 22.3 | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 11 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Fair value assets and liabilities measured on recurring basis | ' | |||||||||||||||||||||||||||||||||||||||||||||||
As of December 29, 2013, April 28, 2013 and April 29, 2012, the fair values of the Company’s assets and liabilities measured on a recurring basis are categorized as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||
December 29, 2013 | April 28, 2013 | April 29, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives(a) | $ | — | $ | 315,361 | $ | — | $ | 315,361 | $ | — | $ | 68,892 | $ | — | $ | 68,892 | $ | — | $ | 90,221 | $ | — | $ | 90,221 | ||||||||||||||||||||||||
Total assets at fair value | $ | — | $ | 315,361 | $ | — | $ | 315,361 | $ | — | $ | 68,892 | $ | — | $ | 68,892 | $ | — | $ | 90,221 | $ | — | $ | 90,221 | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives(a) | $ | — | $ | 206,134 | $ | — | $ | 206,134 | $ | — | $ | 79,871 | $ | — | $ | 79,871 | $ | — | $ | 15,379 | $ | — | $ | 15,379 | ||||||||||||||||||||||||
Earn-out(b) | — | — | — | — | — | — | — | — | — | — | 46,881 | 46,881 | ||||||||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | — | $ | 206,134 | $ | — | $ | 206,134 | $ | — | $ | 79,871 | $ | — | $ | 79,871 | $ | — | $ | 15,379 | $ | 46,881 | $ | 62,260 | ||||||||||||||||||||||||
(a) | Foreign currency derivative contracts are valued based on observable market spot and forward rates and classified within Level 2 of the fair value hierarchy. Interest rate swaps are valued based on observable market swap rates and classified within Level 2 of the fair value hierarchy. Cross-currency interest rate swaps are valued based on observable market spot and swap rates and classified within Level 2 of the fair value hierarchy. Cross-currency swaps are valued based on observable market spot and swap rates and classified within Level 2 of the fair value hierarchy. The total rate of return swap is valued based on observable market swap rates and the Company's credit spread, and is classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | The Company acquired Foodstar in China in Fiscal 2011. Consideration for this acquisition included a potential earn-out payment in 2014 contingent upon certain net sales and EBITDA (earnings before interest, taxes, depreciation and amortization) targets during Fiscals 2013 and 2014. The fair value of the earn-out was estimated using a discounted cash flow model and is based on significant inputs not observed in the market and thus represents a Level 3 measurement. Key assumptions in determining the fair value of the earn-out include the discount rate, and revenue and EBITDA projections for Fiscals 2013 and 2014. As of April 29, 2012 there were no significant changes to the fair value of the earn-out recorded for Foodstar at the acquisition date. During the third quarter of Fiscal 2013, the Company renegotiated the terms of the earn-out agreement in order to give the Company additional flexibility in the future for growing its business in China, one of its largest and most important emerging markets. This renegotiation resulted in the settlement of the earn-out for a cash payment of $60.0 million (see Note 5 for additional information). |
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefit Plans (Tables) | 11 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||
Change in Benefit Obligation and Plan Assets | ' | |||||||||||||||||||||||||||||||||||||||
The following table sets forth the changes in benefit obligation, plan assets and funded status of the Company’s principal defined benefit plans and other postretirement benefit plans at December 29, 2013, June 7, 2013, April 28, 2013 and April 29, 2012. | ||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, 2013 | April 29, 2012 | February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, 2013 | April 29, 2012 | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Change in Benefit Obligation: | ||||||||||||||||||||||||||||||||||||||||
Benefit obligation at the beginning of the period | $ | 3,152,003 | $ | 3,271,566 | $ | 2,930,347 | $ | 2,765,316 | $ | 250,633 | $ | 257,317 | $ | 249,017 | $ | 234,431 | ||||||||||||||||||||||||
Service cost | 20,684 | 3,967 | 31,580 | 33,719 | 3,550 | 743 | 6,486 | 5,967 | ||||||||||||||||||||||||||||||||
Interest cost | 71,850 | 13,557 | 132,110 | 139,525 | 5,053 | 938 | 9,923 | 11,457 | ||||||||||||||||||||||||||||||||
Participants’ contributions | 1,298 | 186 | 2,294 | 2,281 | 376 | 56 | 659 | 712 | ||||||||||||||||||||||||||||||||
Amendments | — | — | (145 | ) | 3,396 | (20,603 | ) | — | — | 735 | ||||||||||||||||||||||||||||||
Actuarial (gain) loss | (72,118 | ) | (91,756 | ) | 428,881 | 196,606 | (19,570 | ) | (6,038 | ) | 9,153 | 17,278 | ||||||||||||||||||||||||||||
Settlement | (113,075 | ) | — | (11,971 | ) | (1,854 | ) | — | — | — | — | |||||||||||||||||||||||||||||
Curtailment | (3,167 | ) | — | — | — | (1,017 | ) | — | — | — | ||||||||||||||||||||||||||||||
Special/contractual termination benefits | 36,385 | 17,230 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Annuity plan transfers | 81,144 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Benefits paid | (93,630 | ) | (13,191 | ) | (157,672 | ) | (152,342 | ) | (8,372 | ) | (1,485 | ) | (15,760 | ) | (19,574 | ) | ||||||||||||||||||||||||
Translation adjustments | 144,018 | (49,556 | ) | (83,858 | ) | (56,300 | ) | (1,871 | ) | (898 | ) | (2,161 | ) | (1,989 | ) | |||||||||||||||||||||||||
Benefit obligation at the end of the period | $ | 3,225,392 | $ | 3,152,003 | $ | 3,271,566 | $ | 2,930,347 | $ | 208,179 | $ | 250,633 | $ | 257,317 | $ | 249,017 | ||||||||||||||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at the beginning of the period | $ | 3,334,138 | $ | 3,379,143 | $ | 3,140,834 | $ | 3,261,881 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Actual return on plan assets | 161,056 | 16,740 | 429,011 | 84,004 | — | — | — | — | ||||||||||||||||||||||||||||||||
Settlement | (113,075 | ) | — | (11,971 | ) | (1,854 | ) | — | — | — | — | |||||||||||||||||||||||||||||
Special/contractual termination benefits | (714 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Employer contribution | 156,165 | 6,812 | 69,388 | 23,469 | 7,996 | 1,429 | 15,101 | 18,862 | ||||||||||||||||||||||||||||||||
Participants’ contributions | 1,298 | 186 | 2,294 | 2,281 | 376 | 56 | 659 | 712 | ||||||||||||||||||||||||||||||||
Annuity plan transfers | 41,149 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Benefits paid | (93,630 | ) | (13,191 | ) | (157,672 | ) | (152,342 | ) | (8,372 | ) | (1,485 | ) | (15,760 | ) | (19,574 | ) | ||||||||||||||||||||||||
Translation adjustments | 168,302 | (55,552 | ) | (92,741 | ) | (76,605 | ) | — | — | — | ||||||||||||||||||||||||||||||
Fair value of plan assets at the end of the period | 3,654,689 | 3,334,138 | 3,379,143 | 3,140,834 | — | — | — | — | ||||||||||||||||||||||||||||||||
Funded status | $ | 429,297 | $ | 182,135 | $ | 107,577 | $ | 210,487 | $ | (208,179 | ) | $ | (250,633 | ) | $ | (257,317 | ) | $ | (249,017 | ) | ||||||||||||||||||||
Benefit obligation recognized in consolidated balance sheet | ' | |||||||||||||||||||||||||||||||||||||||
Amounts recognized in the consolidated balance sheets consist of the following: | ||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, 2013 | April 29, 2012 | February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, 2013 | April 29, 2012 | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Other non-current assets | $ | 502,143 | $ | 362,832 | $ | 287,467 | $ | 399,868 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Other accrued liabilities | (3,309 | ) | (73,593 | ) | (32,271 | ) | (15,943 | ) | (14,625 | ) | (15,679 | ) | (16,998 | ) | (17,565 | ) | ||||||||||||||||||||||||
Other non-current liabilities | (69,537 | ) | (107,104 | ) | (147,619 | ) | (173,438 | ) | (193,554 | ) | (234,954 | ) | (240,319 | ) | (231,452 | ) | ||||||||||||||||||||||||
Net asset/(liabilities) recognized | $ | 429,297 | $ | 182,135 | $ | 107,577 | $ | 210,487 | $ | (208,179 | ) | $ | (250,633 | ) | $ | (257,317 | ) | $ | (249,017 | ) | ||||||||||||||||||||
Components of net periodic benefit cost | ' | |||||||||||||||||||||||||||||||||||||||
Total pension cost of the Company’s principal pension plans and postretirement plans consisted of the following: | ||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | FY 2013 | FY 2012 | FY 2011 | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Components of defined benefit net periodic benefit cost: | ||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 20,684 | $ | 3,967 | $ | 31,580 | $ | 33,719 | $ | 32,329 | $ | 3,550 | $ | 743 | $ | 6,486 | $ | 5,967 | $ | 6,311 | ||||||||||||||||||||
Interest cost | 71,850 | 13,557 | 132,110 | 139,525 | 142,133 | 5,053 | 938 | 9,923 | 11,457 | 12,712 | ||||||||||||||||||||||||||||||
Expected return on assets | (116,294 | ) | (28,784 | ) | (250,660 | ) | (234,717 | ) | (229,258 | ) | — | — | — | — | — | |||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||||||||||
Prior service cost/(credit) | — | 245 | 2,495 | 1,995 | 2,455 | — | (677 | ) | (6,178 | ) | (6,127 | ) | (5,155 | ) | ||||||||||||||||||||||||||
Net actuarial loss | — | 10,460 | 75,897 | 83,800 | 77,687 | — | 222 | 1,803 | 1,095 | 1,604 | ||||||||||||||||||||||||||||||
Loss due to curtailment, settlement and special termination benefits | 56,584 | 17,230 | 4,524 | 1,120 | 2,039 | (1,017 | ) | — | — | — | — | |||||||||||||||||||||||||||||
Net periodic benefit (income)/cost | 32,824 | 16,675 | (4,054 | ) | 25,442 | 27,385 | 7,586 | 1,226 | 12,034 | 12,392 | 15,472 | |||||||||||||||||||||||||||||
Defined contribution plans | 24,039 | 4,573 | 47,382 | 46,572 | 49,089 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Total cost | $ | 56,863 | $ | 21,248 | $ | 43,328 | $ | 72,014 | $ | 76,474 | $ | 7,586 | $ | 1,226 | $ | 12,034 | $ | 12,392 | $ | 15,472 | ||||||||||||||||||||
Accumulated other comprehensive loss before tax | ' | |||||||||||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss, before tax, consist of the following: | ||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||||||||||||||||||||
December 29, 2013 | June 7, 2013 | April 28, 2013 | April 29, 2012 | December 29, 2013 | June 7, 2013 | April 28, 2013 | April 29, 2012 | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Net actuarial (gain)/loss | $ | (99,537 | ) | $ | 1,259,795 | $ | 1,349,614 | $ | 1,174,199 | $ | (19,570 | ) | $ | 29,089 | $ | 35,349 | $ | 28,000 | ||||||||||||||||||||||
Prior service cost/(credit) | — | 27,165 | 27,410 | 30,051 | (20,603 | ) | (6,619 | ) | (7,296 | ) | (13,474 | ) | ||||||||||||||||||||||||||||
Net amount recognized | $ | (99,537 | ) | $ | 1,286,960 | $ | 1,377,024 | $ | 1,204,250 | $ | (40,173 | ) | $ | 22,470 | $ | 28,053 | $ | 14,526 | ||||||||||||||||||||||
Accumulated other comprehensive loss income expected to be recognized as components of net periodic benefit costs credits | ' | |||||||||||||||||||||||||||||||||||||||
Amounts in accumulated other comprehensive loss (income) expected to be recognized as components of net periodic benefit cost/(credit) in the following fiscal year are as follows: | ||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||||||||||||||||||||
December 29, 2013 | April 28, 2013 | April 29, 2012 | December 29, 2013 | April 28, 2013 | April 29, 2012 | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Net actuarial (gain)/loss | $ | (62 | ) | $ | 95,772 | $ | 77,238 | $ | — | $ | 2,030 | $ | 1,803 | |||||||||||||||||||||||||||
Prior service cost/(credit) | — | 2,253 | 2,569 | (6,306 | ) | (6,180 | ) | (6,174 | ) | |||||||||||||||||||||||||||||||
Net amount recognized | $ | (62 | ) | $ | 98,025 | $ | 79,807 | $ | (6,306 | ) | $ | (4,150 | ) | $ | (4,371 | ) | ||||||||||||||||||||||||
Weighted average rates used for determining the projected benefit obligations | ' | |||||||||||||||||||||||||||||||||||||||
The weighted-average rates used in determining the projected benefit obligations for defined benefit pension plans and the accumulated postretirement benefit obligation for other postretirement plans were as follows: | ||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||||||||||||||||||||
December 29, 2013 | June 7, 2013 | April 28, 2013 | April 29, 2012 | December 29, 2013 | June 7, 2013 | April 28, 2013 | April 29, 2012 | |||||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 4.1 | % | 4 | % | 4.8 | % | 4.3 | % | 3.7 | % | 3.4 | % | 4.1 | % | ||||||||||||||||||||||||
Compensation increase rate | 3.7 | % | 3.4 | % | 3.5 | % | 3.4 | % | — | % | — | % | — | % | — | % | ||||||||||||||||||||||||
Weighted average rates used for determining the defined benefit plans | ' | |||||||||||||||||||||||||||||||||||||||
The weighted-average rates used in determining the defined benefit plans’ net pension costs and net postretirement benefit costs were as follows: | ||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
FY 2013 | FY 2012 | FY 2011 | FY 2013 | FY 2012 | FY 2011 | |||||||||||||||||||||||||||||||||||
Expected rate of return | 6.2 | % | 8.1 | % | 8.1 | % | 8.2 | % | 8.2 | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||||||
Discount rate | 4.1 | % | 4 | % | 4 | % | 4.8 | % | 5.6 | % | 3.7 | % | 3.4 | % | 3.4 | % | 4.1 | % | 5.5 | % | ||||||||||||||||||||
Compensation increase rate | 3.5 | % | 3.5 | % | 3.5 | % | 3.4 | % | 4 | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||||||
One percentage point change | ' | |||||||||||||||||||||||||||||||||||||||
A one-percentage-point change in assumed health care cost trend rates would have the following effects: | ||||||||||||||||||||||||||||||||||||||||
1% Increase | 1% Decrease | |||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Effect on total service and interest cost components | $ | 863 | $ | (763 | ) | |||||||||||||||||||||||||||||||||||
Effect on postretirement benefit obligations | $ | 15,697 | $ | (14,209 | ) | |||||||||||||||||||||||||||||||||||
Weighted average asset allocation | ' | |||||||||||||||||||||||||||||||||||||||
The Company’s defined benefit pension plans’ weighted average actual and target asset allocation at December 29, 2013, April 28, 2013 and April 29, 2012 were as follows: | ||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
Plan Assets at | Target Allocation at | |||||||||||||||||||||||||||||||||||||||
Asset Category | December 29, 2013 | April 28, 2013 | April 29, 2012 | December 29, 2013 | April 28, 2013 | April 29, 2012 | ||||||||||||||||||||||||||||||||||
Equity securities | 53 | % | 62 | % | 61 | % | 58 | % | 58 | % | 59 | % | ||||||||||||||||||||||||||||
Debt securities | 26 | % | 29 | % | 31 | % | 33 | % | 33 | % | 32 | % | ||||||||||||||||||||||||||||
Real estate | 8 | % | 8 | % | 7 | % | 8 | % | 8 | % | 8 | % | ||||||||||||||||||||||||||||
Cash and cash equivalents | 13 | % | 1 | % | 1 | % | 1 | % | 1 | % | 1 | % | ||||||||||||||||||||||||||||
100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||||||
Direct Cash Holdings And Institutional Short Term Investment Vehicles | ' | |||||||||||||||||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||||||||||||||||||
December 29, 2013 | ||||||||||||||||||||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Equity Securities | $ | 624,154 | $ | — | $ | — | $ | 624,154 | ||||||||||||||||||||||||||||||||
Equity Securities (mutual and pooled funds) | 126,001 | 1,187,306 | — | 1,313,307 | ||||||||||||||||||||||||||||||||||||
Fixed Income Securities | 44,621 | 886,388 | 11,235 | 942,244 | ||||||||||||||||||||||||||||||||||||
Other Investments | — | — | 296,880 | 296,880 | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | 77,761 | 400,342 | — | 478,103 | ||||||||||||||||||||||||||||||||||||
Total | $ | 872,537 | $ | 2,474,036 | $ | 308,115 | $ | 3,654,688 | ||||||||||||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||||||||||||||||
April 28, 2013 | ||||||||||||||||||||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Equity Securities | $ | 882,081 | $ | — | $ | — | $ | 882,081 | ||||||||||||||||||||||||||||||||
Equity Securities (mutual and pooled funds) | 182,723 | 1,057,111 | — | 1,239,834 | ||||||||||||||||||||||||||||||||||||
Fixed Income Securities | 49,577 | 919,383 | 11,336 | 980,296 | ||||||||||||||||||||||||||||||||||||
Other Investments | — | — | 256,781 | 256,781 | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | 6,787 | 13,364 | — | 20,151 | ||||||||||||||||||||||||||||||||||||
Total | $ | 1,121,168 | $ | 1,989,858 | $ | 268,117 | $ | 3,379,143 | ||||||||||||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||||||||||||||||
April 29, 2012 | ||||||||||||||||||||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Equity Securities | $ | 822,184 | $ | — | $ | — | $ | 822,184 | ||||||||||||||||||||||||||||||||
Equity Securities (mutual and pooled funds) | 147,865 | 943,745 | — | 1,091,610 | ||||||||||||||||||||||||||||||||||||
Fixed Income Securities | 76,032 | 894,978 | 10,486 | 981,496 | ||||||||||||||||||||||||||||||||||||
Other Investments | — | — | 216,234 | 216,234 | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | 10,335 | 18,975 | — | 29,310 | ||||||||||||||||||||||||||||||||||||
Total | $ | 1,056,416 | $ | 1,857,698 | $ | 226,720 | $ | 3,140,834 | ||||||||||||||||||||||||||||||||
Changes in fair value of Pension plan level 3 assets | ' | |||||||||||||||||||||||||||||||||||||||
Changes in the fair value of the Plan’s Level 3 assets are summarized as follows: | ||||||||||||||||||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||||||||||||||||||
Fair Value | Acquisitions | Transfers Out | Dispositions | Realized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||||||
April 28, | Gain/(Loss) | Gain/(Loss) | December 29, | |||||||||||||||||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Fixed Income Securities | $ | 11,336 | $ | — | $ | — | $ | — | $ | — | $ | (101 | ) | $ | 11,235 | |||||||||||||||||||||||||
Other Investments | 256,781 | 8,211 | — | (767 | ) | 741 | 31,914 | 296,880 | ||||||||||||||||||||||||||||||||
Total | $ | 268,117 | $ | 8,211 | $ | — | $ | (767 | ) | $ | 741 | $ | 31,813 | $ | 308,115 | |||||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||||||||||||||||
Fair Value | Acquisitions | Transfers Out | Dispositions | Realized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||||||
April 29, | Gain/(Loss) | Gain/(Loss) | April 28, | |||||||||||||||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Fixed Income Securities | $ | 10,486 | $ | — | $ | — | $ | — | $ | — | $ | 850 | $ | 11,336 | ||||||||||||||||||||||||||
Other Investments | 216,234 | 58,701 | (10,498 | ) | (3,605 | ) | (6,637 | ) | 2,586 | 256,781 | ||||||||||||||||||||||||||||||
Total | $ | 226,720 | $ | 58,701 | $ | (10,498 | ) | $ | (3,605 | ) | $ | (6,637 | ) | $ | 3,436 | $ | 268,117 | |||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||||||||||||||||
Fair Value | Acquisitions | Transfers In | Dispositions | Realized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||||||
April 27, | Gain/(Loss) | Gain/(Loss) | April 29, | |||||||||||||||||||||||||||||||||||||
2011 | 2012 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
Fixed Income Securities | $ | 9,649 | $ | — | $ | — | $ | — | $ | — | $ | 837 | $ | 10,486 | ||||||||||||||||||||||||||
Other Investments | 131,095 | 96,938 | 10,138 | (21,262 | ) | 753 | (1,428 | ) | 216,234 | |||||||||||||||||||||||||||||||
Total | $ | 140,744 | $ | 96,938 | $ | 10,138 | $ | (21,262 | ) | $ | 753 | $ | (591 | ) | $ | 226,720 | ||||||||||||||||||||||||
Benefit payment expected in future years | ' | |||||||||||||||||||||||||||||||||||||||
Benefit payments expected in future years are as follows: | ||||||||||||||||||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||||||||||||||||||
Benefits | Retiree | |||||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
2014 | $ | 168,604 | $ | 14,674 | ||||||||||||||||||||||||||||||||||||
2015 | $ | 166,798 | $ | 15,522 | ||||||||||||||||||||||||||||||||||||
2016 | $ | 170,395 | $ | 16,334 | ||||||||||||||||||||||||||||||||||||
2017 | $ | 173,630 | $ | 16,959 | ||||||||||||||||||||||||||||||||||||
2018 | $ | 176,858 | $ | 17,244 | ||||||||||||||||||||||||||||||||||||
Years 2019-2023 | $ | 923,753 | $ | 84,295 | ||||||||||||||||||||||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging Activities (Tables) | 11 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Fair values and corresponding balance sheet captions of the Company's derivative instruments | ' | |||||||||||||||||||||||||||||||||||
The following table presents the fair values and corresponding balance sheet captions of the Company’s derivative instruments as of December 29, 2013, April 28, 2013 and April 29, 2012: | ||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||
December 29, 2013 | April 28, 2013 | April 29, 2012 | ||||||||||||||||||||||||||||||||||
Foreign | Interest | Cross-Currency Swap Contracts | Foreign | Interest | Cross- | Foreign | Interest | Cross- | ||||||||||||||||||||||||||||
Exchange | Rate | Exchange | Rate | Currency | Exchange | Rate | Currency | |||||||||||||||||||||||||||||
Contracts | Contracts | Contracts | Contracts | Interest Rate | Contracts | Contracts | Interest Rate | |||||||||||||||||||||||||||||
Swap | Swap | |||||||||||||||||||||||||||||||||||
Contracts | Contracts | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||
Other receivables, net | $ | 37,072 | $ | — | $ | — | $ | 23,240 | $ | 4,226 | $ | — | $ | 17,318 | $ | 6,851 | $ | 18,222 | ||||||||||||||||||
Other non-current assets | 4,129 | 265,390 | 31,303 | 11,498 | 29,103 | — | 8,188 | 29,393 | 4,974 | |||||||||||||||||||||||||||
41,201 | 265,390 | 31,303 | 34,738 | 33,329 | — | 25,506 | 36,244 | 23,196 | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||
Other receivables, net | 8,771 | — | — | 825 | — | — | 5,041 | — | — | |||||||||||||||||||||||||||
Other non-current assets | — | — | — | — | — | — | — | 234 | — | |||||||||||||||||||||||||||
8,771 | — | — | 825 | — | — | 5,041 | 234 | — | ||||||||||||||||||||||||||||
Total assets(1) | $ | 49,972 | $ | 265,390 | $ | 31,303 | $ | 35,563 | $ | 33,329 | $ | — | $ | 30,547 | $ | 36,478 | $ | 23,196 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||
Other payables | $ | 5,251 | $ | — | $ | — | $ | 1,508 | $ | — | $ | 34,805 | $ | 10,653 | $ | — | $ | 2,760 | ||||||||||||||||||
Other non-current liabilities | — | — | 221,899 | 217 | — | 37,520 | 14 | — | — | |||||||||||||||||||||||||||
5,251 | — | 221,899 | 1,725 | — | 72,325 | 10,667 | — | 2,760 | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||
Other payables | — | — | — | 4,860 | — | — | 1,952 | — | — | |||||||||||||||||||||||||||
Other non-current liabilities | 10,286 | — | — | — | 960 | — | — | — | — | |||||||||||||||||||||||||||
10,286 | — | — | 4,860 | 960 | — | 1,952 | — | — | ||||||||||||||||||||||||||||
Total liabilities(1) | $ | 15,537 | $ | — | $ | 221,899 | $ | 6,585 | $ | 960 | $ | 72,325 | $ | 12,619 | $ | — | $ | 2,760 | ||||||||||||||||||
(1) The Company’s derivative financial instruments are subject to master netting arrangements that allow for the offset of asset and liabilities in the event of default or early termination of the contract. The Company elects to record the gross assets and liabilities of its derivative financial instruments in the consolidated balance sheets. If the derivative financial instruments had been netted in the consolidated balance sheets, the asset and liability positions each would have been reduced by $237.4 million, $68.9 million and $15.4 million at December 29, 2013, April 28, 2013 and April 29, 2012. No material amounts of collateral were received or posted on the Company’s derivative assets and liabilities as at December 29, 2013. | ||||||||||||||||||||||||||||||||||||
Effect of derivative instruments on the statement of income | ' | |||||||||||||||||||||||||||||||||||
The following table presents the pre-tax effect of derivative instruments on the statement of income for the Successor period February 8, 2013 to December 29, 2013, the Predecessor period April 29, 2013 to June 7, 2013, and fiscal year ended April 28, 2013: | ||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, 2013 FY2013 | ||||||||||||||||||||||||||||||||||
Foreign Exchange | Interest Rate | Cross-Currency Swap Contracts | Foreign Exchange | Interest Rate | Cross-Currency | Foreign Exchange | Interest Rate | Cross-Currency | ||||||||||||||||||||||||||||
Contracts | Contracts | Contracts | Contracts | Interest Rate | Contracts | Contracts | Interest Rate | |||||||||||||||||||||||||||||
Swap Contracts | Swap Contracts | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||||||
Net gains/(losses) recognized in other comprehensive loss (effective portion) | $ | 30,441 | $ | 147,455 | $ | (190,597 | ) | $ | 2,603 | $ | — | $ | (4,079 | ) | $ | 47,623 | $ | — | $ | (77,080 | ) | |||||||||||||||
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): | ||||||||||||||||||||||||||||||||||||
Sales | $ | (1,020 | ) | $ | — | $ | — | $ | 990 | $ | — | $ | — | $ | 10,940 | $ | — | $ | — | |||||||||||||||||
Cost of products sold | 2,874 | — | — | 1,814 | — | — | (4,584 | ) | — | — | ||||||||||||||||||||||||||
Selling, general and administrative expenses | (83 | ) | — | — | — | — | — | (102 | ) | — | — | |||||||||||||||||||||||||
Other income/(expense), net | 2,387 | — | — | (1,858 | ) | — | (9,821 | ) | 13,924 | — | (70,135 | ) | ||||||||||||||||||||||||
Interest income/(expense) | 35 | — | — | 61 | (20 | ) | (538 | ) | 29 | (236 | ) | (5,389 | ) | |||||||||||||||||||||||
4,193 | — | — | 1,007 | (20 | ) | (10,359 | ) | 20,207 | (236 | ) | (75,524 | ) | ||||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||||||||||||
Net losses recognized in other expense, net | — | (180 | ) | — | — | (5,925 | ) | — | — | (2,915 | ) | 70,135 | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments | — | 117,934 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net losses recognized in other expense, net | (31,241 | ) | — | — | (3,890 | ) | — | — | (7,976 | ) | — | — | ||||||||||||||||||||||||
Net losses recognized in interest income | — | — | — | — | — | — | — | (1,193 | ) | — | ||||||||||||||||||||||||||
(31,241 | ) | 117,934 | — | (3,890 | ) | — | — | (7,976 | ) | (1,193 | ) | — | ||||||||||||||||||||||||
Total amount recognized in statement of income | $ | (27,048 | ) | $ | 117,754 | $ | — | $ | (2,883 | ) | $ | (5,945 | ) | $ | (10,359 | ) | $ | 12,231 | $ | (4,344 | ) | $ | (5,389 | ) | ||||||||||||
The following table presents the pre-tax effect of derivative instruments on the statement of income for the fiscal years ended April 29, 2012 and April 27, 2011: | ||||||||||||||||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||||||||||||||||
April 29, 2012 | April 27, 2011 | |||||||||||||||||||||||||||||||||||
Foreign Exchange | Interest Rate | Cross-Currency | Foreign Exchange | Interest Rate | Cross-Currency | |||||||||||||||||||||||||||||||
Contracts | Contracts | Interest Rate | Contracts | Contracts | Interest Rate | |||||||||||||||||||||||||||||||
Swap Contracts | Swap Contracts | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||||||
Net gains/(losses) recognized in other comprehensive loss (effective portion) | $ | 45,658 | $ | (2,341 | ) | $ | 5,725 | $ | 3,626 | $ | — | $ | 16,649 | |||||||||||||||||||||||
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): | ||||||||||||||||||||||||||||||||||||
Sales | $ | 8,033 | $ | — | $ | — | $ | 3,375 | $ | — | $ | — | ||||||||||||||||||||||||
Cost of products sold | (19,880 | ) | — | — | (23,372 | ) | — | — | ||||||||||||||||||||||||||||
Selling, general and administrative expenses | (62 | ) | — | — | (141 | ) | — | — | ||||||||||||||||||||||||||||
Other income, net | 33,401 | — | 8,901 | 35,744 | — | 24,644 | ||||||||||||||||||||||||||||||
Interest income/(expense) | 199 | (146 | ) | (5,966 | ) | 226 | — | (4,484 | ) | |||||||||||||||||||||||||||
21,691 | (146 | ) | 2,935 | 15,832 | — | 20,160 | ||||||||||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||||||||||||
Net losses recognized in other expense, net | — | (19,181 | ) | — | — | (51,125 | ) | — | ||||||||||||||||||||||||||||
Net losses recognized in interest expense, net | — | — | — | — | (351 | ) | — | |||||||||||||||||||||||||||||
— | (19,181 | ) | — | — | (51,476 | ) | — | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||
Net (losses)/gains recognized in other expense, net | (2,183 | ) | — | — | 3,351 | — | — | |||||||||||||||||||||||||||||
Net gains recognized in interest income | — | 234 | — | — | — | — | ||||||||||||||||||||||||||||||
(2,183 | ) | 234 | — | 3,351 | — | — | ||||||||||||||||||||||||||||||
Total amount recognized in statement of income | $ | 19,508 | $ | (19,093 | ) | $ | 2,935 | $ | 19,183 | $ | (51,476 | ) | $ | 20,160 | ||||||||||||||||||||||
Other_Comprehensive_IncomeLoss1
Other Comprehensive Income/(Loss) (Tables) | 11 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes the allocation of total other comprehensive income/(loss) between H. J. Heinz Company and the noncontrolling interest: | ||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | 28-Apr-13 | ||||||||||||||||||||||||||||||||||
FY 2013 | ||||||||||||||||||||||||||||||||||||
H. J. Heinz | Noncontrolling | Total | H. J. Heinz | Noncontrolling | Total | H. J. Heinz | Noncontrolling | Total | ||||||||||||||||||||||||||||
Company | Interest | Company | Interest | Company | Interest | |||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Net (loss)/income | $ | (77,021 | ) | $ | 5,303 | $ | (71,718 | ) | $ | (195,571 | ) | $ | 2,874 | $ | (192,697 | ) | $ | 1,012,903 | $ | 14,430 | $ | 1,027,333 | ||||||||||||||
Other comprehensive income/(loss), net of tax: | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 140,242 | (11,301 | ) | 128,941 | (93,780 | ) | (4,083 | ) | (97,863 | ) | (213,259 | ) | (15,721 | ) | (228,980 | ) | ||||||||||||||||||||
Net deferred (losses) on net investment hedges from periodic revaluations | (117,694 | ) | — | (117,694 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Net pension and post-retirement benefit (losses)/gains | 102,464 | (12 | ) | 102,452 | — | — | — | (189,294 | ) | (8 | ) | (189,302 | ) | |||||||||||||||||||||||
Reclassification of net pension and post-retirement benefit losses/(gains) to net income | — | — | — | 7,291 | (25 | ) | 7,266 | 54,833 | — | 54,833 | ||||||||||||||||||||||||||
Net deferred (losses)/gains on other derivatives from periodic revaluations | 110,686 | 510 | 111,196 | (1,099 | ) | 40 | (1,059 | ) | (11,736 | ) | (7 | ) | (11,743 | ) | ||||||||||||||||||||||
Net deferred losses/(gains) on derivatives reclassified to earnings | (2,688 | ) | (55 | ) | (2,743 | ) | 6,551 | 1 | 6,552 | 29,646 | (38 | ) | 29,608 | |||||||||||||||||||||||
Total comprehensive income/(loss) | $ | 155,989 | $ | (5,555 | ) | $ | 150,434 | $ | (276,608 | ) | $ | (1,193 | ) | $ | (277,801 | ) | $ | 683,093 | $ | (1,344 | ) | $ | 681,749 | |||||||||||||
Tax Expenses Benefits Associated With Components Of Other Comprehensive Income | ' | |||||||||||||||||||||||||||||||||||
The tax (expense)/benefit associated with each component of other comprehensive income/(loss) are as follows: | ||||||||||||||||||||||||||||||||||||
Fiscal Year Ending | ||||||||||||||||||||||||||||||||||||
H. J. Heinz Company | Noncontrolling Interest | Total | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||||||||||||
27-Apr-11 | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | (1,158 | ) | $ | — | $ | (1,158 | ) | ||||||||||||||||||||||||||||
Net pension and post-retirement benefit losses | $ | (25,670 | ) | $ | 14 | $ | (25,656 | ) | ||||||||||||||||||||||||||||
Reclassification of net pension and post-retirement benefit losses to net income | $ | 25,276 | $ | — | $ | 25,276 | ||||||||||||||||||||||||||||||
Net change in fair value of cash flow hedges | $ | (10,348 | ) | $ | 132 | $ | (10,216 | ) | ||||||||||||||||||||||||||||
Net hedging gains/losses reclassified into earnings | $ | (15,149 | ) | $ | 191 | $ | (14,958 | ) | ||||||||||||||||||||||||||||
29-Apr-12 | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 180 | $ | — | $ | 180 | ||||||||||||||||||||||||||||||
Net pension and post-retirement benefit losses | $ | 112,665 | $ | 9 | $ | 112,674 | ||||||||||||||||||||||||||||||
Reclassification of net pension and post-retirement benefit losses to net income | $ | 25,070 | $ | — | $ | 25,070 | ||||||||||||||||||||||||||||||
Net change in fair value of cash flow hedges | $ | (17,770 | ) | $ | 9 | $ | (17,761 | ) | ||||||||||||||||||||||||||||
Net hedging gains/losses reclassified into earnings | $ | (10,756 | ) | $ | 92 | $ | (10,664 | ) | ||||||||||||||||||||||||||||
28-Apr-13 | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | (115 | ) | $ | — | $ | (115 | ) | ||||||||||||||||||||||||||||
Net pension and post-retirement benefit losses | $ | (75,526 | ) | $ | — | $ | (75,526 | ) | ||||||||||||||||||||||||||||
Reclassification of net pension and post-retirement benefit losses to net income | $ | 23,694 | $ | — | $ | 23,694 | ||||||||||||||||||||||||||||||
Net change in fair value of cash flow hedges | $ | 17,712 | $ | 2 | $ | 17,714 | ||||||||||||||||||||||||||||||
Net hedging gains/losses reclassified into earnings | $ | 25,954 | $ | (13 | ) | $ | 25,941 | |||||||||||||||||||||||||||||
April 29 - June 7, 2013 | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | (116 | ) | $ | — | $ | (116 | ) | ||||||||||||||||||||||||||||
Reclassification of net pension and post-retirement benefit losses to net income | $ | 2,958 | $ | — | $ | 2,958 | ||||||||||||||||||||||||||||||
Net change in fair value of cash flow hedges | $ | 377 | $ | (13 | ) | $ | 364 | |||||||||||||||||||||||||||||
Net hedging gains/losses reclassified into earnings | $ | 2,882 | $ | 1 | $ | 2,883 | ||||||||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||||||||||||||
February 8 - December 29, 2013 | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | (422 | ) | $ | — | $ | (422 | ) | ||||||||||||||||||||||||||||
Net change in fair value of net investment hedges | $ | 72,903 | $ | — | $ | 72,903 | ||||||||||||||||||||||||||||||
Net pension and post-retirement benefit gains | $ | (39,682 | ) | $ | — | $ | (39,682 | ) | ||||||||||||||||||||||||||||
Net change in fair value of cash flow hedges | $ | (67,210 | ) | $ | (166 | ) | $ | (67,376 | ) | |||||||||||||||||||||||||||
Net hedging gains/losses reclassified into earnings | $ | 1,505 | $ | 18 | $ | 1,523 | ||||||||||||||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 11 Months Ended | |||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segments | ' | |||||||||||||||||||
The following table presents information about the Company’s reportable segments: | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(29 Weeks) | (6 Weeks) | (52 Weeks) | (52 1/2 Weeks) | (52 Weeks) | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net External Sales | ||||||||||||||||||||
North American Consumer Products | $ | 1,669,924 | $ | 307,972 | $ | 3,195,099 | $ | 3,241,533 | $ | 3,265,857 | ||||||||||
Europe | 1,829,607 | 284,657 | 3,314,523 | 3,441,282 | 3,236,800 | |||||||||||||||
Asia/Pacific | 1,328,488 | 272,116 | 2,533,334 | 2,500,411 | 2,247,193 | |||||||||||||||
U.S. Foodservice | 772,598 | 135,688 | 1,370,779 | 1,345,768 | 1,339,100 | |||||||||||||||
Rest of World | 638,945 | 112,439 | 1,115,151 | 978,578 | 469,686 | |||||||||||||||
Consolidated Totals | $ | 6,239,562 | $ | 1,112,872 | $ | 11,528,886 | $ | 11,507,572 | $ | 10,558,636 | ||||||||||
Operating Income (Loss) | ||||||||||||||||||||
North American Consumer Products(a) | $ | 269,642 | $ | 65,459 | $ | 790,939 | $ | 812,056 | $ | 832,719 | ||||||||||
Europe(a) | 195,235 | 32,918 | 593,044 | 608,829 | 581,148 | |||||||||||||||
Asia/Pacific(a) | 11,833 | 37,616 | 265,879 | 234,671 | 253,524 | |||||||||||||||
U.S. Foodservice(a) | 84,273 | 15,531 | 186,155 | 169,843 | 183,425 | |||||||||||||||
Rest of World(a) | 74,238 | 10,559 | 112,660 | 105,080 | 53,371 | |||||||||||||||
Other: | ||||||||||||||||||||
Non-Operating(b) | (74,827 | ) | (16,070 | ) | (226,588 | ) | (222,754 | ) | (216,549 | ) | ||||||||||
Fiscal 2013 special items(c) | — | — | (15,624 | ) | — | — | ||||||||||||||
Restructuring and productivity initiatives(d) | (410,430 | ) | (6,042 | ) | — | (205,418 | ) | — | ||||||||||||
Merger related costs(e) | (157,938 | ) | (112,188 | ) | (44,814 | ) | — | — | ||||||||||||
Consolidated Totals | $ | (7,974 | ) | $ | 27,783 | $ | 1,661,651 | $ | 1,502,307 | $ | 1,687,638 | |||||||||
Depreciation and Amortization Expenses | ||||||||||||||||||||
Total North America | $ | 153,402 | $ | 16,162 | $ | 126,859 | $ | 131,023 | $ | 121,480 | ||||||||||
Europe | 62,044 | 9,976 | 98,806 | 98,384 | 91,222 | |||||||||||||||
Asia/Pacific | 41,009 | 7,311 | 62,233 | 59,796 | 49,802 | |||||||||||||||
Rest of World | 11,256 | 2,520 | 22,836 | 19,290 | 6,324 | |||||||||||||||
Non-Operating(b) | 41,342 | 5,054 | 35,898 | 28,428 | 23,971 | |||||||||||||||
Consolidated Totals | $ | 309,053 | $ | 41,023 | $ | 346,632 | $ | 336,921 | $ | 292,799 | ||||||||||
Successor | Predecessor | |||||||||||||||||||
29-Dec-13 | 28-Apr-13 | 29-Apr-12 | ||||||||||||||||||
FY 2013 | FY 2012 | |||||||||||||||||||
Identifiable Assets | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total North America | $ | 14,486,939 | $ | 3,289,900 | $ | 3,394,387 | ||||||||||||||
Europe | 11,673,072 | 5,129,880 | 4,158,349 | |||||||||||||||||
Asia/Pacific | 4,039,589 | 2,670,376 | 2,544,332 | |||||||||||||||||
Rest of World | 1,336,733 | 1,123,407 | 1,145,696 | |||||||||||||||||
Non-Operating(g) | 7,436,015 | 725,444 | 740,529 | |||||||||||||||||
Consolidated Totals | $ | 38,972,348 | $ | 12,939,007 | $ | 11,983,293 | ||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(29 Weeks) | (6 Weeks) | (52 Weeks) | (52 1/2 Weeks) | (52 Weeks) | ||||||||||||||||
Capital Expenditures(f) | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total North America | $ | 47,060 | $ | 10,050 | $ | 107,207 | $ | 103,958 | $ | 101,001 | ||||||||||
Europe | 45,121 | 4,537 | 96,112 | 113,420 | 97,964 | |||||||||||||||
Asia/Pacific | 47,209 | 3,389 | 91,361 | 99,912 | 71,419 | |||||||||||||||
Rest of World | 15,720 | 2,960 | 48,747 | 38,539 | 12,829 | |||||||||||||||
Non-Operating(b) | 46,905 | 99,218 | 55,671 | 62,905 | 52,433 | |||||||||||||||
Consolidated Totals | $ | 202,015 | $ | 120,154 | $ | 399,098 | $ | 418,734 | $ | 335,646 | ||||||||||
(a) | The negative impact of the inventory step-up adjustment recorded in purchase accounting to operating income in the Successor period was $139.8 million for North American Consumer Products, $110.3 million for Europe, $89.6 million for Asia/Pacific, $33.8 million for U.S. Foodservice and $9.8 million for Rest of World. | |||||||||||||||||||
(b) | Includes corporate overhead, intercompany eliminations and charges not directly attributable to operating segments. | |||||||||||||||||||
(c) | During the fourth quarter of Fiscal 2013, the Company closed a factory in South Africa resulting in a $3.5 million in costs of products sold primarily related to asset write-downs. During the third quarter of Fiscal 2013, the Company renegotiated the terms of the Foodstar Holdings Pte earn-out that was due in 2014 resulting in a $12.1 million charge in SG&A. See Note 13 for further explanation. | |||||||||||||||||||
(d) | See Note 7 for further details on restructuring and productivity initiatives. | |||||||||||||||||||
(e) | See Note 4 for further details on Merger related costs | |||||||||||||||||||
(f) | Excludes property, plant and equipment obtained through acquisitions. | |||||||||||||||||||
(g) | Includes identifiable assets not directly attributable to operating segments. | |||||||||||||||||||
Revenue from External Customers by Products and Services | ' | |||||||||||||||||||
The Company’s revenues are generated via the sale of products in the following categories: | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(29 Weeks) | (6 Weeks) | (52 Weeks) | (52 1/2 Weeks) | (52 Weeks) | ||||||||||||||||
Net External Sales | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Ketchup and Sauces | $ | 3,081,347 | $ | 533,932 | $ | 5,375,788 | $ | 5,232,607 | $ | 4,607,326 | ||||||||||
Meals and Snacks | 2,185,831 | 359,412 | 4,240,808 | 4,337,995 | 4,134,836 | |||||||||||||||
Infant/Nutrition | 624,359 | 118,528 | 1,189,015 | 1,232,248 | 1,175,438 | |||||||||||||||
Other | 348,025 | 101,000 | 723,275 | 704,722 | 641,036 | |||||||||||||||
Total | $ | 6,239,562 | $ | 1,112,872 | $ | 11,528,886 | $ | 11,507,572 | $ | 10,558,636 | ||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | |||||||||||||||||||
The Company has significant sales and long-lived assets in the following geographic areas. Sales are based on the location in which the sale originated. Long-lived assets include property, plant and equipment, goodwill, trademarks and other intangibles, net of related depreciation and amortization. | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, | April 29, | April 27, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(29 Weeks) | (6 Weeks) | (52 Weeks) | (52 1/2 Weeks) | (52 Weeks) | ||||||||||||||||
Net External Sales | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
United States | $ | 2,072,049 | $ | 371,253 | $ | 3,857,247 | $ | 3,885,057 | $ | 3,916,988 | ||||||||||
United Kingdom | 859,512 | 130,741 | 1,597,755 | 1,611,177 | 1,506,607 | |||||||||||||||
Other | 3,308,001 | 610,878 | 6,073,884 | 6,011,338 | 5,135,041 | |||||||||||||||
Total | $ | 6,239,562 | $ | 1,112,872 | $ | 11,528,886 | $ | 11,507,572 | $ | 10,558,636 | ||||||||||
Successor | Predecessor | |||||||||||||||||||
29-Dec-13 | 28-Apr-13 | 29-Apr-12 | ||||||||||||||||||
FY 2013 | FY 2012 | |||||||||||||||||||
Long-Lived Assets | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
United States | $ | 16,280,596 | $ | 2,383,136 | $ | 2,419,518 | ||||||||||||||
United Kingdom | 6,999,989 | 1,133,086 | 1,207,918 | |||||||||||||||||
Other | 8,942,514 | 3,437,299 | 3,540,923 | |||||||||||||||||
Total | $ | 32,223,099 | $ | 6,953,521 | $ | 7,168,359 | ||||||||||||||
Change_in_Fiscal_Year_End_Tabl
Change in Fiscal Year End (Tables) | 11 Months Ended | |||||||||||
Dec. 29, 2013 | ||||||||||||
Change in Fiscal Year End [Abstract] | ' | |||||||||||
Condensed Income Statement | ' | |||||||||||
H. J. Heinz Company and Subsidiaries | ||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||
Successor | Predecessor | |||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | 23-Dec-12 | ||||||||||
FY2013 | ||||||||||||
(29 Weeks) | (6 Weeks) | (34 Weeks) | ||||||||||
(Unaudited) | ||||||||||||
(In thousands) | ||||||||||||
Sales | $ | 6,239,562 | $ | 1,112,872 | $ | 7,438,060 | ||||||
Gross profit | $ | 1,651,771 | $ | 383,335 | $ | 2,692,003 | ||||||
(Benefit from)/provision for income taxes | $ | (231,623 | ) | $ | 61,097 | $ | 142,528 | |||||
(Loss)/income from continuing operations | $ | (66,082 | ) | $ | (191,424 | ) | $ | 769,272 | ||||
Loss from discontinued operations, net of tax | $ | (5,636 | ) | $ | (1,273 | ) | $ | (36,322 | ) | |||
Net (loss)/income attributable to H. J. Heinz Company | $ | (77,021 | ) | $ | (195,571 | ) | $ | 722,331 | ||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (Hawk Acquisition Sub, Inc. [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Apr. 28, 2013 |
Hawk Acquisition Sub, Inc. [Member] | ' |
Statement of Financial Position [Abstract] | ' |
Cash | $3,011,750 |
Other assets | 125,231 |
Total assets | 3,136,981 |
Notes payable | 3,100,000 |
Other liabilities | 94,889 |
Total liabilities | 3,194,889 |
Shareholder's deficit | -57,908 |
Total liabilities and shareholder's deficit | 3,136,981 |
Income Statement [Abstract] | ' |
Merger related costs | 19,713 |
Operating loss | -19,713 |
Unrealized loss on derivative instrument | -65,294 |
Interest Expense, net | -10,743 |
Loss from continuing operations before income tax | -95,750 |
Benefit from income taxes | 37,842 |
Net loss | ($57,908) |
Significant_Accounting_Policie2
Significant Accounting Policies (Details) | 2 Months Ended | 11 Months Ended | |
Apr. 29, 2012 | Dec. 29, 2013 | Mar. 13, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Weeks in Fiscal Year | '52 1/2 week | ' | 'P52WK |
Cumulative inflation rate in an economy for applying Highly inflationary accounting | ' | 'three-year period meets or exceeds 100 percent | ' |
Highly Inflationary Accounting, Cumulative Inflation Rate In Economy, Period | ' | '3 years | ' |
Building [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives for computer software, miniumum, in years | ' | '40 years | ' |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives for computer software, miniumum, in years | ' | '15 years | ' |
Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives for computer software, miniumum, in years | ' | '15 years | ' |
Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Weeks in Fiscal Year | ' | 'P52WK | ' |
Highly Inflationary Accounting, Cumulative Inflation Rate In Economy, Rate | ' | 100.00% | ' |
Estimated useful lives for computer software, miniumum, in years | ' | '3 years | ' |
Minimum [Member] | Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives for computer software, miniumum, in years | ' | '3 years | ' |
Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Weeks in Fiscal Year | ' | 'P53WK | ' |
Estimated useful lives for computer software, miniumum, in years | ' | '40 years | ' |
Original Maturities Of Cash Equivalents Defined As Highly Liquid Investments | ' | '90 days | ' |
Maximum [Member] | Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives for computer software, miniumum, in years | ' | '7 years | ' |
Significant_Accounting_Policie3
Significant Accounting Policies (Dividends) (Details) (Berkshire Hathaway [Member], Preferred Stock [Member], USD $) | Dec. 29, 2013 |
In Billions, unless otherwise specified | |
Berkshire Hathaway [Member] | Preferred Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Equity Method Investment, Summarized Financial Information, Redeemable Preferred Stock | $8 |
Dividends Payable, Annual, Percent | 9.00% |
Merger_and_Acquisition_Merger_
Merger and Acquisition (Merger Narrative) (Details) (USD $) | 0 Months Ended | 11 Months Ended | 0 Months Ended | 0 Months Ended | 11 Months Ended | 2 Months Ended | 11 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Jun. 08, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jun. 08, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 08, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jun. 07, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Feb. 08, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | |
H.J. Heinz Holding Corporation [Member] | H.J. Heinz Holding Corporation [Member] | Common Stock [Member] | Cash [Member] | Cash [Member] | Long-term Debt [Member] | Senior Debt Obligations [Member] | Senior Debt Obligations [Member] | 4.25% Senior Secured Notes [Member] | 6.375% U.S. Dollar Debentures due July 2028 [Member] | 6.375% U.S. Dollar Debentures due July 2028 [Member] | 6.375% U.S. Dollar Debentures due July 2028 [Member] | 6.375% U.S. Dollar Debentures due July 2028 [Member] | US Dollar Notes Due 2030, 6.25 Percent [Member] | 6.75% U.S. Dollar Notes due March 2032 [Member] | 6.75% U.S. Dollar Notes due March 2032 [Member] | 6.75% U.S. Dollar Notes due March 2032 [Member] | 6.75% U.S. Dollar Notes due March 2032 [Member] | 7.125% U.S. Dollar Notes due August 2039 [Member] | 7.125% U.S. Dollar Notes due August 2039 [Member] | 7.125% U.S. Dollar Notes due August 2039 [Member] | 7.125% U.S. Dollar Notes due August 2039 [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | ||||||
H.J. Heinz Holding Corporation [Member] | ||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory, Finished Goods and Work in Process, Gross | ' | ' | $384,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Share Price | ' | ' | ' | ' | ' | ' | ' | $72.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration paid to predecessor shareholders | 28,750,000,000 | ' | ' | ' | ' | 23,564,254,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt | ' | ' | 16,500,000,000 | ' | ' | 3,021,655,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Senior Credit Facility | ' | ' | 11,500,000,000 | ' | ' | ' | ' | ' | 9,500,000,000 | 9,500,000,000 | 3,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | ' | 14,725,411,000 | ' | 4,749,096,000 | 4,851,785,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0.0425 | 258,075,000 | ' | 231,396,000 | 231,137,000 | ' | 476,943,000 | ' | 435,185,000 | 435,112,000 | 1,026,881,000 | ' | 628,082,000 | 626,747,000 | 14,725,411,000 | 14,725,411,000 | ' | ' | ' | ' | ' |
Debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 315,900,000 | 320,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -320,824,000 | ' | 0 | 0 | 0 | 0 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.38% | 6.38% | ' | 6.25% | ' | 6.75% | 6.75% | ' | ' | 7.13% | 7.13% | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill on acquisition | ' | ' | ' | ' | ' | 15,016,807,000 | 15,020,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,070,062,000 | 15,070,062,000 | 0 | 3,056,181,000 | 3,079,250,000 | 3,185,527,000 | 3,298,441,000 |
Merger (see Note 4) | ' | ' | ' | ' | ' | 58,242,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 157,938,000 | ' | 112,188,000 | 44,814,000 | 0 | 0 |
Integration costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,800,000 | 70,000,000 | ' | ' | ' | ' | ' |
Severance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,900,000 | ' | ' | ' | ' | 48,100,000 |
Professional Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,000,000 |
Gains (Losses) on Extinguishment of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $129,400,000 |
Merger_and_Acquisition_PPE_Nar
Merger and Acquisition (PP&E Narrative) (Details) | 11 Months Ended |
Dec. 29, 2013 | |
Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives for computer software, miniumum, in years | '3 years |
Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives for computer software, miniumum, in years | '40 years |
Merger_and_Acquisition_Estimat
Merger and Acquisition (Estimated Fair Values Acquired Assets and Liabilities Assumed) (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 08, 2013 | Apr. 27, 2011 | Jun. 07, 2013 |
Business Acquisition [Line Items] | ' | ' | ' |
Long term debt | ' | ' | ($16,500,000) |
Total consideration paid to predecessor shareholders | 28,750,000 | ' | ' |
Cash and cash equivalents of Predecessor at June 7, 2013 | ' | -40,605 | ' |
Acquisitions of business, net of cash on hand | ' | 618,302 | ' |
H.J. Heinz Holding Corporation [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Cash | 3,223,588 | ' | ' |
Other current assets | 3,734,558 | ' | ' |
Property, Plant and Equipment | 2,681,670 | ' | ' |
Trademark and other intangibles | 14,406,924 | ' | ' |
Other non-current assets | 652,038 | ' | ' |
Trade and other payables | -2,799,165 | ' | ' |
Long term debt | -3,021,655 | ' | ' |
Deferred income taxes | -4,221,354 | ' | ' |
Non-pension postretirement benefits and other noncurrent liabilities | -662,439 | ' | ' |
Redeemable non controlling interest and non controlling interest | -258,008 | ' | ' |
Net assets acquired | 13,736,157 | ' | ' |
Goodwill on acquisition | 15,016,807 | ' | 15,020,000 |
Total consideration pushed down from Parent | 28,752,964 | ' | ' |
Debt repayment and associated costs | -3,976,847 | ' | ' |
Excess cash from parent | -1,153,621 | ' | ' |
Other transaction related costs | -58,242 | ' | ' |
Total consideration paid to predecessor shareholders | 23,564,254 | ' | ' |
Cash and cash equivalents of Predecessor at June 7, 2013 | -2,069,967 | ' | ' |
Acquisitions of business, net of cash on hand | $21,494,287 | ' | ' |
Merger_and_Acquisition_Pro_For
Merger and Acquisition (Pro Forma Information) (Details) (H.J. Heinz Holding Corporation [Member], USD $) | 11 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Apr. 28, 2013 |
H.J. Heinz Holding Corporation [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Revenue | $7,352,434 | $11,528,886 |
Income/(loss) from continuing operations | $186,721 | $324,042 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | 11 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
Jan. 27, 2013 | Dec. 29, 2013 | Apr. 27, 2011 | Apr. 01, 2011 | Apr. 01, 2011 | Nov. 02, 2010 | Apr. 29, 2012 | Apr. 29, 2012 | Apr. 27, 2011 | Apr. 01, 2011 | Apr. 01, 2011 | Jul. 29, 2012 | Dec. 29, 2013 | Apr. 01, 2011 | |
Coniexpress S.A. Industrias Alimenticias [Member] | Coniexpress S.A. Industrias Alimenticias [Member] | Foodstar Holding Pte [Member] | Foodstar Holding Pte [Member] | P.T. Heinz ABC Indonesia [Member] | Heinz UFE Ltd [Member] | Trademarks [Member] | Rest of World [Member] | Coniexpress Sa Industrias Alimenticias [Member] | Coniexpress Sa Industrias Alimenticias [Member] | Coniexpress Sa Industrias Alimenticias [Member] | ||||
Customer-related assets [Member] | Coniexpress S.A. Industrias Alimenticias [Member] | Coniexpress S.A. Industrias Alimenticias [Member] | ||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownerhsip interest by Parent | ' | ' | ' | 80.00% | ' | ' | ' | 65.00% | 79.00% | ' | ' | ' | ' | ' |
Cash paid for acquisition | ' | ' | $658,907,000 | $493,500,000 | ' | $165,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Other current assets | ' | ' | ' | 10,600,000 | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition including short-term investment | ' | ' | ' | 60,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax cost incurred related to acquisition | ' | ' | ' | 11,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of remaining interest in subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 21.00% | ' | ' | ' | 5.00% | 20.00% |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | ' | ' | 161,900,000 | ' | ' | ' | ' | ' | 142,000,000 | ' | ' | ' | ' |
Business acquisition purchase price allocation intangible assets total excluding goodwill | ' | ' | ' | ' | ' | 70,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | ' | ' | ' | ' | ' | 42,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition purchase price allocation intangible assets which are subject to amortization | ' | ' | ' | ' | 19,900,000 | 28,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimate contingent liability | ' | ' | ' | ' | ' | ' | 44,500,000 | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Decrease from Purchase of Interests | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | 15.00% | ' | ' |
Acquisition of subsidiary shares from noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | -54,800,000 | -6,300,000 | ' | ' | -80,100,000 | ' | ' |
Total consideration pushed down from Parent | ' | ' | ' | ' | ' | 77,300,000 | ' | ' | ' | ' | 301,600,000 | ' | ' | ' |
Business aquisition contingent consideration cash payment | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business aquisition contingent consideration cash payment, operating activity | ' | 15,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earn-out settlement | ' | 44,547,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination contingent consideration arrangements, settlement charge | $12,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Acquisitions_Schedule_of
Other Acquisitions (Schedule of Cash Paid to Fair Value of Assets Acquired) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Apr. 27, 2011 | Nov. 02, 2010 | Apr. 29, 2012 | ||
Foodstar Holding Pte [Member] | Foodstar Holding Pte [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | |
Fair value of assets | $1,057,870,000 | ' | ' | |
Liabilities | 274,294,000 | [1] | ' | ' |
Redeemable Noncontrolling Interest Of Acquisitions | 124,669,000 | [2] | ' | ' |
Cash paid for acquisition | 658,907,000 | 165,400,000 | ' | |
Cash and cash equivalents of Predecessor at June 7, 2013 | 40,605,000 | ' | ' | |
Acquisitions of business, net of cash on hand | 618,302,000 | ' | ' | |
Estimate contingent liability | ' | ' | $44,500,000 | |
[1] | Includes contingent obligations to sellers of $44.5 million in 2011. | |||
[2] | See NoteB 18 for additional information. |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | |
U.S. Foodservice Desserts and Long Fong [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Sales | $1,200,000 | $2,900,000 | $47,700,000 | $141,500,000 | $148,000,000 |
Net after-tax losses | -1,300,000 | -5,600,000 | -17,600,000 | -51,200,000 | -39,600,000 |
Tax benefit on losses | 0 | 0 | 600,000 | 1,400,000 | 2,600,000 |
U.S. Foodservice Desert Business [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Pre tax losses on sale of business | ' | 32,700,000 | ' | ' | ' |
After tax losses on sale of business | ' | $21,100,000 | ' | ' | ' |
Restructuring_and_Productivity2
Restructuring and Productivity Initiatives (Narrative) (Details) (USD $) | 11 Months Ended | 11 Months Ended | 0 Months Ended | 11 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 1 Months Ended | 12 Months Ended | 11 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Nov. 14, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Apr. 29, 2012 | Apr. 29, 2012 | Apr. 29, 2012 | Apr. 29, 2012 | Apr. 29, 2012 | Apr. 29, 2012 | Apr. 29, 2012 | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 29, 2012 | Apr. 29, 2012 | Apr. 29, 2012 | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 29, 2012 | Apr. 29, 2012 | |
employee | Severance and other severance related costs | Other exit costs | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Productivity Initatives [Member] | Productivity Initatives [Member] | Productivity Initatives [Member] | Fiscal 2012 Plan [Member] | Fiscal 2012 Plan [Member] | Fiscal 2012 Plan [Member] | Fiscal 2012 Plan [Member] | Europe [Member] | Europe [Member] | Europe [Member] | Europe [Member] | United States [Member] | Asia Pacific [Member] | Asia Pacific [Member] | Asia Pacific [Member] | Asia Pacific [Member] | |
factories | Cost of Sales [Member] | Selling, General and Administrative Expenses [Member] | Severance and other severance related costs | Other exit costs | Facility Closing [Member] | Facility Closing [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Productivity Initatives [Member] | Productivity Initatives [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Productivity Initatives [Member] | ||||||||
employee | Facility Closing [Member] | positions | Other exit costs | Facility Closing [Member] | positions | Cost of Sales [Member] | Selling, General and Administrative Expenses [Member] | Loss from discontinued operations [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |||||||||||||||||||||
factories | factories | Facility Closing [Member] | Facility Closing [Member] | Facility Closing [Member] | ||||||||||||||||||||||||||||
factories | factories | factories | ||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring approximate number of positions affected | 3,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incurred Cost | ' | ' | ' | 410,400,000 | 168,700,000 | 241,700,000 | ' | 69,700,000 | 66,200,000 | ' | 6,000,000 | ' | ' | 6,000,000 | -56,584,000 | 274,500,000 | ' | 72,900,000 | ' | 205,400,000 | 129,900,000 | 75,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 144,000,000 | ' | ' | 18,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Faciliites Eliminated | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of positions eliminated | ' | ' | ' | ' | ' | ' | 1,350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400 | ' | ' | 1,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Severance Costs | ' | ' | ' | 87,900,000 | ' | ' | 63,000,000 | ' | ' | ' | ' | ' | 48,100,000 | ' | ' | ' | 81,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of factories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | 2 | 3 | ' | ' | ' | 1 |
Productivity charges | ' | ' | ' | 410,400,000 | ' | ' | ' | ' | ' | 6,000,000 | ' | 205,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,100,000 | 3,600,000 | 56,400,000 | ' | ' | 28,100,000 | 2,400,000 | 65,700,000 | ' |
Restructuring Reserve, Current | $134,900,000 | $93,300,000 | $41,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | $54,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring_and_Productivity3
Restructuring and Productivity Initiatives (Details) (USD $) | 11 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 11 Months Ended | 0 Months Ended | 11 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 29, 2012 | Jun. 07, 2013 | Apr. 29, 2012 | Jun. 07, 2013 | Apr. 29, 2012 | Jun. 07, 2013 | Apr. 29, 2012 | Jun. 07, 2013 | Apr. 29, 2012 | Jun. 07, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Nov. 14, 2013 | Dec. 29, 2013 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Severance and other severance related costs | Severance and other severance related costs | Other exit costs | ||
North American Consumer Products [Member] | Europe [Member] | Asia/Pacific [Member] | U.S. Foodservice [Member] | Rest of World [Member] | Non-operating | North American Consumer Products [Member] | North American Consumer Products [Member] | Europe [Member] | Europe [Member] | Asia/Pacific [Member] | Asia/Pacific [Member] | U.S. Foodservice [Member] | U.S. Foodservice [Member] | Rest of World [Member] | Rest of World [Member] | Non-operating | Non-operating | Successor [Member] | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Productivity charges | ' | $410.40 | $114.50 | $129.10 | $28.10 | $27.50 | $48.30 | $62.90 | $6 | $205.40 | ' | $0 | $25.60 | $3.60 | $56.40 | $2.40 | $65.70 | $0 | $52.80 | $0 | $4.40 | $0 | $0.60 | ' | ' | ' |
Severance Costs | ' | 87.9 | ' | ' | ' | ' | ' | ' | ' | ' | 48.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63 | ' |
Accrued Liabilities and Other Liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2014 restructuring and productivity initiatives | 287.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217.9 | ' | 69.7 |
Cash payments | -152.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -124.6 | ' | -28.1 |
Reserve balance at October 28, 2013 | $134.90 | ' | ' | ' | ' | ' | ' | ' | ' | $54.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $93.30 | ' | $41.60 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets 1 (Details) (USD $) | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 08, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 |
Europe [Member] | Europe [Member] | Europe [Member] | Asia/Pacific [Member] | Asia/Pacific [Member] | Asia/Pacific [Member] | Rest of World [Member] | Rest of World [Member] | Rest of World [Member] | H.J. Heinz Holding Corporation [Member] | H.J. Heinz Holding Corporation [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | ||||
North American Consumer Products [Member] | North American Consumer Products [Member] | North American Consumer Products [Member] | Europe [Member] | Europe [Member] | Europe [Member] | Asia/Pacific [Member] | Asia/Pacific [Member] | Asia/Pacific [Member] | U.S. Foodservice [Member] | U.S. Foodservice [Member] | U.S. Foodservice [Member] | Rest of World [Member] | Rest of World [Member] | Rest of World [Member] | North American Consumer Products [Member] | Europe [Member] | Asia/Pacific [Member] | U.S. Foodservice [Member] | Rest of World [Member] | ||||||||||||||||||||
Changes in the carrying amount of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Beginning Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,016,807,000 | $15,020,000,000 | $3,079,250,000 | $3,185,527,000 | $3,298,441,000 | ' | $1,101,927,000 | $1,107,075,000 | $1,111,737,000 | $1,105,461,000 | $1,145,288,000 | $1,221,240,000 | $359,842,000 | $395,199,000 | $392,080,000 | $256,775,000 | $257,674,000 | $257,674,000 | $255,245,000 | $280,291,000 | $315,710,000 | $0 | $0 | $0 | $0 | $0 | $0 |
Purchase accounting adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 780,000 | ' | ' | ' | 0 | ' | ' | -600,000 | ' | ' | 0 | ' | ' | 0 | ' | ' | 1,380,000 | -521,042,000 | -122,842,000 | -105,383,000 | -210,647,000 | -55,763,000 | -26,407,000 |
Disposals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,426,000 | -1,532,000 | ' | ' | 0 | 0 | ' | -527,000 | -1,532,000 | ' | 0 | 0 | ' | -899,000 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' |
Translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23,069,000 | 63,899,000 | 112,162,000 | ' | -409,000 | 5,148,000 | 4,662,000 | 9,849,000 | 39,300,000 | 73,820,000 | -16,523,000 | -5,595,000 | -3,119,000 | 0 | 0 | 0 | -15,986,000 | 25,046,000 | 36,799,000 | 53,255,000 | -52,976,000 | 191,063,000 | -69,438,000 | 0 | -15,394,000 |
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -36,000,000 | 0 | 0 | ' | 0 | ' | ' | 0 | ' | ' | -36,000,000 | ' | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' |
Goodwill allocated to discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,952,000 | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | -4,952,000 | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Merger (see Note 4) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,537,849,000 | 8,641,059,000 | 3,626,692,000 | 1,501,847,000 | 1,444,100,000 | 324,151,000 |
Goodwill, Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,016,807,000 | 15,020,000,000 | 3,056,181,000 | 3,079,250,000 | 3,185,527,000 | 3,298,441,000 | 1,101,518,000 | 1,101,927,000 | 1,107,075,000 | 1,115,310,000 | 1,105,461,000 | 1,145,288,000 | 343,319,000 | 359,842,000 | 395,199,000 | 256,775,000 | 256,775,000 | 257,674,000 | 239,259,000 | 255,245,000 | 280,291,000 | 15,070,062,000 | 8,465,241,000 | 3,712,372,000 | 1,221,762,000 | 1,388,337,000 | 282,350,000 |
Goodwill, accumulated impairment loss | $120,600,000 | $84,700,000 | $84,700,000 | $54,500,000 | $54,500,000 | $54,500,000 | $38,700,000 | $2,700,000 | $2,700,000 | $27,400,000 | $27,400,000 | $27,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets 2 (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Amortization expense for trademarks and other intangible assets | $3,200,000 | $46,900,000 | $30,900,000 | $31,800,000 | $29,000,000 |
Future amortization expense for finite-lived intangible assets | ' | 82,400,000 | ' | ' | ' |
Intangible assets not subject to amortization | ' | 13,020,000,000 | 981,300,000 | 1,040,000,000 | ' |
Indefinite lived intangibles allocated to discontinued operations | ' | ' | 14,600,000 | ' | ' |
Trademarks [Member] | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets not subject to amortization | ' | 12,130,000,000 | 846,900,000 | 895,900,000 | ' |
Licenses [Member] | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets not subject to amortization | ' | 839,900,000 | 19,400,000 | 20,100,000 | ' |
Recipes/processes [Member] | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets not subject to amortization | ' | ' | 115,000,000 | 119,300,000 | ' |
Other [Member] | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets not subject to amortization | ' | 45,600,000 | ' | ' | ' |
Predecessor [Member] | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross | ' | ' | 837,256,000 | 845,728,000 | ' |
Accumulated Amortization | ' | ' | -403,008,000 | -382,367,000 | ' |
Net | ' | ' | 434,248,000 | 463,361,000 | ' |
Predecessor [Member] | Licenses [Member] | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross | ' | ' | 208,186,000 | 208,186,000 | ' |
Accumulated Amortization | ' | ' | -169,666,000 | -163,945,000 | ' |
Net | ' | ' | 38,520,000 | 44,241,000 | ' |
Predecessor [Member] | Customer-related assets [Member] | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross | ' | ' | 209,428,000 | 216,755,000 | ' |
Accumulated Amortization | ' | ' | -77,310,000 | -69,244,000 | ' |
Net | ' | ' | 132,118,000 | 147,511,000 | ' |
Predecessor [Member] | Other [Member] | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross | ' | ' | 419,642,000 | 420,787,000 | ' |
Accumulated Amortization | ' | ' | -156,032,000 | -149,178,000 | ' |
Net | ' | ' | 263,610,000 | 271,609,000 | ' |
Successor [Member] | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross | ' | 1,520,255,000 | ' | ' | ' |
Accumulated Amortization | ' | -46,921,000 | ' | ' | ' |
Net | ' | 1,473,334,000 | ' | ' | ' |
Successor [Member] | Licenses [Member] | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross | ' | 119,714,000 | ' | ' | ' |
Accumulated Amortization | ' | -10,030,000 | ' | ' | ' |
Net | ' | 109,684,000 | ' | ' | ' |
Successor [Member] | Customer-related assets [Member] | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross | ' | 1,375,876,000 | ' | ' | ' |
Accumulated Amortization | ' | -35,773,000 | ' | ' | ' |
Net | ' | 1,340,103,000 | ' | ' | ' |
Successor [Member] | Other [Member] | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross | ' | 24,665,000 | ' | ' | ' |
Accumulated Amortization | ' | -1,118,000 | ' | ' | ' |
Net | ' | $23,547,000 | ' | ' | ' |
Income_Taxes_1_ProvisionBenefi
Income Taxes 1 (Provision/(Benefit) (Details) (USD $) | 11 Months Ended | 1 Months Ended | 8 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 23, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 |
Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Current: | ' | ' | ' | ' | ' | ' |
U.S. federal | $10,200 | $55,197 | ' | $126,878 | $112,064 | $41,673 |
State | 1,798 | 8,409 | ' | 14,622 | 12,326 | 14,992 |
Foreign | 54,382 | 17,983 | ' | 187,363 | 216,076 | 161,355 |
Current Income Tax Expense (Benefit) | 66,380 | 81,589 | ' | 328,863 | 340,466 | 218,020 |
Deferred: | ' | ' | ' | ' | ' | ' |
U.S. federal | -124,798 | -13,346 | ' | -13,589 | -16,884 | 122,757 |
State | 4,755 | -469 | ' | 894 | 4,124 | -4,402 |
Foreign | -177,960 | -6,677 | ' | -74,570 | -82,740 | 34,442 |
Deferred Income Tax Expense (Benefit) | -298,003 | -20,492 | ' | -87,265 | -95,500 | 152,797 |
Provision for income taxes | ($231,623) | $61,097 | $142,528 | $241,598 | $244,966 | $370,817 |
Income_Taxes_2_Components_of_I
Income Taxes 2 (Components of Income (Loss) from Continuing Operations before taxes) (Details) (USD $) | 11 Months Ended | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 |
Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Domestic | ($290,579) | ($191,629) | $378,283 | $315,741 | $470,646 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | -7,126 | 61,302 | 965,360 | 920,348 | 945,676 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | ($297,705) | ($130,327) | $1,343,643 | $1,236,089 | $1,416,322 |
Income_Taxes_3_Differences_US_
Income Taxes 3 (Differences US Fed Statutory Tax Rate and Effective Rate) (Details) | 1 Months Ended | 12 Months Ended | 11 Months Ended | ||
Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Dec. 29, 2013 | |
Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Successor [Member] | |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
U.S. federal statutory tax rate | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% |
Tax on income of foreign subsidiaries | 6.00% | -5.50% | -6.20% | -3.90% | 6.90% |
Changes in valuation allowances | 1.60% | 0.90% | 1.50% | -0.80% | -2.70% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | -0.50% | 0.30% | 0.80% | 1.00% | -4.30% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | -18.80% | 0.00% | 0.00% | 0.00% | -2.00% |
Earnings repatriation | -77.20% | 0.90% | 2.00% | 2.90% | -1.00% |
Tax free interest | 9.70% | -6.60% | -7.30% | -5.70% | 13.30% |
Effects of revaluation of tax basis of foreign assets | 0.40% | -6.20% | -3.20% | -1.60% | 0.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Percent | 0.00% | 0.00% | 0.00% | 0.00% | -3.70% |
Effective Income Tax Rate Reconciliation, Foreign Statutory Tax Rate Changes | 0.30% | -0.70% | -1.10% | -0.50% | 35.90% |
Effective Income Tax Rate Reconciliation, Tax Settlements | -3.60% | -0.30% | -2.00% | 0.00% | -0.40% |
Other | 0.20% | 0.20% | 0.30% | -0.20% | 0.80% |
Effective tax rate | -46.90% | 18.00% | 19.80% | 26.20% | 77.80% |
Income_Taxes_4_Deferred_Tax_As
Income Taxes 4 (Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 29, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 |
In Thousands, unless otherwise specified | Successor [Member] | Predecessor [Member] | Predecessor [Member] | |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Depreciation/amortization | ' | $775,441 | $394,361 | $469,963 |
Benefit plans | ' | 81,213 | 41,354 | 59,647 |
Deferred income | ' | 259,238 | 95,911 | 90,006 |
Deferred Tax Liabilities, Deferred Expense, Deferred Financing Costs | ' | 0 | 117,161 | 117,670 |
Deferred Tax Liabilities, Intangible Assets | ' | 3,691,087 | 438,647 | 441,024 |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 345,000 | 344,883 | 1,571 | 6,466 |
Other | ' | 57,973 | 46,510 | 48,371 |
Deferred tax liabilities | ' | 5,209,835 | 1,135,515 | 1,233,147 |
Operating loss carryforwards | ' | -365,595 | -90,790 | -141,358 |
Benefit plans | ' | -87,157 | -211,658 | -195,697 |
Depreciation/amortization | ' | -358,098 | -158,194 | -147,745 |
Tax credit carryforwards | ' | -71,369 | -111,431 | -81,703 |
Deferred income | ' | -93,244 | -18,596 | -20,286 |
Other | ' | -129,670 | -97,894 | -96,502 |
Deferred tax assets | ' | -1,105,133 | -688,563 | -683,291 |
Valuation allowance | ' | 78,205 | 46,069 | 90,553 |
Net deferred tax liabilities | ' | $4,182,907 | $493,021 | $640,409 |
Income_Taxes_5_Unrecognized_Ta
Income Taxes 5 (Unrecognized Tax Benefits) (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' | ' | ' |
Balance at the beginning of the fiscal year | $45.40 | $50.70 | $52.70 | $70.70 | $57.10 |
Increases for tax positions of prior years | 5.8 | 0.5 | 1.9 | 5.2 | 13.5 |
Decreases for tax positions of prior years | -0.9 | -6.9 | -8.6 | -18 | -26 |
Increases based on tax positions related to the current year | 1.7 | 4.6 | 13.9 | 3.7 | 10.8 |
Unrecognized Tax Benefits, Increases Resulting from Acquisition | ' | 4.4 | 0 | 0 | 26.9 |
Decreases due to settlements with taxing authorities | 0 | 0 | -4.1 | -2.2 | -5.4 |
Decreases due to lapse of statute of limitations | -1.3 | -0.2 | -10.4 | -6.7 | -6.2 |
Balance at the end of the fiscal year | $50.70 | $53.10 | $45.40 | $52.70 | $70.70 |
Income_Taxes_6_Narrative_Detai
Income Taxes 6 (Narrative) (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | 3 Months Ended | 11 Months Ended | 1 Months Ended | 8 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | ||||||||||
Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Oct. 28, 2012 | Oct. 28, 2012 | Jul. 29, 2012 | Oct. 26, 2011 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jun. 07, 2013 | Dec. 23, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Dec. 29, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | |
Tax Free Reorganization [Member] | Assets Revaluation [Member] | Assets Revaluation [Member] | Assets Revaluation [Member] | Assets Revaluation [Member] | Assets Revaluation [Member] | Assets Revaluation [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | ||||||
Foreign Subsidiary [Member] | Foreign Subsidiary [Member] | Foreign Subsidiary [Member] | Foreign Subsidiary [Member] | Foreign Subsidiary [Member] | Foreign Subsidiary [Member] | Foreign Subsidiary [Member] | United Kingdom [Member] | United Kingdom [Member] | United Kingdom [Member] | |||||||||||||
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Effects Allocated Directly to Equity, Employee Stock Options | $47,000,000 | $0 | $20,800,000 | $16,800,000 | $21,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit from reversal of uncertain tax liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | 107,000,000 | ' |
Benefit from income taxes | ' | ' | ' | ' | ' | 63,000,000 | ' | 12,900,000 | 34,900,000 | ' | ' | ' | 61,097,000 | 142,528,000 | ' | 241,598,000 | 244,966,000 | 370,817,000 | ' | ' | -231,623,000 | ' |
Increase (Decrease) in Deferred Tax Assets | ' | ' | ' | ' | ' | ' | ' | 82,100,000 | 220,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Taxes Payable, Current and Noncurrent, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,100,000 | 34,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Other Taxes | ' | ' | ' | ' | ' | ' | 17,900,000 | ' | 10,400,000 | 15,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Taxes, Tax Amortization Period | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Taxes, Expected Adjustment | ' | ' | ' | ' | ' | 91,000,000 | ' | ' | ' | 95,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets related to business classified as held for sale | ' | ' | 55,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Liabilities related to business classified as held for sale | ' | ' | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation Allowance related to business classified as held for sale | ' | ' | 54,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards Foreign | ' | 390,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Loss Carry Forwards Foreign Expiring Current Through Twenty Years | ' | 162,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards Foreign Do Not Expire | ' | 227,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards | ' | 657,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | ' | ' | 34,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards State | ' | ' | 30,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | 44,500,000 | ' | -26,200,000 | -1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -32,100,000 | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | ' | 44,900,000 | 38,300,000 | 38,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | ' | 4,200,000 | ' | 9,500,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' |
Unrecognized Tax Benefits, Income Tax Penalties Expense | ' | 6,300,000 | ' | 4,700,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | ' | 10,700,000 | 8,500,000 | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | ' | 8,500,000 | 6,900,000 | 13,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Taxes Payable, Due in Year Three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undistributed Earnings of Foreign Subsidiaries | ' | 2,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Liabilities, Undistributed Foreign Earnings | ' | $345,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,571,000 | $6,466,000 | ' | ' | ' | $344,883,000 | ' |
Tax on income of foreign subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | -5.50% | -6.20% | -3.90% | -2.00% | -2.00% | 6.90% | 3.00% |
Debt_and_Financing_Arrangement2
Debt and Financing Arrangements (Schedule of Long-term Debt) (Details) (USD $) | 11 Months Ended | 12 Months Ended | 11 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Oct. 26, 2011 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jan. 25, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Oct. 26, 2011 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 28, 2013 | Apr. 28, 2013 | Apr. 28, 2013 | Apr. 28, 2013 | Apr. 28, 2013 | Apr. 28, 2013 | Apr. 28, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | |
$2.95 Billion, Term B-1 Loan [Member] | $2.95 Billion, Term B-1 Loan [Member] | $2.95 Billion, Term B-1 Loan [Member] | $6.55 Billion, Term B-2 Loan [Member] | $6.55 Billion, Term B-2 Loan [Member] | $6.55 Billion, Term B-2 Loan [Member] | 4.25% Second Lien, Senior Secured Notes, Due 2020 [Member] | 4.25% Second Lien, Senior Secured Notes, Due 2020 [Member] | 4.25% Second Lien, Senior Secured Notes, Due 2020 [Member] | Japanese Yen Credit Agreement due October 2012 [Member] | Japanese Yen Credit Agreement due October 2012 [Member] | Japanese Yen Credit Agreement due October 2012 [Member] | Other U.S. Dollar due May 2013 b November 2034 (0.94b7.96%) [Member] | Other U.S. Dollar due May 2013 b November 2034 (0.94b7.96%) [Member] | Other U.S. Dollar due May 2013 b November 2034 (0.94b7.96%) [Member] | Other Non-U.S. Dollar due May 2013 b May 2023 (3.50b11.00%) [Member] | Other Non-U.S. Dollar due May 2013 b May 2023 (3.50b11.00%) [Member] | Other Non-U.S. Dollar due May 2013 b May 2023 (3.50b11.00%) [Member] | 5.35% U.S. Dollar Notes due July 2013 [Member] | 5.35% U.S. Dollar Notes due July 2013 [Member] | 5.35% U.S. Dollar Notes due July 2013 [Member] | 8.0% Heinz Finance Preferred Stock due July 2013 [Member] | 8.0% Heinz Finance Preferred Stock due July 2013 [Member] | 8.0% Heinz Finance Preferred Stock due July 2013 [Member] | Japanese Yen Credit Agreement due December 2013 [Member] | Japanese Yen Credit Agreement due December 2013 [Member] | Japanese Yen Credit Agreement due December 2013 [Member] | U.S. Dollar Private Placement Notes due May 2014 b May 2021 [Member] | U.S. Dollar Private Placement Notes due May 2014 b May 2021 [Member] | Japanese Yen Credit Agreement Due October 2015 [Member] | Japanese Yen Credit Agreement Due October 2015 [Member] | Japanese Yen Credit Agreement Due October 2015 [Member] | US Dollar Private Placement Notes Due July 2016 To July 2018 [Member] | US Dollar Private Placement Notes Due July 2016 To July 2018 [Member] | US Dollar Private Placement Notes Due July 2016 To July 2018 [Member] | 2.00% U.S. Dollar Notes due September 2016 [Member] | 2.00% U.S. Dollar Notes due September 2016 [Member] | 2.00% U.S. Dollar Notes due September 2016 [Member] | 2.00% U.S. Dollar Notes due September 2016 [Member] | 1.50% U.S. Dollar Notes due March 2017 [Member] | 1.50% U.S. Dollar Notes due March 2017 [Member] | 1.50% U.S. Dollar Notes due March 2017 [Member] | U.S. Dollar Remarketable Securities due December 2020 [Member] | U.S. Dollar Remarketable Securities due December 2020 [Member] | U.S. Dollar Remarketable Securities due December 2020 [Member] | U.S. Dollar Remarketable Securities due December 2020 [Member] | 3.125% U.S. Dollar Notes due September 2021 [Member] | 3.125% U.S. Dollar Notes due September 2021 [Member] | 3.125% U.S. Dollar Notes due September 2021 [Member] | 3.125% U.S. Dollar Notes due September 2021 [Member] | 2.85% U.S. Dollar Notes Due March 2022 [Member] | 2.85% U.S. Dollar Notes Due March 2022 [Member] | 2.85% U.S. Dollar Notes Due March 2022 [Member] | 6.375% U.S. Dollar Debentures due July 2028 [Member] | 6.375% U.S. Dollar Debentures due July 2028 [Member] | 6.375% U.S. Dollar Debentures due July 2028 [Member] | 6.375% U.S. Dollar Debentures due July 2028 [Member] | 6.25% British Pound Notes due February 2030 [Member] | 6.25% British Pound Notes due February 2030 [Member] | 6.25% British Pound Notes due February 2030 [Member] | 6.75% U.S. Dollar Notes due March 2032 [Member] | 6.75% U.S. Dollar Notes due March 2032 [Member] | 6.75% U.S. Dollar Notes due March 2032 [Member] | 6.75% U.S. Dollar Notes due March 2032 [Member] | 7.125% U.S. Dollar Notes due August 2039 [Member] | 7.125% U.S. Dollar Notes due August 2039 [Member] | 7.125% U.S. Dollar Notes due August 2039 [Member] | 7.125% U.S. Dollar Notes due August 2039 [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | ||||
Other U.S. Dollar due May 2013 b November 2034 (0.94b7.96%) [Member] | Other Non-U.S. Dollar due May 2013 b May 2023 (3.50b11.00%) [Member] | U.S. Dollar Private Placement Notes due May 2014 b May 2021 [Member] | US Dollar Private Placement Notes Due July 2016 To July 2018 [Member] | Other U.S. Dollar due May 2013 b November 2034 (0.94b7.96%) [Member] | Other Non-U.S. Dollar due May 2013 b May 2023 (3.50b11.00%) [Member] | U.S. Dollar Private Placement Notes due May 2014 b May 2021 [Member] | US Dollar Private Placement Notes Due July 2016 To July 2018 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $143,689,000 | $1,137,181,000 | $46,460,000 |
Long-term Debt | 14,725,411,000 | 4,749,096,000 | 4,851,785,000 | 2,929,213,000 | 0 | 0 | 6,518,524,000 | 0 | 0 | 3,100,000,000 | 0 | 0 | 0 | 0 | 186,869,000 | 10,774,000 | 25,688,000 | 43,164,000 | 70,411,000 | 56,293,000 | 64,060,000 | 0 | 499,993,000 | 499,958,000 | 0 | 350,000,000 | 350,000,000 | 0 | 163,182,000 | 199,327,000 | 500,000,000 | 500,000,000 | 0 | 152,983,000 | 0 | 0 | 100,000,000 | 100,000,000 | 58,308,000 | 299,933,000 | 299,913,000 | ' | 17,743,000 | 299,648,000 | 299,556,000 | 0 | 119,000,000 | 119,000,000 | ' | 34,433,000 | 395,772,000 | 395,268,000 | ' | 5,599,000 | 299,565,000 | 299,516,000 | 258,075,000 | ' | 231,396,000 | 231,137,000 | 218,507,000 | 192,376,000 | 202,158,000 | 476,943,000 | ' | 435,185,000 | 435,112,000 | 1,026,881,000 | ' | 628,082,000 | 626,747,000 | ' | ' | ' | ' | ' | ' | ' | ' | 14,725,411,000 | ' | ' |
Interest rate on notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 2.00% | ' | 1.50% | 1.50% | ' | ' | ' | 6.05% | ' | 3.13% | ' | 3.13% | ' | 2.85% | 2.85% | ' | 6.38% | 6.38% | ' | ' | 6.25% | ' | ' | 6.75% | 6.75% | ' | ' | 7.13% | 7.13% | ' | 0.94% | 3.50% | 2.11% | 2.86% | 7.96% | 11.00% | 4.23% | 3.55% | ' | ' | ' |
Preferred stock, dividend rate, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedge Accounting Adjustments | 0 | 122,455,000 | 128,444,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less portion due within one year | -107,765,000 | -1,023,212,000 | -200,248,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -107,765,000 | -1,023,212,000 | -200,248,000 |
Total long-term debt | $14,617,646,000 | $3,848,339,000 | $4,779,981,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,617,646,000 | $3,848,339,000 | $4,779,981,000 |
Weighted-average interest rate on long-term debt, including the impact of applicable interest rate swaps | 4.01% | 4.07% | 4.28% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term Debt, Weighted Average Interest Rate | 2.10% | 1.40% | 5.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_and_Financing_Arrangement3
Debt and Financing Arrangements (Narrative) (Details) | 11 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 11 Months Ended | 3 Months Ended | 11 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 11 Months Ended | 11 Months Ended | 11 Months Ended | 11 Months Ended | 11 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 29, 2013 | Apr. 29, 2012 | Jun. 07, 2013 | Apr. 28, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jul. 29, 2012 | Jul. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jul. 29, 2012 | Jul. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 28, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Oct. 26, 2011 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Oct. 26, 2011 | Apr. 28, 2013 | Apr. 29, 2012 | Jul. 27, 2011 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jul. 27, 2011 | Apr. 28, 2013 | Jul. 15, 2011 | Apr. 28, 2013 | Mar. 15, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jan. 25, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jul. 29, 2012 | Jul. 29, 2012 | Jan. 25, 2012 | Jul. 27, 2011 | Jul. 27, 2011 | Jul. 27, 2011 | Jul. 27, 2011 | Jul. 27, 2011 | Jul. 27, 2011 | Jun. 07, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 08, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 28, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 28, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | 7.125% U.S. Dollar Notes due August 2039 [Member] | 7.125% U.S. Dollar Notes due August 2039 [Member] | 7.125% U.S. Dollar Notes due August 2039 [Member] | 7.125% U.S. Dollar Notes due August 2039 [Member] | $2.95 Billion, Term B-1 Loan [Member] | $2.95 Billion, Term B-1 Loan [Member] | $2.95 Billion, Term B-1 Loan [Member] | 4.25% Senior Secured Notes [Member] | Credit Agreement, 6.55 Billion, Term B-2 Loan [Member] | Credit Agreement, 6.55 Billion, Term B-2 Loan [Member] | Credit Agreement, 6.55 Billion, Term B-2 Loan [Member] | Japanese Yen Credit Agreement due October 2012 [Member] | Japanese Yen Credit Agreement due October 2012 [Member] | Japanese Yen Credit Agreement due October 2012 [Member] | Japanese Yen Credit Agreement due October 2012 [Member] | Japanese Yen Credit Agreement due October 2012 [Member] | Japanese Yen Credit Agreement Due October 2015 [Member] | Japanese Yen Credit Agreement Due October 2015 [Member] | Japanese Yen Credit Agreement Due October 2015 [Member] | Japanese Yen Credit Agreement Due October 2015 [Member] | Japanese Yen Credit Agreement Due October 2015 [Member] | Portion of short term debt to pay off commercial paper [Member] [Member] | Credit agreement 1.5 Billion [Member] | 1.50% U.S. Dollar Notes due March 2017 [Member] | 1.50% U.S. Dollar Notes due March 2017 [Member] | 1.50% U.S. Dollar Notes due March 2017 [Member] | 2.85% U.S. Dollar Notes Due March 2022 [Member] | 2.85% U.S. Dollar Notes Due March 2022 [Member] | 2.85% U.S. Dollar Notes Due March 2022 [Member] | 2.00% U.S. Dollar Notes due September 2016 [Member] | 2.00% U.S. Dollar Notes due September 2016 [Member] | 2.00% U.S. Dollar Notes due September 2016 [Member] | 2.00% U.S. Dollar Notes due September 2016 [Member] | 3.125% U.S. Dollar Notes due September 2021 [Member] | 3.125% U.S. Dollar Notes due September 2021 [Member] | 3.125% U.S. Dollar Notes due September 2021 [Member] | 3.125% U.S. Dollar Notes due September 2021 [Member] | U.S. Dollar Private Placement Notes due May 2014 b May 2021 [Member] | U.S. Dollar Private Placement Notes due May 2014 b May 2021 [Member] | U.S. Dollar Private Placement Notes due May 2014 b May 2021 [Member] | US Dollar Private Placement Notes Due July 2016 To July 2018 [Member] | US Dollar Private Placement Notes Due July 2016 To July 2018 [Member] | US Dollar Private Placement Notes Due July 2016 To July 2018 [Member] | US Dollar Private Placement Notes Due July 2016 To July 2018 [Member] | 6.625% U.S. Dollar Notes due July 2011 [Member] | 6.625% U.S. Dollar Notes due July 2011 [Member] | 6.00% U.S. Dollar Notes due March 2012 [Member] | 6.00% U.S. Dollar Notes due March 2012 [Member] | U.S. Dollar Remarketable Securities due December 2020 [Member] | U.S. Dollar Remarketable Securities due December 2020 [Member] | U.S. Dollar Remarketable Securities due December 2020 [Member] | U.S. Dollar Remarketable Securities due December 2020 [Member] | 8.0% Heinz Finance Preferred Stock due July 2013 [Member] | 8.0% Heinz Finance Preferred Stock due July 2013 [Member] | 8.0% Heinz Finance Preferred Stock due July 2013 [Member] | Swap [Member] | Swap [Member] | Interest Rate Swap [Member] | Debt Instrument, Maturity Period, Three Years [Member] | Debt Instrument, Maturity Period, Five Years [Member] | Debt Instrument, Maturity Period, Five Years [Member] | Debt Instrument, Maturity Period, Seven Years [Member] | Debt Instrument, Maturity Period, Seven Years [Member] | Debt Instrument, Maturity Period, Ten Years [Member] | Subsequent Event [Member] | Cash [Member] | Cash [Member] | Long-term Debt [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Senior Debt Obligations [Member] | Senior Debt Obligations [Member] | Senior Debt Obligations [Member] | Senior Debt Obligations [Member] | Senior Debt Obligations [Member] | Senior Debt Obligations [Member] | Roll Over Notes [Member] | Revolving Credit Facility [Member] | Senior Notes [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2015 [Member] | 2016 [Member] | Thereafter [Member] | Foreign Line of Credit [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | JPY (¥) | USD ($) | USD ($) | USD ($) | JPY (¥) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Japanese Yen Credit Agreement due October 2012 [Member] | Japanese Yen Credit Agreement Due October 2015 [Member] | U.S. Dollar Remarketable Securities due December 2020 [Member] | U.S. Dollar Private Placement Notes due May 2014 b May 2021 [Member] | U.S. Dollar Private Placement Notes due May 2014 b May 2021 [Member] | US Dollar Private Placement Notes Due July 2016 To July 2018 [Member] | U.S. Dollar Private Placement Notes due May 2014 b May 2021 [Member] | US Dollar Private Placement Notes Due July 2016 To July 2018 [Member] | U.S. Dollar Private Placement Notes due May 2014 b May 2021 [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | 7.125% U.S. Dollar Notes due August 2039 [Member] | USD ($) | 4.25% Senior Secured Notes [Member] | Debt Instrument, Maturity Period, Six Years [Member] | Debt Instrument, Maturity Period, Five Years [Member] | Debt Instrument, Maturity Period, Seven Years [Member] | U.S. Dollar Private Placement Notes due May 2014 b May 2021 [Member] | US Dollar Private Placement Notes Due July 2016 To July 2018 [Member] | U.S. Dollar Private Placement Notes due May 2014 b May 2021 [Member] | US Dollar Private Placement Notes Due July 2016 To July 2018 [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Term Loan [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Senior Debt Obligations [Member] | Senior Debt Obligations [Member] | Senior Debt Obligations [Member] | USD ($) | |||||||||||
USD ($) | USD ($) | USD ($) | $2.95 Billion, Term B-1 Loan [Member] | Credit Agreement, 6.55 Billion, Term B-2 Loan [Member] | USD ($) | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | Term Loan, Base Rate, Two Percent Floor [Member] | Term Loan, Base Rate, Two Percent Floor [Member] | Term Loan, Base Rate, One Percent Floor [Member] | Term Loan, Base Rate, One Percent Floor [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Senior Credit Facility | ' | ' | $11,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,500,000,000 | $9,500,000,000 | $3,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000,000 | ' | ' | ' | ' | 15,000,000,000 | ' | ' | ' | 1,100,000,000 | 1,500,000,000 | ' | ' | 300,000,000 | ' | ' | 300,000,000 | ' | ' | ' | 300,000,000 | ' | ' | ' | 400,000,000 | ' | ' | 500,000,000 | ' | ' | ' | 100,000,000 | ' | 750,000,000 | ' | 599,631,000 | ' | ' | ' | 119,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 143,689,000 | ' | 1,137,181,000 | 46,460,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term Debt, Weighted Average Interest Rate | 2.10% | 5.10% | ' | 1.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,950,000,000 | 6,550,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217,900,000 |
Long-term Debt | 14,725,411,000 | 4,851,785,000 | ' | 4,749,096,000 | 1,026,881,000 | ' | 628,082,000 | 626,747,000 | 2,929,213,000 | 0 | 0 | 0.0425 | 6,518,524,000 | 0 | 0 | ' | ' | 0 | 0 | 186,869,000 | ' | ' | 0 | 152,983,000 | 0 | ' | ' | 17,743,000 | 299,648,000 | 299,556,000 | 5,599,000 | 299,565,000 | 299,516,000 | 58,308,000 | 299,933,000 | 299,913,000 | ' | 34,433,000 | 395,772,000 | 395,268,000 | ' | 500,000,000 | 500,000,000 | ' | 0 | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | 0 | 119,000,000 | 119,000,000 | ' | 0 | 350,000,000 | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,725,411,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on notes issued | ' | ' | ' | ' | ' | 7.13% | 7.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.28% | ' | 1.50% | 1.50% | ' | 2.85% | 2.85% | ' | 2.00% | ' | 2.00% | ' | 3.13% | ' | 3.13% | ' | ' | ' | ' | ' | ' | ' | 6.63% | ' | 6.00% | ' | ' | ' | ' | 6.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.13% | ' | 4.25% | ' | ' | ' | 2.11% | 2.86% | ' | 4.23% | 3.55% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.48% | ' | ' | ' | 3.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' | ' | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '5 years | '5 years | '7 years | '7 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | '5 years | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.25% | 1.00% | 1.50% | ' | 1.50% | 2.25% | 2.00% | 2.50% | ' | ' | ' | ' |
LIBOR Floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Base Rate Floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Amount of Hedged Item | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 188,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.22% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend rate, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Of Accounts Receivable Securitization Program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables derecognized Under Receivable Securitization Program | ' | 161,800,000 | ' | 158,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) in accounts receivable from securitization | -3,100,000 | 132,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of deferred purchase price | ' | 56,800,000 | ' | 53,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Interests Continued to be Held by Transferor, Current | 3,200,000 | 117,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -320,824,000 | 0 | 0 | 0 | 0 | 315,900,000 | 320,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,091,000 | 867,000 | 4,692,000 | 3,576,000 | 3,836,000 | ' | ' | 29,100,000 | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | 104.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102.13% | 101.06% | 100.00% | ' |
Debt Instrument, Covenant, Redemption Price, Percentage, Change in Ownership | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Amount, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' |
Debt Instrument, Collateral, Capital Stock, Foreign Subsidiaries, Percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant Compliance, Leverage Ratio Threshold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pledged Assets Separately Reported, Finance Receivables Pledged as Collateral, at Fair Value | $140,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_and_Financing_Arrangement4
Debt and Financing Arrangements (Maturities of Long-term Debt) (Details) (USD $) | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 |
Debt Instrument [Line Items] | ' | ' | ' |
2014 | $107,765,000 | $1,023,212,000 | $200,248,000 |
Long-term Debt | 14,725,411,000 | 4,749,096,000 | 4,851,785,000 |
Successor [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
2014 | 107,765,000 | ' | ' |
2015 | 117,801,000 | ' | ' |
2016 | 111,258,000 | ' | ' |
2017 | 168,543,000 | ' | ' |
2018 | 115,411,000 | ' | ' |
Thereafter | 14,104,633,000 | ' | ' |
Long-term Debt | $14,725,411,000 | ' | ' |
Supplemental_Cash_Flows_Inform2
Supplemental Cash Flows Information 1 (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | |
Cash Paid During the Year For: | ' | ' | ' | ' | ' |
Interest | $42,376,000 | $259,335,000 | $285,324,000 | $277,954,000 | $268,131,000 |
Income taxes | 31,912,000 | 131,213,000 | 327,046,000 | 265,547,000 | 154,527,000 |
Details of Acquisitions: | ' | ' | ' | ' | ' |
Trade receivables sold without recourse | ' | $76,500,000 | $184,300,000 | $205,600,000 | ' |
Employees_Stock_Incentive_Plan2
Employees' Stock Incentive Plans and Management Incentive Plans (Narrative) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 7 Months Ended | 11 Months Ended | 12 Months Ended | 38 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 7 Months Ended | 11 Months Ended | 0 Months Ended | 11 Months Ended | 11 Months Ended | 0 Months Ended | ||||||||||||||||||
Jun. 08, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Feb. 15, 2012 | Apr. 27, 2011 | Feb. 15, 2011 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Oct. 16, 2013 | Dec. 29, 2013 | Oct. 31, 2013 | Dec. 29, 2013 | Aug. 28, 2012 | |
Fiscal Year 2003 Stock Incentive Plan [Member] | Fiscal Year 2003 Stock Incentive Plan [Member] | Fiscal Year 2003 Stock Incentive Plan [Member] | Fiscal Year 2003 Stock Incentive Plan [Member] | H.J. Heinz Holding Corporation 2013 Omnibus Incentive Plan [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Stock Option Awards Granted Fiscal 2004 Through 2006 [Member] | Stock Option Awards Granted Fiscal 2006 Through Current [Member] | Stock Option Awards Granted in Fiscal 2013 [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Management Development and Compensation Committee [Member] | |||||||||||
Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | H.J. Heinz Holding Corporation 2013 Omnibus Incentive Plan [Member] | H.J. Heinz Holding Corporation 2013 Omnibus Incentive Plan [Member] | H.J. Heinz Holding Corporation 2013 Omnibus Incentive Plan [Member] | Predecessor [Member] | Restricted Stock [Member] | |||||||||||||||||||||||||||||
Long-term Performance Program [Member] | Long-term Performance Program [Member] | Long-term Performance Program [Member] | Long-term Performance Program [Member] | Long-term Performance Program [Member] | ||||||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition per share price 2 | $72.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested in Period, Fair Value | ' | $24,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,440,000 | 9,400,000 | ' | ' | ' | 39,600,000 | ' | ' |
Term period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '7 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted, Number of Options | ' | ' | 14,300,000 | 1,540,000 | ' | 1,649,000 | ' | 1,733,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,540,000 | ' | ' | ' | ' | ' | ' | ' | 14,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | 14,300,000 | ' | ' | ' | 10,000,000 |
Grants in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,540,340 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,300,000 | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '4 years | ' | ' | ' | ' | ' | ' | ' | '4 years | ' |
Pre-tax compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | 17,300,000 | 18,400,000 | 21,500,000 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' |
Excess Tax Benefit from Share-based Compensation, Operating Activities | ' | 14,400,000 | ' | 8,100,000 | ' | 7,500,000 | ' | 12,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | 36,700,000 | ' | 10,300,000 | ' | 7,600,000 | ' | 8,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.79 | $5.80 | $5.36 | ' | ' | $5.79 | ' | ' | ' | ' | ' | ' | ' | $2.43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Stock Options Exercised | ' | 900,000 | ' | ' | 113,500,000 | 82,700,000 | ' | 154,800,000 | ' | ' | ' | ' | ' | ' | ' | 886,000 | ' | 113,477,000 | 82,714,000 | 154,774,000 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Tax Expense from Stock Options Exercised | ' | 18,300,000 | ' | 51,100,000 | ' | 15,100,000 | ' | 21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs | ' | ' | ' | ' | 4,600,000 | 6,400,000 | ' | ' | ' | 6,400,000 | ' | ' | ' | ' | 33,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,900,000 | 27,600,000 | 29,400,000 | ' | ' | ' | ' | ' |
Restricted Stock or Unit Expense | ' | 21,700,000 | ' | 2,600,000 | 23,600,000 | 25,700,000 | ' | 23,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount from Market Price, Offering Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | ' | ' | ' | 5,000,000 | ' | ' | 121,460 | ' | 165,635 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Labor-related Expenses | ' | $3,000,000 | ' | $15,000,000 | $32,000,000 | $34,000,000 | ' | $45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected term (years) | ' | ' | ' | '5 years | '7 years | '5 years | ' | '5 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employees_Stock_Incentive_Plan3
Employees' Stock Incentive Plans and Management Incentive Plans (Compensation Costs Related to Equity Plans) (Details) (Stock Option and Restricted Stock Plans [Member], Selling, General and Administrative Expenses [Member], USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 |
Stock Option and Restricted Stock Plans [Member] | Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Pre-tax compensation cost | $26.30 | $2.60 | $33.70 | $36.50 | $32.70 |
Tax benefit | 8 | 0.9 | 10.8 | 12 | 10.4 |
After-tax compensation cost | $18.30 | $1.70 | $22.90 | $24.50 | $22.30 |
Employees_Stock_Incentive_Plan4
Employees' Stock Incentive Plans and Management Incentive Plans (Weighted Average Assumptions and Option Activity) (Details) (USD $) | 7 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 |
Employee Stock Option [Member] | Exercises Settled In Cash [Member] | |||||||
Weighted average assumptions used to estimate the fair value of stock options | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend yield | ' | 0.00% | 3.70% | 3.70% | 3.90% | ' | ' | ' |
Expected volatility | ' | 24.30% | 19.40% | 20.90% | 20.50% | ' | ' | ' |
Expected term (years) | ' | '5 years | '7 years | '5 years | '5 years 6 months | ' | ' | ' |
Risk-free interest rate | ' | 1.40% | 1.00% | 1.00% | 1.70% | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance, Number of Options | ' | ' | 8,608,000 | 9,768,000 | 12,921,000 | 0 | ' | ' |
Options granted, Number of Options | 14,300,000 | 1,540,000 | ' | 1,649,000 | 1,733,000 | ' | ' | ' |
Options exercised, Number of Options | ' | -3,504,000 | ' | -2,798,000 | -4,813,000 | ' | -25,000 | -6,509,000 |
Options cancelled/forfeited and returned to the plan, Number of Options | ' | -110,000 | ' | -11,000 | -73,000 | ' | ' | ' |
Ending Balance, Number of Options | 14,300,000 | 14,300,000 | 6,534,000 | 8,608,000 | 9,768,000 | 0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning of Period, Weighted Average Exercise Price | ' | ' | $45.69 | $42.38 | $39.36 | $0 | ' | ' |
Options granted, Weighted Average Exercise Price | $10 | $55.72 | ' | $52.19 | $46.42 | ' | ' | ' |
Options exercised, Weighted Average Exercise Price | ' | $42.35 | ' | $37.99 | $35.73 | ' | $34.60 | $49.82 |
Options cancelled/forfeited and returned to the plan, Weighted Average Exercise Price | ' | $50.67 | ' | $38.38 | $42.81 | ' | ' | ' |
End of Period, Weighted Average Exercise Price | $10 | $10 | $49.76 | $45.69 | $42.38 | $0 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning of Period, Aggregate Intrinsic Value | ' | ' | $393,290 | $413,944 | $508,611 | $0 | ' | ' |
Options granted, Aggregate Intrinsic Value | 143,000 | 85,828 | ' | 86,068 | 80,460 | ' | ' | ' |
Options exercised, Aggregate Intrinsic Value | ' | -148,376 | ' | -106,287 | -171,980 | ' | -850 | -324,276 |
Options cancelled/forfeited and returned to the plan, Aggregate Intrinsic Value | ' | -5,616 | ' | -435 | -3,147 | ' | ' | ' |
End of Period, Aggregate Intrinsic Value | 143,000 | 143,000 | 325,126 | 393,290 | 413,944 | 0 | ' | ' |
Options vested and exercisable, Number of Options | 0 | 0 | 2,573,000 | 4,418,000 | 5,744,000 | 0 | ' | ' |
Options vested and exercisable, Weighted Average Exercise Price | $0 | $0 | $48.01 | $43.90 | $40.65 | $0 | ' | ' |
Options vested and exercisable, Aggregate Intrinsic Value | $0 | $0 | $123,502 | $193,942 | $233,507 | $0 | ' | ' |
Employees_Stock_Incentive_Plan5
Employees' Stock Incentive Plans and Management Incentive Plans (Unvested Stock Options) (Details) (USD $) | 7 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 7 Months Ended | |||
Dec. 29, 2013 | Dec. 29, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Dec. 29, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Jun. 07, 2013 | |
Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested options at beginning of period | ' | ' | ' | ' | 3,961,000 | ' | 4,190,000 | ' | 0 |
Options granted, Number of Options | 14,300,000 | 1,540,000 | 1,649,000 | 1,733,000 | ' | 1,540,000 | ' | 14,300,000 | ' |
Options vested, number of options | ' | ' | ' | ' | -3,961,000 | -1,662,000 | ' | ' | ' |
Options forfeited, number of options | ' | ' | ' | ' | ' | -107,000 | ' | ' | ' |
Unvested options at end of period | ' | ' | ' | ' | 0 | ' | 4,190,000 | 14,300,000 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested options, Weighted Grant Date Fair Value, Beginning Balance | ' | ' | ' | ' | $5.59 | ' | $5.43 | ' | $0 |
Options granted, Weighted Grant Date Fair Value | ' | ' | ' | ' | ' | $5.79 | ' | $2.43 | ' |
Options vested, Weighted Grant Date Fair Value | ' | ' | ' | ' | $5.59 | $5.39 | ' | ' | ' |
Options forfeited, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | $5.61 | ' | ' | ' |
Unvested options, Weighted Grant Date Fair Value, Ending Balance | ' | ' | ' | ' | $0 | ' | $5.43 | $2.43 | $0 |
Employees_Stock_Incentive_Plan6
Employees' Stock Incentive Plans and Management Incentive Plans (Unvested RSU and Restricted Stock Awards) (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jun. 07, 2013 | Dec. 29, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Apr. 28, 2013 | Apr. 28, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | ' | ' | ' |
Units and stock vested, Number of Units | -9 | ' | ' | ' | ' | ' |
Units and stock vested - settled in cash, Number of Units | -1,004 | ' | ' | ' | ' | ' |
Units and stock converted to liability awards (RSU retention awards), Number of Units | -97 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Settled in Cash, Weighted Average Grant Date Fair Value | $51.05 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Converted to Liability Aware, Weighted Average Grant Date Fair Value | $53.69 | ' | ' | ' | ' | ' |
Units and stock vested, Weighted Grant Date Fair Value | $46.37 | ' | ' | ' | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | ' | ' | ' |
Unvested units and stock, Number of Units, Beginning Balance | 1,114 | ' | 1,296 | 1,496 | ' | ' |
Units and stock granted, Number of Units | ' | 464 | 526 | 574 | ' | ' |
Units and stock vested, Number of Units | ' | -567 | -520 | -725 | ' | ' |
Units and stock cancelled/forfeited and returned to the plan, Number of Units | -4 | -53 | -32 | -49 | ' | ' |
Unvested units and stock, Number of Units, Ending Balance | 0 | ' | 1,270 | 1,296 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' | ' | ' | ' |
Units and stock granted, Weighted Grant Date Fair Value | $0 | ' | $47.75 | $44.84 | $51.24 | $44.13 |
Units and stock granted, Weighted Grant Date Fair Value | ' | $55.88 | $52.31 | $46.74 | ' | ' |
Units and stock vested, Weighted Grant Date Fair Value | ' | $47.33 | $45.27 | $44.96 | ' | ' |
Units and stock cancelled/forfeited and returned to the plan, Weighted Grant Date Fair Value | $51.35 | $50.01 | $45.90 | $43.47 | ' | ' |
Employees_Stock_Incentive_Plan7
Employees' Stock Incentive Plans and Management Incentive Plans (Compensation Cost Related to LTPP Awards) (Details) (Selling, General and Administrative Expenses [Member], Long-term Performance Program [Member], USD $) | 11 Months Ended | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 |
Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Pre-tax compensation cost | $0 | $3.80 | $17.30 | $18.40 | $21.50 |
Tax benefit | 0 | 1.3 | 6.1 | 6.5 | 7.4 |
After-tax compensation cost | $0 | $2.50 | $11.20 | $11.90 | $14.10 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 11 Months Ended | ||||||||||||||||||||||||||||
Dec. 29, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | |||||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Level 2 [Member] | |||||||||||||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Derivatives | ' | $315,361,000 | [1] | $68,892,000 | [1] | $90,221,000 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $315,361,000 | [1] | $68,892,000 | [1] | $90,221,000 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | ' | ' | ' | ' |
Total assets at fair value | ' | 315,361,000 | 68,892,000 | 90,221,000 | 0 | 0 | 0 | 315,361,000 | 68,892,000 | 90,221,000 | 0 | 0 | 0 | ' | ' | ' | ' | ||||||||||||
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Derivatives | ' | 206,134,000 | [1] | 79,871,000 | [1] | 15,379,000 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 206,134,000 | [1] | 79,871,000 | [1] | 15,379,000 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | ' | ' | ' |
Earn-out | ' | 0 | 0 | [2] | 46,881,000 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 46,881,000 | [2] | ' | ' | ' | ' | ||
Total liabilities at fair value | ' | 206,134,000 | 79,871,000 | 62,260,000 | 0 | 0 | 0 | 206,134,000 | 79,871,000 | 15,379,000 | 0 | 0 | 46,881,000 | ' | ' | ' | ' | ||||||||||||
Business aquisition contingent consideration cash payment | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Long-term Debt, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,350,000,000 | $5,700,000,000 | $4,870,000,000 | $4,980,000,000 | ||||||||||||
[1] | Foreign currency derivative contracts are valued based on observable market spot and forward rates and classified within LevelB 2 of the fair value hierarchy. Interest rate swaps are valued based on observable market swap rates and classified within LevelB 2 of the fair value hierarchy. Cross-currency interest rate swaps are valued based on observable market spot and swap rates and classified within LevelB 2 of the fair value hierarchy. Cross-currency swaps are valued based on observable market spot and swap rates and classified within Level 2 of the fair value hierarchy. The total rate of return swap is valued based on observable market swap rates and the Company's credit spread, and is classified within Level 2 of the fair value hierarchy. | ||||||||||||||||||||||||||||
[2] | The Company acquired Foodstar in China in Fiscal 2011. Consideration for this acquisition included a potential earn-out payment in 2014 contingent upon certain net sales and EBITDA (earnings before interest, taxes, depreciation and amortization) targets during Fiscals 2013 and 2014. The fair value of the earn-out was estimated using a discounted cash flow model and is based on significant inputs not observed in the market and thus represents a Level 3 measurement. Key assumptions in determining the fair value of the earn-out include the discount rate, and revenue and EBITDA projections for Fiscals 2013 and 2014. As of AprilB 29, 2012 there were no significant changes to the fair value of the earn-out recorded for Foodstar at the acquisition date. During the third quarter of Fiscal 2013, the Company renegotiated the terms of the earn-out agreement in order to give the Company additional flexibility in the future for growing its business in China, one of its largest and most important emerging markets. This renegotiation resulted in the settlement of the earn-out for a cash payment of $60.0 million (see Note 5 for additional information). |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefit Plans 1 (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 |
Change in Plan Assets: | ' | ' | ' | ' | ' |
Fair value of plan assets at the end of the year | ' | $3,654,688 | $3,379,143 | $3,140,834 | ' |
Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' | ' |
Change in Benefit Obligation: | ' | ' | ' | ' | ' |
Benefit obligation at the beginning of the year | 3,271,566 | 3,152,003 | 2,930,347 | 2,765,316 | ' |
Service cost | 3,967 | 20,684 | 31,580 | 33,719 | 32,329 |
Interest cost | 13,557 | 71,850 | 132,110 | 139,525 | 142,133 |
Participantsb contributions | 186 | 1,298 | 2,294 | 2,281 | ' |
Amendments | 0 | 0 | -145 | 3,396 | ' |
Actuarial (gain) loss | -91,756 | -72,118 | 428,881 | 196,606 | ' |
Settlement | 0 | -113,075 | -11,971 | -1,854 | ' |
Curtailment | 0 | -3,167 | 0 | 0 | ' |
Special/contractual termination benefits | 17,230 | 36,385 | ' | ' | ' |
Annuity plan transfers | 0 | 81,144 | ' | ' | ' |
Benefits paid | -13,191 | -93,630 | -157,672 | -152,342 | ' |
Translation adjustments | -49,556 | 144,018 | -83,858 | -56,300 | ' |
Benefit obligation at the end of the year | 3,152,003 | 3,225,392 | 3,271,566 | 2,930,347 | 2,765,316 |
Change in Plan Assets: | ' | ' | ' | ' | ' |
Fair value of plan assets at the beginning of the year | 3,379,143 | 3,334,138 | 3,140,834 | 3,261,881 | ' |
Actual return on plan assets | 16,740 | 161,056 | 429,011 | 84,004 | ' |
Settlement | 0 | -113,075 | -11,971 | -1,854 | ' |
Special/contractual termination benefits | 0 | -714 | ' | ' | ' |
Employer contribution | 6,812 | 156,165 | 69,388 | 23,469 | ' |
Participantsb contributions | 186 | 1,298 | 2,294 | 2,281 | ' |
Annuity plan transfers | 0 | 41,149 | ' | ' | ' |
Benefits paid | -13,191 | -93,630 | -157,672 | -152,342 | ' |
Translation adjustments | -55,552 | 168,302 | -92,741 | -76,605 | ' |
Fair value of plan assets at the end of the year | 3,334,138 | 3,654,689 | 3,379,143 | 3,140,834 | 3,261,881 |
Funded status | 182,135 | 429,297 | 107,577 | 210,487 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' |
Change in Benefit Obligation: | ' | ' | ' | ' | ' |
Benefit obligation at the beginning of the year | 257,317 | 250,633 | 249,017 | 234,431 | ' |
Service cost | 743 | 3,550 | 6,486 | 5,967 | 6,311 |
Interest cost | 938 | 5,053 | 9,923 | 11,457 | 12,712 |
Participantsb contributions | 56 | 376 | 659 | 712 | ' |
Amendments | 0 | -20,603 | 0 | 735 | ' |
Actuarial (gain) loss | -6,038 | -19,570 | 9,153 | 17,278 | ' |
Settlement | 0 | 0 | 0 | 0 | ' |
Curtailment | 0 | -1,017 | 0 | 0 | ' |
Benefits paid | -1,485 | -8,372 | -15,760 | -19,574 | ' |
Translation adjustments | -898 | -1,871 | -2,161 | -1,989 | ' |
Benefit obligation at the end of the year | 250,633 | 208,179 | 257,317 | 249,017 | 234,431 |
Change in Plan Assets: | ' | ' | ' | ' | ' |
Fair value of plan assets at the beginning of the year | 0 | 0 | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | 0 | 0 | ' |
Settlement | 0 | 0 | 0 | 0 | ' |
Employer contribution | 1,429 | 7,996 | 15,101 | 18,862 | ' |
Participantsb contributions | 56 | 376 | 659 | 712 | ' |
Benefits paid | -1,485 | -8,372 | -15,760 | -19,574 | ' |
Translation adjustments | 0 | ' | 0 | 0 | ' |
Fair value of plan assets at the end of the year | 0 | 0 | 0 | 0 | 0 |
Funded status | ($250,633) | ($208,179) | ($257,317) | ($249,017) | ' |
Pension_and_Other_Postretireme3
Pension and Other Postretirement Benefit Plans 2 (Details) (USD $) | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 |
In Thousands, unless otherwise specified | ||||
Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Other non-current assets | $502,143 | $362,832 | $287,467 | $399,868 |
Other accrued liabilities | -3,309 | -73,593 | -32,271 | -15,943 |
Other non-current liabilities | -69,537 | -107,104 | -147,619 | -173,438 |
Net asset/(liabilities) recognized | 429,297 | 182,135 | 107,577 | 210,487 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Other non-current assets | 0 | 0 | 0 | 0 |
Other accrued liabilities | -14,625 | -15,679 | -16,998 | -17,565 |
Other non-current liabilities | -193,554 | -234,954 | -240,319 | -231,452 |
Net asset/(liabilities) recognized | ($208,179) | ($250,633) | ($257,317) | ($249,017) |
Pension_and_Other_Postretireme4
Pension and Other Postretirement Benefit Plans 3 (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Service cost | $3,967 | $20,684 | $31,580 | $33,719 | $32,329 |
Interest cost | 13,557 | 71,850 | 132,110 | 139,525 | 142,133 |
Expected return on assets | -28,784 | -116,294 | -250,660 | -234,717 | -229,258 |
Prior service credit/(cost) | 245 | 0 | 2,495 | 1,995 | 2,455 |
Net actuarial loss | 10,460 | 0 | 75,897 | 83,800 | 77,687 |
Loss due to curtailment, settlement and special termination benefits | 17,230 | ' | 4,524 | 1,120 | 2,039 |
Net periodic benefit (income)/cost | 16,675 | 32,824 | -4,054 | 25,442 | 27,385 |
Defined contribution plans | 4,573 | 24,039 | 47,382 | 46,572 | 49,089 |
Total cost | 21,248 | 56,863 | 43,328 | 72,014 | 76,474 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Service cost | 743 | 3,550 | 6,486 | 5,967 | 6,311 |
Interest cost | 938 | 5,053 | 9,923 | 11,457 | 12,712 |
Expected return on assets | 0 | 0 | 0 | 0 | 0 |
Prior service credit/(cost) | -677 | 0 | -6,178 | -6,127 | -5,155 |
Net actuarial loss | 222 | 0 | 1,803 | 1,095 | 1,604 |
Loss due to curtailment, settlement and special termination benefits | 0 | -1,017 | 0 | 0 | 0 |
Net periodic benefit (income)/cost | 1,226 | 7,586 | 12,034 | 12,392 | 15,472 |
Defined contribution plans | 0 | 0 | 0 | 0 | 0 |
Total cost | $1,226 | $7,586 | $12,034 | $12,392 | $15,472 |
Pension_and_Other_Postretireme5
Pension and Other Postretirement Benefit Plans 4 (Details) (USD $) | 11 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jun. 07, 2013 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' |
Amounts recognized in accumulated other comprehensive loss, before tax: | ' | ' | ' | ' |
Net actuarial (gain)/loss | ($99,537) | $1,349,614 | $1,174,199 | $1,259,795 |
Prior service cost/(credit) | 0 | 27,410 | 30,051 | 27,165 |
Net amount recognized | -99,537 | 1,377,024 | 1,204,250 | 1,286,960 |
Amounts in accumulated other comprehensive loss (income) expected to be recognized as components of net periodic benefit cost/(credit) in the following fiscal year: | ' | ' | ' | ' |
Net actuarial (gain)/loss | -62 | 95,772 | 77,238 | ' |
Prior service cost/(credit) | 0 | 2,253 | 2,569 | ' |
Net amount recognized | -62 | 98,025 | 79,807 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Amounts recognized in accumulated other comprehensive loss, before tax: | ' | ' | ' | ' |
Net actuarial (gain)/loss | -19,570 | 35,349 | 28,000 | 29,089 |
Prior service cost/(credit) | -20,603 | -7,296 | -13,474 | -6,619 |
Net amount recognized | -40,173 | 28,053 | 14,526 | 22,470 |
Amounts in accumulated other comprehensive loss (income) expected to be recognized as components of net periodic benefit cost/(credit) in the following fiscal year: | ' | ' | ' | ' |
Net actuarial (gain)/loss | 0 | 2,030 | 1,803 | ' |
Prior service cost/(credit) | -6,306 | -6,180 | -6,174 | ' |
Net amount recognized | ($6,306) | ($4,150) | ($4,371) | ' |
Pension_and_Other_Postretireme6
Pension and Other Postretirement Benefit Plans 5 (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' | ' |
Weighted-average rates used for determining the projected benefit obligations | ' | ' | ' | ' | ' |
Discount rate | 4.10% | 4.50% | 4.00% | 4.80% | ' |
Compensation increase rate | 3.40% | 3.70% | 3.50% | 3.40% | ' |
Weighted-average rates used for determining the defined benefit plans | ' | ' | ' | ' | ' |
Expected rate of return | 8.10% | 6.20% | 8.10% | 8.20% | 8.20% |
Discount rate | 4.00% | 4.10% | 4.00% | 4.80% | 5.60% |
Compensation increase rate | 3.50% | 3.50% | 3.50% | 3.40% | 4.00% |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' |
Weighted-average rates used for determining the projected benefit obligations | ' | ' | ' | ' | ' |
Discount rate | 3.70% | 4.30% | 3.40% | 4.10% | ' |
Compensation increase rate | 0.00% | 0.00% | 0.00% | 0.00% | ' |
Weighted-average rates used for determining the defined benefit plans | ' | ' | ' | ' | ' |
Expected rate of return | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Discount rate | 3.40% | 3.70% | 3.40% | 4.10% | 5.50% |
Compensation increase rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
One-percentage-point-change | ' | ' | ' | ' | ' |
Effect on total service and interest cost components, 1% Increase | ' | 863 | ' | ' | ' |
Effect on total service and interest cost components, 1% Decrease | ' | -763 | ' | ' | ' |
Effect on postretirement benefit obligations, 1% Increase | ' | 15,697 | ' | ' | ' |
Effect on postretirement benefit obligations, 1% Decrease | ' | -14,209 | ' | ' | ' |
Pension_and_Other_Postretireme7
Pension and Other Postretirement Benefit Plans 6 (Details) (USD $) | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Dec. 29, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Dec. 29, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Dec. 29, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Debt Securities [Member] | Debt Securities [Member] | Debt Securities [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Cash and Cash Equivalents [Member] | Equity Funds [Member] | Equity Funds [Member] | Equity Funds [Member] | Equity Funds [Member] | Equity Funds [Member] | Equity Funds [Member] | Equity Funds [Member] | Equity Funds [Member] | Equity Funds [Member] | Equity Funds [Member] | Equity Funds [Member] | Equity Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Fixed Income Funds [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | ||||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity securities | 100.00% | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53.00% | 61.00% | 62.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26.00% | 31.00% | 29.00% | 8.00% | 7.00% | 8.00% | 13.00% | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity securities, target allocation | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58.00% | 59.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | 32.00% | ' | 8.00% | 8.00% | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets | $3,654,688 | $3,140,834 | $3,379,143 | $872,537 | $1,121,168 | $1,056,416 | $2,474,036 | $1,989,858 | $1,857,698 | $308,115 | $268,117 | $226,720 | $140,744 | $624,154 | $822,184 | $882,081 | $624,154 | $882,081 | $822,184 | $0 | $0 | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | $478,103 | $29,310 | $20,151 | $77,761 | $6,787 | $10,335 | $400,342 | $13,364 | $18,975 | $0 | $0 | $0 | $1,313,307 | $1,239,834 | $1,091,610 | $126,001 | $182,723 | $147,865 | $1,187,306 | $1,057,111 | $943,745 | $0 | $0 | $0 | $942,244 | $980,296 | $981,496 | $44,621 | $49,577 | $76,032 | $886,388 | $919,383 | $894,978 | $11,235 | $11,336 | $10,486 | $9,649 | $296,880 | $256,781 | $216,234 | $0 | $0 | $0 | $0 | $0 | $0 | $296,880 | $256,781 | $216,234 | $131,095 |
Pension_and_Other_Postretireme8
Pension and Other Postretirement Benefit Plans 7 (Details) (USD $) | 8 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets at the end of the year | $3,654,688 | $3,379,143 | $3,140,834 |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets at the beginning of the year | 268,117 | 226,720 | 140,744 |
Acquisitions | 8,211 | 58,701 | 96,938 |
Transfers In / (Out) | 0 | -10,498 | 10,138 |
Dispositions | -767 | -3,605 | -21,262 |
Realized Gain /(Loss) | 741 | -6,637 | 753 |
Unrealized Gain /(Loss) | 31,813 | 3,436 | -591 |
Fair value of plan assets at the end of the year | 308,115 | 268,117 | 226,720 |
Fixed Income Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets at the end of the year | 942,244 | 980,296 | 981,496 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets at the beginning of the year | 11,336 | 10,486 | 9,649 |
Acquisitions | 0 | 0 | 0 |
Transfers In / (Out) | 0 | 0 | 0 |
Dispositions | 0 | 0 | 0 |
Realized Gain /(Loss) | 0 | 0 | 0 |
Unrealized Gain /(Loss) | -101 | 850 | 837 |
Fair value of plan assets at the end of the year | 11,235 | 11,336 | 10,486 |
Other Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets at the end of the year | 296,880 | 256,781 | 216,234 |
Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets at the beginning of the year | 256,781 | 216,234 | 131,095 |
Acquisitions | 8,211 | 58,701 | 96,938 |
Transfers In / (Out) | 0 | -10,498 | 10,138 |
Dispositions | -767 | -3,605 | -21,262 |
Realized Gain /(Loss) | 741 | -6,637 | 753 |
Unrealized Gain /(Loss) | 31,914 | 2,586 | -1,428 |
Fair value of plan assets at the end of the year | $296,880 | $256,781 | $216,234 |
Pension_and_Other_Postretireme9
Pension and Other Postretirement Benefit Plans 8 (Details) (USD $) | Apr. 28, 2013 |
In Thousands, unless otherwise specified | |
Pension Plan, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $168,604 |
2015 | 166,798 |
2016 | 170,395 |
2017 | 173,630 |
2018 | 176,858 |
Years 2019-2023 | 923,753 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 14,674 |
2015 | 15,522 |
2016 | 16,334 |
2017 | 16,959 |
2018 | 17,244 |
Years 2019-2023 | $84,295 |
Recovered_Sheet1
Pension and Other Postretirement Benefit Plans 9 (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Accumulated benefit obligation | ' | $2,960,000,000 | $3,110,000,000 | $2,790,000,000 | ' |
Aggregate accumulated benefit obligation | ' | 338,100,000 | 631,700,000 | 630,300,000 | ' |
Aggregate projected benefit obligation | ' | 339,100,000 | 640,800,000 | 642,300,000 | ' |
Aggregate fair value of plan assets | ' | 312,700,000 | 460,900,000 | 452,900,000 | ' |
Aggregate benefit obligation | ' | 614,700,000 | 900,300,000 | 642,300,000 | ' |
Aggregate fair value of plan assets | ' | 585,500,000 | 720,500,000 | 452,900,000 | ' |
Equity securities | ' | 100.00% | 100.00% | 100.00% | ' |
Discretionary company contributions | ' | 28,300,000 | ' | ' | ' |
Estimated future employer contributions in next fiscal year | ' | 67,000,000 | ' | ' | ' |
Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Special/contractual termination benefits | 17,230,000 | 36,385,000 | ' | ' | ' |
Expense associated with accelerated vesting | -17,230,000 | ' | -4,524,000 | -1,120,000 | -2,039,000 |
Change in other comprehensive loss related to postretirement benefit (gains) losses during the period | 79,700,000 | 80,000,000 | -255,700,000 | -353,100,000 | ' |
Change in other comprehensive loss related to reclassification of postretirement benefit (losses) gains to net income | -10,700,000 | -19,500,000 | -82,900,000 | -87,300,000 | ' |
Company contributions to benefit plans | 6,800,000 | 152,100,000 | ' | ' | ' |
Payments for the next fiscal year for claims | ' | ' | 168,604,000 | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Expense associated with accelerated vesting | 0 | 1,017,000 | 0 | 0 | 0 |
Change in other comprehensive loss related to postretirement benefit (gains) losses during the period | 6,000,000 | 41,200,000 | -9,100,000 | -18,000,000 | ' |
Change in other comprehensive loss related to reclassification of postretirement benefit (losses) gains to net income | 400,000 | -1,000,000 | 4,400,000 | 5,000,000 | ' |
Company contributions to benefit plans | 1,400,000 | 8,000,000 | ' | ' | ' |
Payments for the next fiscal year for claims | ' | ' | $14,674,000 | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Weighted-average assumed annual composite rate of increase in the cost of health care | ' | 6.00% | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Weighted-average assumed annual composite rate of increase in the cost of health care | ' | 4.80% | ' | ' | ' |
Maximum [Member] | Common Stock [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Equity securities | ' | ' | 1.00% | 1.00% | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging Activities (Narrative) (Details) | 11 Months Ended | 11 Months Ended | 12 Months Ended | 12 Months Ended | 11 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jan. 25, 2012 | Apr. 29, 2012 | Apr. 27, 2011 | Dec. 29, 2013 | Apr. 28, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Jan. 27, 2013 | Jan. 25, 2012 | Apr. 29, 2012 | Apr. 27, 2011 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Dec. 29, 2013 | Apr. 28, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Apr. 29, 2012 | Apr. 27, 2011 | Apr. 29, 2012 | Apr. 27, 2011 | Apr. 29, 2012 | Apr. 27, 2011 | Apr. 27, 2011 | Apr. 29, 2012 | Apr. 27, 2011 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 27, 2011 | Dec. 29, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 29, 2012 | |
USD ($) | USD ($) | USD ($) | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | U.S. Dollar Remarketable Securities due December 2020 [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | United Kingdom, Pounds | United Kingdom, Pounds | Eurodollar Future [Member] | Eurodollar Future [Member] | Australia, Dollars | Australia, Dollars | Japan, Yen | Japan, Yen | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | U.S. Dollar Remarketable Securities due December 2020 [Member] | U.S. Dollar Remarketable Securities due December 2020 [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | ||||
USD ($) | USD ($) | GBP (£) | USD ($) | EUR (€) | USD ($) | AUD | USD ($) | JPY (¥) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | |||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Collateral, Obligation to Return Cash | $237,400,000 | $68,900,000 | $15,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net losses recognized in other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19,181,000 | -51,125,000 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,925,000 | -2,915,000 | 0 | 70,135,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -180,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 5,100,000 | ' | ' | ' | ' | ' | ' | -19,181,000 | -51,476,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | -2,183,000 | 3,351,000 | 0 | -351,000 | 0 | 0 | 0 | ' | ' | ' | 0 | -1,193,000 | 0 | 0 | 0 | 0 | -3,890,000 | -7,976,000 | 3,351,000 | 0 | 0 | 0 | 0 | -3,890,000 | -7,976,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1,193,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 117,934,000 | 234,000 | 0 | 0 | -31,241,000 | -2,183,000 | 0 | 0 | -31,241,000 | 117,934,000 | 0 | 0 | 0 | 234,000 | 0 | 0 | 0 | 0 |
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | 160,000,000 | ' | 9,000,000,000 | 160,000,000 | ' | ' | ' | ' | 386,000,000 | ' | 8,300,000,000 | 316,000,000 | 1,910,000,000 | ' | 2,500,000,000 | 873,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,010,000,000 | 369,900,000 | 445,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net | 109,200,000 | 11,000,000 | 74,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedge Accounting Adjustments Related To Debt Obligations | 0 | 122,455,000 | 128,444,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of Hedging Forecasted Transactions | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -16,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.46% | 6.46% | 5.70% | 5.70% | 9.16% | 9.16% | 4.10% | 4.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,795,000,000 | ' | 2,210,000,000 | ' | 794,000,000 | ' | 4,854,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Swaption Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.15% | 6.15% | 6.15% | 6.15% | 6.15% | 6.15% | 6.15% | 6.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized Gain (Loss) related to Outstanding Nondesignated Derivative Instruments | -1,300,000 | -4,000,000 | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amount recognized in statement of income | ' | ' | ' | 3,600,000 | 8,800,000 | -16,900,000 | ' | -19,093,000 | -51,476,000 | ' | ' | ' | ' | ' | ' | 2,935,000 | 20,160,000 | ' | ' | 19,508,000 | 19,183,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,945,000 | -4,344,000 | ' | -10,359,000 | -5,389,000 | ' | -2,883,000 | 12,231,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 117,754,000 | ' | 0 | ' | -27,048,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000,000 | ' | 3,000,000,000 | ' | 800,000,000 | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | 119,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Income Earned on Total Rate of Return Swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized Gain Loss Related to Total Rate of Return Swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Collateral for Borrowed Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $34,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Customer | '.103 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Hedging Activities (Balance Sheet Captions) (Details) (USD $) | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | |||||||||
In Thousands, unless otherwise specified | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |||||||||
Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | ||||||||||
Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |||||||||||||||||||
Other Receivables, Net [Member] | Other Non-Current Assets [Member] | Other Payables [Member] | Other Non-Current Liabilities [Member] | Other Receivables, Net [Member] | Other Non-Current Assets [Member] | Other Payables [Member] | Other Non-Current Liabilities [Member] | Other Receivables, Net [Member] | Other Non-Current Assets [Member] | Other Payables [Member] | Other Non-Current Liabilities [Member] | Other Receivables, Net [Member] | Other Non-Current Assets [Member] | Other Payables [Member] | Other Non-Current Liabilities [Member] | Other Receivables, Net [Member] | Other Non-Current Assets [Member] | Other Payables [Member] | Other Non-Current Liabilities [Member] | Other Receivables, Net [Member] | Other Non-Current Assets [Member] | Other Payables [Member] | Other Non-Current Liabilities [Member] | Other Receivables, Net [Member] | Other Receivables, Net [Member] | Other Non-Current Assets [Member] | Other Non-Current Assets [Member] | Other Payables [Member] | Other Payables [Member] | Other Non-Current Liabilities [Member] | Other Non-Current Liabilities [Member] | Other Receivables, Net [Member] | Other Receivables, Net [Member] | Other Non-Current Assets [Member] | Other Non-Current Assets [Member] | Other Payables [Member] | Other Payables [Member] | Other Non-Current Liabilities [Member] | Other Non-Current Liabilities [Member] | Other Receivables, Net [Member] | Other Receivables, Net [Member] | Other Non-Current Assets [Member] | Other Non-Current Assets [Member] | Other Payables [Member] | Other Payables [Member] | Other Non-Current Liabilities [Member] | Other Non-Current Liabilities [Member] | Other Receivables, Net [Member] | Other Receivables, Net [Member] | Other Non-Current Assets [Member] | Other Non-Current Assets [Member] | Other Payables [Member] | Other Payables [Member] | Other Non-Current Liabilities [Member] | Other Non-Current Liabilities [Member] | Other Receivables, Net [Member] | Other Receivables, Net [Member] | Other Non-Current Assets [Member] | Other Non-Current Assets [Member] | Other Payables [Member] | Other Payables [Member] | Other Non-Current Liabilities [Member] | Other Non-Current Liabilities [Member] | Other Receivables, Net [Member] | Other Receivables, Net [Member] | Other Non-Current Assets [Member] | Other Non-Current Assets [Member] | Other Payables [Member] | Other Payables [Member] | Other Non-Current Liabilities [Member] | Other Non-Current Liabilities [Member] | |||||||||||||||||||||||||||||||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Total assets | $49,972 | $41,201 | $37,072 | $4,129 | ' | ' | $8,771 | $8,771 | $0 | ' | ' | $265,390 | $265,390 | $0 | $265,390 | ' | ' | $0 | $0 | $0 | ' | ' | $31,303 | $31,303 | $0 | $31,303 | ' | ' | $0 | $0 | $0 | ' | ' | $35,563 | $30,547 | $34,738 | $25,506 | $23,240 | $17,318 | $11,498 | $8,188 | ' | ' | ' | ' | $825 | $5,041 | $825 | $5,041 | $0 | $0 | ' | ' | ' | ' | $33,329 | $36,478 | $33,329 | $36,244 | $4,226 | $6,851 | $29,103 | $29,393 | ' | ' | ' | ' | $0 | $234 | $0 | $0 | $0 | $234 | ' | ' | ' | ' | $0 | $23,196 | $0 | $23,196 | $0 | $18,222 | $0 | $4,974 | ' | ' | ' | ' | $0 | $0 | $0 | $0 | $0 | $0 | ' | ' | ' | ' | |||||||||
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Total liabilities | $15,537 | [1] | $5,251 | ' | ' | $5,251 | $0 | $10,286 | ' | ' | $0 | $10,286 | $0 | [1] | $0 | ' | ' | $0 | $0 | $0 | ' | ' | $0 | $0 | $221,899 | [1] | $221,899 | ' | ' | $0 | $221,899 | $0 | ' | ' | $0 | $0 | $6,585 | [1] | $12,619 | [1] | $1,725 | $10,667 | ' | ' | ' | ' | $1,508 | $10,653 | $217 | $14 | $4,860 | $1,952 | ' | ' | ' | ' | $4,860 | $1,952 | $0 | $0 | $960 | [1] | $0 | [1] | $0 | $0 | ' | ' | ' | ' | $0 | $0 | $0 | $0 | $960 | $0 | ' | ' | ' | ' | $0 | $0 | $960 | $0 | $72,325 | [1] | $2,760 | [1] | $72,325 | $2,760 | ' | ' | ' | ' | $34,805 | $2,760 | $37,520 | $0 | $0 | $0 | ' | ' | ' | ' | $0 | $0 | $0 | $0 |
[1] | The Companybs derivative financial instruments are subject to master netting arrangements that allow for the offset of asset and liabilities in the event of default or early termination of the contract. The Company elects to record the gross assets and liabilities of its derivative financial instruments in the consolidated balance sheets. If the derivative financial instruments had been netted in the consolidated balance sheets, the asset and liability positions each would have been reduced by $237.4 million, $68.9 million and $15.4 million at DecemberB 29, 2013, AprilB 28, 2013 and AprilB 29, 2012. No material amounts of collateral were received or posted on the Companybs derivative assets and liabilities as at DecemberB 29, 2013. |
Derivative_Financial_Instrumen4
Derivative Financial Instruments and Hedging Activities (Consolidated Statement of Income) (Details) (USD $) | 11 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Apr. 29, 2012 | Apr. 27, 2011 | Apr. 29, 2012 | Apr. 27, 2011 | Apr. 29, 2012 | Apr. 27, 2011 | Apr. 29, 2012 | Apr. 27, 2011 | Apr. 29, 2012 | Apr. 27, 2011 | Apr. 29, 2012 | Apr. 27, 2011 | Apr. 29, 2012 | Apr. 27, 2011 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 27, 2011 | Dec. 29, 2013 | Dec. 29, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 29, 2012 | Dec. 29, 2013 | Apr. 29, 2012 |
Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | ||
Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | Interest Income [Member] | |||||||||||||
Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | |||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains/(losses) recognized in other comprehensive loss (effective portion) | ' | $45,658 | $3,626 | ($2,341) | $0 | $5,725 | $16,649 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,603 | $47,623 | ' | $0 | $0 | ' | ($4,079) | ($77,080) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30,441 | ' | $147,455 | ' | ($190,597) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | 8,033 | 3,375 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 990 | 10,940 | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,020 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of products sold | ' | -19,880 | -23,372 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -729,537 | -7,333,416 | -7,512,783 | -6,614,259 | 1,814 | -4,584 | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,587,791 | 2,874 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | ' | -62 | -141 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -102 | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -83 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income, net | ' | 33,401 | 35,744 | 0 | 0 | 8,901 | 24,644 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,858 | 13,924 | ' | 0 | 0 | ' | -9,821 | -70,135 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,387 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income/(expense) | ' | 199 | 226 | -146 | 0 | -5,966 | -4,484 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -35,350 | -283,607 | -293,009 | -272,660 | 61 | 29 | ' | -20 | -236 | ' | -538 | -5,389 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -408,503 | 35 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ' | 21,691 | 15,832 | -146 | 0 | 2,935 | 20,160 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -192,697 | 1,027,333 | 939,908 | 1,005,948 | 1,007 | 20,207 | ' | -20 | -236 | ' | -10,359 | -75,524 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -71,718 | 4,193 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value hedges: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net losses recognized in other expense, net | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -19,181 | -51,125 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -5,925 | -2,915 | 0 | 70,135 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -180 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives not designated as hedging instruments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains recognized in other expense, net | 5,100 | 0 | 0 | -19,181 | -51,476 | 0 | 0 | -2,183 | 3,351 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -351 | 0 | ' | ' | ' | ' | -3,890 | -7,976 | 3,351 | 0 | -1,193 | 0 | 0 | 0 | 0 | -3,890 | -7,976 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1,193 | 0 | 0 | 0 | 0 | ' | -31,241 | -2,183 | 117,934 | 234 | 0 | 0 | -31,241 | 0 | 0 | 0 | 117,934 | 0 | 0 | 0 | 0 | 234 | 0 | 0 |
Total amount recognized in statement of income | ' | $19,508 | $19,183 | ($19,093) | ($51,476) | $2,935 | $20,160 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($2,883) | $12,231 | ' | ($5,945) | ($4,344) | ' | ($10,359) | ($5,389) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($27,048) | ' | $117,754 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Comprehensive_IncomeLoss2
Other Comprehensive Income/(Loss) (Details 1) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 1 Months Ended | 8 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 23, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Jun. 07, 2013 | Apr. 28, 2013 |
H.J. Heinz Holding Corporation [Member] | H.J. Heinz Holding Corporation [Member] | H.J. Heinz Holding Corporation [Member] | H.J. Heinz Holding Corporation [Member] | H.J. Heinz Holding Corporation [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | ||||||
H.J. Heinz Holding Corporation [Member] | Noncontrolling Interest [Member] | H.J. Heinz Holding Corporation [Member] | H.J. Heinz Holding Corporation [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | ||||||||||||||||||||||
Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($77,021) | ' | ' | ($195,571) | $722,331 | $1,012,903 | $923,159 | $989,510 | ' | ' | ' | ' |
Loss from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -71,718 | ' | ' | -192,697 | ' | 1,027,333 | 939,908 | 1,005,948 | -195,571 | 1,012,903 | 2,874 | 14,430 |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128,941 | 140,242 | -11,301 | -97,863 | ' | -228,980 | ' | ' | -93,780 | -213,259 | -4,083 | -15,721 |
Net deferred (losses) on net investment hedges from periodic revaluations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -117,694 | -117,694 | 0 | 0 | ' | 0 | ' | ' | 0 | 0 | 0 | 0 |
Net pension and post-retirement benefit gains/ (losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,452 | 102,464 | -12 | 0 | ' | -189,302 | -258,079 | 77,298 | 0 | -189,294 | 0 | -8 |
Reclassification of net pension and post-retirement benefit losses to net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 7,266 | ' | 54,833 | 56,813 | 53,353 | 7,291 | 54,833 | -25 | 0 |
Net deferred gains/(losses) on derivatives from periodic revaluations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111,196 | 110,686 | 510 | -1,059 | ' | -11,743 | 30,377 | 9,395 | -1,099 | -11,736 | 40 | -7 |
Net deferred (gains)/losses on derivatives reclassified to earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,743 | -2,688 | -55 | 6,552 | ' | 29,608 | -13,811 | -20,794 | 6,551 | 29,646 | 1 | -38 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,434 | 155,989 | -5,555 | -277,801 | ' | 681,749 | 377,717 | 1,693,076 | -276,608 | 683,093 | -1,193 | -1,344 |
Tax expenses benefits associated with components of other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | 116 | 422 | -115 | 180 | -1,158 | 116 | 422 | -115 | 180 | -1,158 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net change in fair value of net investment hedges | ' | 72,903 | ' | ' | ' | ' | 72,903 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net pension and post-retirement benefit gains/(losses) | ' | 39,682 | -75,526 | 112,674 | -25,656 | ' | 39,682 | -75,526 | 112,665 | -25,670 | ' | 0 | 0 | 9 | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of net pension and post-retirement benefit losses to net income | -2,958 | ' | 23,694 | 25,070 | 25,276 | -2,958 | ' | 23,694 | 25,070 | 25,276 | 0 | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net change in fair value of cash flow hedges | -364 | 67,376 | 17,714 | -17,761 | -10,216 | -377 | 67,210 | 17,712 | -17,770 | -10,348 | 13 | 166 | 2 | 9 | 132 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net hedging gains/losses reclassified into earnings | ($2,883) | ($1,523) | $25,941 | ($10,664) | ($14,958) | ($2,882) | ($1,505) | $25,954 | ($10,756) | ($15,149) | ($1) | ($18) | ($13) | $92 | $191 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Comprehensive_IncomeLoss3
Other Comprehensive Income/(Loss) (AOCI Reclassification) (Details) (USD $) | 11 Months Ended | 1 Months Ended | 8 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 11 Months Ended | 1 Months Ended | 12 Months Ended | 11 Months Ended | 1 Months Ended | 12 Months Ended | 11 Months Ended | 1 Months Ended | 12 Months Ended | 11 Months Ended | 1 Months Ended | 11 Months Ended | 1 Months Ended | 11 Months Ended | 1 Months Ended | 11 Months Ended | 1 Months Ended | 11 Months Ended | 1 Months Ended | 11 Months Ended | 1 Months Ended | 11 Months Ended | 1 Months Ended | 11 Months Ended | 1 Months Ended | 11 Months Ended | 1 Months Ended | 11 Months Ended | 1 Months Ended | 11 Months Ended | 1 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 23, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 29, 2012 | Apr. 27, 2011 | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Dec. 29, 2013 | Jun. 07, 2013 | Apr. 28, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | ||
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Translation Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Translation Adjustment [Member] | Accumulated Translation Adjustment [Member] | Accumulated Translation Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | Loss From Continuing Operations Before Income Tax [Member] | Loss From Continuing Operations Before Income Tax [Member] | Provision for Income Tax [Member] | Provision for Income Tax [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | Cross Currency Interest Rate Contract [Member] | |||||||||||||||
Successor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | Sales [Member] | Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Other Income [Member] | Other Income [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Other Expense [Member] | Other Expense [Member] | ||||||||||||||||||||||||||||||||||||||
Successor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | ||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Balance at beginning of period | $0 | $0 | $0 | $0 | ($1,174,538) | ($844,728) | ($844,728) | ($299,564) | ' | ($236,412) | ($23,154) | $337,073 | ($962,653) | ($828,192) | ($626,938) | $24,527 | $6,618 | ($9,699) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other comprehensive (loss)/income before reclassifications | 353,392 | 140,242 | 102,464 | 110,686 | -94,879 | ' | -414,288 | -587,889 | ' | -93,780 | -213,258 | -360,227 | 0 | -189,294 | -258,067 | -1,099 | -11,736 | 30,405 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net change in fair value of net investment hedges | -117,694 | -117,694 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss | -2,688 | 0 | 0 | -2,688 | 13,842 | ' | 84,478 | 42,725 | ' | 0 | 0 | 0 | 7,291 | 54,833 | 56,813 | 6,551 | 29,645 | -14,088 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net current-period other comprehensive loss | 233,010 | 22,548 | 102,464 | 107,998 | -81,037 | ' | -329,810 | -545,164 | ' | -93,780 | -213,258 | -360,227 | 7,291 | -134,461 | -201,254 | 5,452 | 17,909 | 16,317 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Balance at beginning of period | 233,010 | 22,548 | 102,464 | 107,998 | -1,255,575 | ' | -1,174,538 | -844,728 | -299,564 | -330,192 | -236,412 | -23,154 | -955,362 | -962,653 | -828,192 | 29,979 | 24,527 | 6,618 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Reclassified from accumulated other comprehensive income/(loss) to earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,688 | -6,551 | 4,193 | -9,373 | -1,505 | 2,822 | -1,020 | 990 | 2,874 | 1,814 | 2,387 | -1,859 | -83 | 0 | 0 | 61 | 35 | -20 | 0 | -9,821 | 0 | -538 | ||
Actuarial gains/(losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | -10,681 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior service credit/(cost) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 432 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from continuing operations before income tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -10,249 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Provision for income taxes | -231,623 | ' | ' | ' | 61,097 | 142,528 | 241,598 | 244,966 | 370,817 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,958 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Loss from continuing operations | ($71,718) | ' | ' | ' | ($192,697) | ' | $1,027,333 | $939,908 | $1,005,948 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21,691 | $15,832 | $4,193 | $1,007 | $20,207 | ($146) | $0 | $0 | ($20) | ($236) | $2,935 | $20,160 | $0 | ($10,359) | ($75,524) | $0 | ($7,291) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | As these components are included in the computation of net periodic pension and post retirement benefit costs refer to Note 14 for further details. |
Segment_Information_Details
Segment Information (Details) (USD $) | 0 Months Ended | 11 Months Ended | 2 Months Ended | 1 Months Ended | 8 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 11 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 03, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 23, 2012 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jun. 07, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | ||||||||||||||||||||||||||||||||||
North American Consumer Products [Member] | Europe [Member] | Asia Pacific [Member] | U.S. Foodservice [Member] | SOUTH AFRICA | SOUTH AFRICA | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | ||||||||||||||||||||||||||||||||||||
Cost of Goods, Total [Member] | Selling, General and Administrative Expenses [Member] | Ketchup and Sauces [Member] | Ketchup and Sauces [Member] | Ketchup and Sauces [Member] | Ketchup and Sauces [Member] | Meals and Snacks [Member] | Meals and Snacks [Member] | Meals and Snacks [Member] | Meals and Snacks [Member] | Infant/Nutrition [Member] | Infant/Nutrition [Member] | Infant/Nutrition [Member] | Infant/Nutrition [Member] | Other Products [Member] | Other Products [Member] | Other Products [Member] | Other Products [Member] | Total North America [Member] | Total North America [Member] | Total North America [Member] | Total North America [Member] | North American Consumer Products [Member] | North American Consumer Products [Member] | North American Consumer Products [Member] | North American Consumer Products [Member] | Europe [Member] | Europe [Member] | Europe [Member] | Europe [Member] | Asia Pacific [Member] | Asia Pacific [Member] | Asia Pacific [Member] | Asia Pacific [Member] | U.S. Foodservice [Member] | U.S. Foodservice [Member] | U.S. Foodservice [Member] | U.S. Foodservice [Member] | Rest of World [Member] | Rest of World [Member] | Rest of World [Member] | Rest of World [Member] | Non-operating | Non-operating | Non-operating | Non-operating | Non-Operating [Member] | Non-Operating [Member] | Non-Operating [Member] | Non-Operating [Member] | United States [Member] | United States [Member] | United States [Member] | United States [Member] | United Kingdom [Member] | United Kingdom [Member] | United Kingdom [Member] | United Kingdom [Member] | Other Country [Member] | Other Country [Member] | Other Country [Member] | Other Country [Member] | Selling, General and Administrative Expenses [Member] | Ketchup and Sauces [Member] | Meals and Snacks [Member] | Infant/Nutrition [Member] | Other Products [Member] | Total North America [Member] | North American Consumer Products [Member] | Europe [Member] | Asia Pacific [Member] | U.S. Foodservice [Member] | Rest of World [Member] | Non-operating | Non-Operating [Member] | United States [Member] | United Kingdom [Member] | Other Country [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Inventory, Adjustments During the Period | ' | $33,800,000 | $139,800,000 | $110,300,000 | $89,600,000 | $9,800,000 | $3,500,000 | $12,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Reconciliation from Segment Totals to Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||
Net external sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,112,872,000 | 7,438,060,000 | ' | 11,528,886,000 | 11,507,572,000 | 10,558,636,000 | 533,932,000 | 5,375,788,000 | 5,232,607,000 | 4,607,326,000 | 359,412,000 | 4,240,808,000 | 4,337,995,000 | 4,134,836,000 | 118,528,000 | 1,189,015,000 | 1,232,248,000 | 1,175,438,000 | 101,000,000 | 723,275,000 | 704,722,000 | 641,036,000 | ' | ' | ' | ' | 307,972,000 | 3,195,099,000 | 3,241,533,000 | 3,265,857,000 | 284,657,000 | 3,314,523,000 | 3,441,282,000 | 3,236,800,000 | 272,116,000 | 2,533,334,000 | 2,500,411,000 | 2,247,193,000 | 135,688,000 | 1,370,779,000 | 1,345,768,000 | 1,339,100,000 | 112,439,000 | 1,115,151,000 | 978,578,000 | 469,686,000 | ' | ' | ' | ' | ' | ' | ' | ' | 371,253,000 | 3,857,247,000 | 3,885,057,000 | 3,916,988,000 | 130,741,000 | 1,597,755,000 | 1,611,177,000 | 1,506,607,000 | 610,878,000 | 6,073,884,000 | 6,011,338,000 | 5,135,041,000 | 6,239,562,000 | ' | 3,081,347,000 | 2,185,831,000 | 624,359,000 | 348,025,000 | ' | 1,669,924,000 | 1,829,607,000 | 1,328,488,000 | 772,598,000 | 638,945,000 | ' | ' | 2,072,049,000 | 859,512,000 | 3,308,001,000 | |||||||||||||||||||||||||||||||||
Operating loss | ' | ' | ' | ' | ' | ' | ' | ' | 27,783,000 | ' | ' | 1,661,651,000 | 1,502,307,000 | 1,687,638,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,459,000 | 790,939,000 | 812,056,000 | 832,719,000 | 32,918,000 | [1] | 593,044,000 | [1] | 608,829,000 | [1] | 581,148,000 | [1] | 37,616,000 | [1] | 265,879,000 | [1] | 234,671,000 | [1] | 253,524,000 | [1] | 15,531,000 | [1] | 186,155,000 | [1] | 169,843,000 | [1] | 183,425,000 | [1] | 10,559,000 | [1] | 112,660,000 | [1] | 105,080,000 | [1] | 53,371,000 | [1] | -16,070,000 | [2] | -226,588,000 | [2] | -222,754,000 | [2] | -216,549,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,974,000 | ' | ' | ' | ' | ' | ' | 269,642,000 | 195,235,000 | [1] | 11,833,000 | [1] | 84,273,000 | [1] | 74,238,000 | [1] | -74,827,000 | [2] | ' | ' | ' | ' | ||||||||
Fiscal 2013 Special Items | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | -15,624,000 | [3] | 0 | [3] | 0 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | ' | ' | ' | ||||||||||||||||||||||||||||
Productivity initiatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,042,000 | [4] | 0 | [4] | -205,418,000 | [4] | 0 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -410,400,000 | -241,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -410,430,000 | [4] | ' | ' | ' | ||||||||||||||||||||||||||||
Merger related costs | ' | ' | ' | ' | ' | ' | ' | ' | -112,188,000 | [5] | ' | ' | -44,814,000 | [5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -157,938,000 | [5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Depreciation and Amortization Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 41,023,000 | ' | ' | 346,632,000 | 336,921,000 | 292,799,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,162,000 | 126,859,000 | 131,023,000 | 121,480,000 | ' | ' | ' | ' | 9,976,000 | 98,806,000 | 98,384,000 | 91,222,000 | 7,311,000 | 62,233,000 | 59,796,000 | 49,802,000 | ' | ' | ' | ' | 2,520,000 | 22,836,000 | 19,290,000 | 6,324,000 | ' | ' | ' | ' | 5,054,000 | [2] | 35,898,000 | [2] | 28,428,000 | [2] | 23,971,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 309,053,000 | ' | ' | ' | ' | ' | 153,402,000 | ' | 62,044,000 | 41,009,000 | ' | 11,256,000 | ' | 41,342,000 | [2] | ' | ' | ' | ||||||||||||||||||||||||||||
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,939,007,000 | 11,983,293,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,289,900,000 | 3,394,387,000 | ' | ' | ' | ' | ' | ' | 5,129,880,000 | 4,158,349,000 | ' | ' | 2,670,376,000 | 2,544,332,000 | ' | ' | ' | ' | ' | ' | 1,123,407,000 | 1,145,696,000 | ' | ' | ' | ' | ' | ' | 725,444,000 | [6] | 740,529,000 | [6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,972,348,000 | ' | ' | ' | ' | ' | 14,486,939,000 | ' | 11,673,072,000 | 4,039,589,000 | ' | 1,336,733,000 | ' | 7,436,015,000 | [6] | ' | ' | ' | ||||||||||||||||||||||||||||||
Capital expenditures | 88,700,000 | ' | ' | ' | ' | ' | ' | ' | 120,154,000 | ' | ' | 399,098,000 | 418,734,000 | 335,646,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,050,000 | 107,207,000 | 103,958,000 | 101,001,000 | ' | ' | ' | ' | 4,537,000 | 96,112,000 | 113,420,000 | 97,964,000 | 3,389,000 | 91,361,000 | 99,912,000 | 71,419,000 | ' | ' | ' | ' | 2,960,000 | 48,747,000 | 38,539,000 | 12,829,000 | ' | ' | ' | ' | 99,218,000 | [2] | 55,671,000 | [2] | 62,905,000 | [2] | 52,433,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 202,015,000 | ' | ' | ' | ' | ' | 47,060,000 | ' | 45,121,000 | 47,209,000 | ' | 15,720,000 | ' | 46,905,000 | [2] | ' | ' | ' | ||||||||||||||||||||||||||||
Long-Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,953,521,000 | $7,168,359,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,383,136,000 | $2,419,518,000 | ' | ' | $1,133,086,000 | $1,207,918,000 | ' | ' | $3,437,299,000 | $3,540,923,000 | ' | $32,223,099,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,280,596,000 | $6,999,989,000 | $8,942,514,000 | |||||||||||||||||||||||||||||||||
[1] | The negative impact of the inventory step-up adjustment recorded in purchase accounting to operating income in the Successor period was $139.8 million for North American Consumer Products, $110.3 million for Europe, $89.6 million for Asia/Pacific, $33.8 million for U.S. Foodservice and $9.8 million for Rest of World. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes corporate overhead, intercompany eliminations and charges not directly attributable to operating segments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | During the fourth quarter of Fiscal 2013, the Company closed a factory in South Africa resulting in a $3.5 million in costs of products sold primarily related to asset write-downs. During the third quarter of Fiscal 2013, the Company renegotiated the terms of the Foodstar Holdings Pte earn-out that was due in 2014 resulting in a $12.1 million charge in SG&A. See Note 13 for further explanation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | See Note 7 for further details on restructuring and productivity initiatives. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | See Note 4 for further details on Merger related costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Includes identifiable assets not directly attributable to operating segments. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 0 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 3 Months Ended | ||||
Jun. 03, 2013 | Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 | Jul. 29, 2012 | Dec. 29, 2013 | Apr. 01, 2011 | |
contract | Coniexpress S.A. Industrias Alimenticias [Member] | Coniexpress S.A. Industrias Alimenticias [Member] | Coniexpress S.A. Industrias Alimenticias [Member] | ||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating lease rentals for warehouse, production and office facilities and equipment | ' | $15,400,000 | $122,600,000 | $145,400,000 | $155,200,000 | $112,400,000 | ' | ' | ' |
Operating Leases, Future Minimum Payments Due [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future lease payments for non-cancellable operating leases | ' | ' | 502,600,000 | ' | ' | ' | ' | ' | ' |
Future lease payments for non-cancellable operating leases, due in current year | ' | ' | 137,800,000 | ' | ' | ' | ' | ' | ' |
Future lease payments for non-cancellable operating leases, due in two years | ' | ' | 60,500,000 | ' | ' | ' | ' | ' | ' |
Future lease payments for non-cancellable operating leases, due in three years | ' | ' | 53,400,000 | ' | ' | ' | ' | ' | ' |
Future lease payments for non-cancellable operating leases, due in four years | ' | ' | 47,700,000 | ' | ' | ' | ' | ' | ' |
Future lease payments for non-cancellable operating leases, due in five years | ' | ' | 44,200,000 | ' | ' | ' | ' | ' | ' |
Future lease payments for non-cancellable operating leases, due thereafter | ' | ' | 159,000,000 | ' | ' | ' | ' | ' | ' |
Operating leases, number of contracts | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Guaranteed supplemental payment obligations | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' |
Payments to acquire property, plant, and equipment | $88,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners, Exercised Put Option | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' |
Noncontrolling interest, ownership percentage by noncontrolling owners | ' | ' | ' | ' | ' | ' | ' | 5.00% | 20.00% |
Advertising_Costs_Details
Advertising Costs (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 |
Advertising Costs [Line Items] | ' | ' | ' | ' | ' |
Advertising expenses including production and communication costs | $41.70 | $282.30 | $465 | $440.50 | $368.60 |
Sales [Member] | ' | ' | ' | ' | ' |
Advertising Costs [Line Items] | ' | ' | ' | ' | ' |
Advertising expenses including production and communication costs | 19.4 | 86.8 | 151.1 | 151.5 | 119 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' | ' |
Advertising Costs [Line Items] | ' | ' | ' | ' | ' |
Advertising expenses including production and communication costs | $22.30 | $195.50 | $313.80 | $289.10 | $249.60 |
Venezuela_Foreign_Currency_and1
Venezuela - Foreign Currency and Inflation (Details) | Apr. 28, 2013 | Feb. 13, 2013 | Feb. 12, 2013 | Apr. 28, 2013 |
In Millions, unless otherwise specified | USD ($) | VEF | VEF | VENEZUELA |
USD ($) | ||||
Foreign Currency [Line Items] | ' | ' | ' | ' |
Foreign Currency Exchange Rate, Remeasurement | ' | 6.3 | 4.3 | ' |
Foreign Currency Transaction Gain (Loss), Realized | ' | ' | ' | ($42.70) |
Foreign Currency Transaction Gain (Loss), Realized, Net of Tax | ' | ' | ' | -39.1 |
Monetary assets net of monetary liabilities subject to an earnings impact from exchange rate movements under highly inflationary accounting | $109.20 | ' | ' | ' |
Change_in_Fiscal_Year_End_Deta
Change in Fiscal Year End (Details) (USD $) | 11 Months Ended | 1 Months Ended | 8 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Jun. 07, 2013 | Dec. 23, 2012 | Apr. 28, 2013 | Apr. 29, 2012 | Apr. 27, 2011 |
Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Net external sales | $6,239,562 | $1,112,872 | $7,438,060 | $11,528,886 | $11,507,572 | $10,558,636 |
Gross Profit | 1,651,771 | 383,335 | 2,692,003 | 4,195,470 | 3,994,789 | 3,944,377 |
Benefit from income taxes | -231,623 | 61,097 | 142,528 | 241,598 | 244,966 | 370,817 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -66,082 | -191,424 | 769,272 | 1,102,045 | 991,123 | 1,045,505 |
Net after-tax losses | -5,636 | -1,273 | -36,322 | -74,712 | -51,215 | -39,557 |
Net loss | ($77,021) | ($195,571) | $722,331 | $1,012,903 | $923,159 | $989,510 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 07, 2013 | Dec. 29, 2013 | Apr. 28, 2013 | Apr. 29, 2012 |
Allowance for Trade Receivables [Member] | ' | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | ' |
Valuation Reserves, Balance at beginning of period | $7,957 | $0 | $10,680 | $10,909 |
Charged to costs and expenses | -125 | 1,805 | 1,937 | 4,220 |
Deductions | 268 | 1,191 | 4,484 | 3,807 |
Exchange | -4 | 70 | -176 | -642 |
Valuation Reserves, Balance at end of period | 7,560 | 684 | 7,957 | 10,680 |
Allowance For Other Receivables [Member] | ' | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | ' |
Valuation Reserves, Balance at beginning of period | 360 | 0 | 607 | 503 |
Charged to costs and expenses | 47 | 98 | -183 | 108 |
Deductions | 0 | 0 | 64 | 8 |
Exchange | 0 | 0 | 0 | 4 |
Valuation Reserves, Balance at end of period | $407 | $98 | $360 | $607 |