Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 30, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'Hawk Acquisition Intermediate Corp II |
Entity Central Index Key | '0001600508 |
Document Type | '10-Q |
Document Period End Date | 30-Mar-14 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Current Fiscal Year End Date | '--12-28 |
Entity Well-known Seasoned Issuer | 'Yes |
Entity Voluntary Filers | 'Yes |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 24, 2013 | ||
Sales | $2,800,159 | $2,856,245 | ||
Cost of products sold | 1,845,560 | 1,816,382 | ||
Gross profit | 954,599 | 1,039,863 | ||
Selling, general and administrative expenses | 521,175 | 641,793 | ||
Operating (loss)/income | 433,424 | 398,070 | ||
Interest expense | 163,125 | 64,772 | ||
Other expense, net | -21,200 | -55,599 | ||
(Loss)/income from continuing operations before income taxes | 249,099 | 277,699 | ||
(Benefit from)/provision for income taxes | 50,614 | 61,663 | ||
Income from continuing operations | ' | 216,036 | ||
Loss from discontinued operations, net of tax | ' | -35,181 | ||
Net (loss)/income | 198,485 | 180,855 | ||
Less: Net income attributable to the noncontrolling interest | 3,283 | 3,106 | ||
Net income | 195,202 | 177,749 | ||
Amounts attributable to the H.J. Heinz Company shareholders: | ' | ' | ||
Net income | 195,202 | 177,749 | ||
Successor | ' | ' | ||
Sales | 2,800,159 | ' | ||
Cost of products sold | 1,845,560 | ' | ||
Gross profit | 954,599 | ' | ||
Selling, general and administrative expenses | 521,175 | ' | ||
Merger related costs | 0 | [1] | ' | |
Operating (loss)/income | 433,424 | ' | ||
Interest income | 5,470 | ' | ||
Interest expense | 168,595 | ' | ||
Other expense, net | -21,200 | ' | ||
(Loss)/income from continuing operations before income taxes | 249,099 | ' | ||
(Benefit from)/provision for income taxes | 50,614 | ' | ||
Income from continuing operations | 198,485 | ' | ||
Loss from discontinued operations, net of tax | 0 | ' | ||
Net (loss)/income | 198,485 | ' | ||
Net income | 195,202 | ' | ||
Amounts attributable to the H.J. Heinz Company shareholders: | ' | ' | ||
(Loss)/income from continuing operations, net of tax | 195,202 | ' | ||
Loss from discontinued operations, net of tax | 0 | ' | ||
Net income | 195,202 | ' | ||
Predecessor | ' | ' | ||
Sales | ' | 2,856,245 | ||
Cost of products sold | ' | 1,816,382 | ||
Gross profit | ' | 1,039,863 | ||
Selling, general and administrative expenses | ' | 628,960 | ||
Merger related costs | ' | 12,833 | [1] | |
Operating (loss)/income | ' | 398,070 | ||
Interest income | ' | 6,089 | ||
Interest expense | ' | 70,861 | ||
Other expense, net | ' | -55,599 | ||
(Loss)/income from continuing operations before income taxes | ' | 277,699 | ||
(Benefit from)/provision for income taxes | ' | 61,663 | ||
Income from continuing operations | ' | 216,036 | ||
Loss from discontinued operations, net of tax | ' | -35,181 | ||
Net (loss)/income | ' | 180,855 | ||
Net income | ' | 177,749 | ||
Amounts attributable to the H.J. Heinz Company shareholders: | ' | ' | ||
(Loss)/income from continuing operations, net of tax | ' | 212,930 | ||
Loss from discontinued operations, net of tax | ' | -35,181 | ||
Net income | ' | $177,749 | ||
[1] | See Note 2 for further details on Merger related costs |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income/(Loss) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 24, 2013 |
Net income | $198,485 | $180,855 |
Other comprehensive income/(loss), net of tax: | ' | ' |
Comprehensive income attributable to H. J. Heinz Company | 122,470 | 22,607 |
Successor | ' | ' |
Net income | 198,485 | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment and Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | -1,999 | ' |
Other comprehensive income/(loss), net of tax: | ' | ' |
Reclassification of net pension and post-retirement benefit losses to net income | -994 | ' |
Net deferred gains/(losses) on derivatives from periodic revaluations | -59,609 | ' |
Net deferred (gains)/losses on derivatives reclassified to earnings | -2,795 | ' |
Total comprehensive income/(loss) | 133,088 | ' |
Comprehensive (income)/loss attributable to the noncontrolling interest | -10,618 | ' |
Comprehensive income attributable to H. J. Heinz Company | 122,470 | ' |
Predecessor | ' | ' |
Net income | ' | 180,855 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment and Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | ' | -181,295 |
Other comprehensive income/(loss), net of tax: | ' | ' |
Reclassification of net pension and post-retirement benefit losses to net income | ' | 14,871 |
Net deferred gains/(losses) on derivatives from periodic revaluations | ' | -5,972 |
Net deferred (gains)/losses on derivatives reclassified to earnings | ' | 15,391 |
Total comprehensive income/(loss) | ' | 23,850 |
Comprehensive (income)/loss attributable to the noncontrolling interest | ' | -1,243 |
Comprehensive income attributable to H. J. Heinz Company | ' | $22,607 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Dec. 29, 2013 | |
Current Assets: | ' | ' | |
Cash and cash equivalents | $2,515,232 | $2,458,992 | |
Trade receivables, net | 1,106,304 | 1,099,655 | |
Other receivables | 317,956 | 244,528 | |
Inventories: | ' | ' | |
Finished goods and work-in-process | 1,187,473 | 1,138,373 | |
Packaging material and ingredients | 283,274 | 297,023 | |
Total inventories | 1,470,747 | 1,435,396 | |
Prepaid expenses | 140,626 | 145,096 | |
Other current assets | 61,058 | 60,458 | |
Total current assets | 5,611,923 | 5,444,125 | |
Property, plant and equipment | 2,936,649 | 2,829,491 | |
Less accumulated depreciation | 363,945 | 165,999 | |
Total property, plant and equipment, net | 2,572,704 | 2,663,492 | |
Goodwill | 15,060,424 | 15,070,062 | |
Trademarks, net | 12,161,220 | 12,130,873 | |
Other intangibles, net | 2,341,257 | 2,358,781 | |
Other non-current assets | 1,214,147 | 1,305,015 | |
Total other non-current assets | 30,777,048 | 30,864,731 | |
Total assets | 38,961,675 | 38,972,348 | |
Current Liabilities: | ' | ' | |
Short-term debt | 130,729 | 143,689 | |
Portion of long-term debt due within one year | 107,211 | 107,765 | |
Trade payables | 1,294,512 | 1,192,074 | |
Other payables | 117,429 | 148,193 | |
Accrued marketing | 339,398 | 370,329 | |
Other accrued liabilities | 681,089 | 760,621 | |
Income taxes | 288,939 | 202,188 | |
Total current liabilities | 2,959,307 | 2,924,859 | |
Long-term debt | 14,593,434 | 14,617,646 | |
Deferred income taxes | 4,024,405 | 4,160,903 | |
Non-pension postretirement benefits | 195,383 | 196,372 | |
Other non-current liabilities | 688,649 | 529,425 | |
Total long-term liabilities | 19,501,871 | 19,504,346 | |
Redeemable noncontrolling interest | 30,067 | 29,885 | |
Equity: | ' | ' | |
Cumulative translation adjustment | 56,297 | ' | |
Equity | 16,246,163 | 16,297,416 | |
Noncontrolling interest | 224,267 | 215,842 | |
Total equity | 16,470,430 | 16,513,258 | |
Total liabilities and equity | 38,961,675 | 38,972,348 | |
Successor | ' | ' | |
Current Assets: | ' | ' | |
Cash and cash equivalents | 2,515,232 | 2,458,992 | |
Trade receivables, net | 1,106,304 | ' | |
Other receivables | 317,956 | ' | |
Inventories: | ' | ' | |
Finished goods and work-in-process | 1,187,473 | ' | |
Packaging material and ingredients | 283,274 | ' | |
Total inventories | 1,470,747 | ' | |
Prepaid expenses | 140,626 | ' | |
Other current assets | 61,058 | ' | |
Total current assets | 5,611,923 | ' | |
Property, plant and equipment | 2,936,649 | ' | |
Less accumulated depreciation | 363,945 | ' | |
Total property, plant and equipment, net | 2,572,704 | ' | |
Goodwill | 15,060,424 | ' | |
Trademarks, net | 12,161,220 | ' | |
Other intangibles, net | 2,341,257 | ' | |
Other non-current assets | 1,214,147 | ' | |
Total other non-current assets | 30,777,048 | ' | |
Total assets | 38,961,675 | ' | |
Current Liabilities: | ' | ' | |
Short-term debt | 130,729 | ' | |
Portion of long-term debt due within one year | 107,211 | ' | |
Trade payables | 1,294,512 | ' | |
Other payables | 117,429 | ' | |
Accrued interest | 167,556 | ' | |
Accrued marketing | 339,398 | ' | |
Other accrued liabilities | 513,533 | ' | |
Income taxes | 288,939 | ' | |
Total current liabilities | 2,959,307 | ' | |
Long-term debt | 14,593,434 | ' | |
Deferred income taxes | 4,024,405 | ' | |
Non-pension postretirement benefits | 195,383 | ' | |
Other non-current liabilities | 688,649 | ' | |
Total long-term liabilities | 19,501,871 | ' | |
Redeemable noncontrolling interest | 30,067 | ' | |
Equity: | ' | ' | |
Capital stock | 16,078,181 | ' | |
Additional capital | 7,704 | ' | |
(Accumulated deficit)/retained earnings | 0 | ' | |
Accumulated other comprehensive loss | 160,278 | 233,010 | |
Equity | 16,246,163 | ' | |
Noncontrolling interest | 224,267 | ' | |
Total equity | 16,470,430 | ' | |
Total liabilities and equity | 38,961,675 | ' | |
Predecessor | ' | ' | |
Current Assets: | ' | ' | |
Cash and cash equivalents | ' | 2,458,992 | [1] |
Trade receivables, net | ' | 1,099,655 | [1] |
Other receivables | ' | 244,528 | [1] |
Inventories: | ' | ' | |
Finished goods and work-in-process | ' | 1,138,373 | [1] |
Packaging material and ingredients | ' | 297,023 | [1] |
Total inventories | ' | 1,435,396 | [1] |
Prepaid expenses | ' | 145,096 | [1] |
Other current assets | ' | 60,458 | [1] |
Total current assets | ' | 5,444,125 | [1] |
Property, plant and equipment | ' | 2,829,491 | [1] |
Less accumulated depreciation | ' | 165,999 | [1] |
Total property, plant and equipment, net | ' | 2,663,492 | [1] |
Goodwill | ' | 15,070,062 | [1] |
Trademarks, net | ' | 12,130,873 | [1] |
Other intangibles, net | ' | 2,358,781 | [1] |
Other non-current assets | ' | 1,305,015 | [1] |
Total other non-current assets | ' | 30,864,731 | [1] |
Total assets | ' | 38,972,348 | [1] |
Current Liabilities: | ' | ' | |
Short-term debt | ' | 143,689 | [1] |
Portion of long-term debt due within one year | ' | 107,765 | [1] |
Trade payables | ' | 1,192,074 | [1] |
Other payables | ' | 148,193 | [1] |
Accrued interest | ' | 172,340 | |
Accrued marketing | ' | 370,329 | [1] |
Other accrued liabilities | ' | 588,281 | [1] |
Income taxes | ' | 202,188 | [1] |
Total current liabilities | ' | 2,924,859 | [1] |
Long-term debt | ' | 14,617,646 | [1] |
Deferred income taxes | ' | 4,160,903 | [1] |
Non-pension postretirement benefits | ' | 196,372 | [1] |
Other non-current liabilities | ' | 529,425 | [1] |
Total long-term liabilities | ' | 19,504,346 | [1] |
Redeemable noncontrolling interest | ' | 29,885 | [1] |
Equity: | ' | ' | |
Capital stock | ' | 16,140,000 | [1] |
Additional capital | ' | 1,427 | [1] |
(Accumulated deficit)/retained earnings | ' | -77,021 | [1] |
Accumulated other comprehensive loss | ' | 233,010 | [1] |
Equity | ' | 16,297,416 | [1] |
Noncontrolling interest | ' | 215,842 | [1] |
Total equity | ' | 16,513,258 | [1] |
Total liabilities and equity | ' | $38,972,348 | [1] |
[1] | The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 24, 2013 |
Successor | Predecessor | |
Cash Flows from Operating Activities: | ' | ' |
Net income | $198,485 | $180,855 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation | 147,220 | 76,046 |
Amortization | 24,117 | 10,424 |
Amortization of deferred debt issuance costs | 12,200 | 1,147 |
Deferred tax benefit | 14,059 | 384 |
Net loss on divestitures | 0 | 34,617 |
Pension contributions | -29,030 | -16,009 |
Other items, net | 12,504 | 62,550 |
Changes in current assets and liabilities, excluding effects of acquisitions and divestitures: | ' | ' |
Receivables (includes proceeds from securitization) | -4,321 | 30,288 |
Inventories | -24,916 | 77,310 |
Prepaid expenses and other current assets | 3,657 | 35,085 |
Accounts payable | 41,340 | -132 |
Accrued liabilities | -106,478 | 490 |
Income taxes | 12,533 | -2,627 |
Cash (used for)/provided by operating activities | 301,370 | 490,428 |
Cash Flows from Investing Activities: | ' | ' |
Capital expenditures | -61,583 | -99,699 |
Proceeds from disposals of property, plant and equipment | 19,242 | 1,635 |
Other items, net | -626 | 1,875 |
Cash used for investing activities | -42,967 | -96,189 |
Cash Flows from Financing Activities: | ' | ' |
Payments on long-term debt | -24,648 | -7,129 |
Proceeds from long-term debt | 0 | 3,221 |
Net (payments)/proceeds on commercial paper and short-term debt | -12,565 | -309,831 |
Dividends | -180,000 | -165,601 |
Exercise of stock options | 0 | 18,389 |
Purchase of treasury stock | 0 | -17,762 |
Other items, net | 466 | -46,087 |
Cash provided by/(used for) financing activities | -216,747 | -524,800 |
Effect of exchange rate changes on cash and cash equivalents | 14,584 | -109,384 |
Net increase/(decrease) in cash and cash equivalents | 56,240 | -239,945 |
Cash and cash equivalents at beginning of year | 2,458,992 | 2,282,420 |
Cash and cash equivalents at end of period | $2,515,232 | $2,042,475 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Organization | |
On June 7, 2013, H. J. Heinz Company ("Heinz") 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 Heinz, 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 Heinz, with Heinz 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. | |
Unless the context otherwise requires, the terms "we," "us," "our" and the "Company" refer, collectively, to Hawk Acquisition Intermediate Corporation II, H.J. Heinz Company, and its subsidiaries. | |
The Company filed a Registration Statement on Form S-4 ("Registration Statement") for an exchange offer for the outstanding 4.25% Second Lien Senior Secured Notes due 2020, in the aggregate principal amount of $3.1 billion ("Exchange Notes"), which became effective May 7, 2014. The Exchange Notes will be guaranteed fully and unconditionally, and jointly and severally, on a senior secured basis, subject to certain customary release provisions by Parent, Holdings and most of the Company's domestic subsidiaries, which guarantee our obligations under the Senior Credit Facilities (see Notes 10 and 18). As a result of the Registration Statement becoming effective on May 7, 2014, Holdings became the registrant within which Heinz is consolidated. The Company's Form 10-Q for the quarter ended March 30, 2014 is the first interim filing as the new registrant. | |
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 Heinz has been pushed down to establish a new accounting basis for the Company. Accordingly, the interim 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. | |
Successor - the consolidated financial statements as of March 30, 2014, and for the period from December 30, 2013 through March 30, 2014. The accounts of Merger Subsidiary from inception on February 8, 2013 to the date of its merger into the Company on June 7, 2013 were included in the Successor period June 8, 2013 to December 29, 2013 as presented in the Registration Statement. There was no activity in Merger Subsidiary for the period February 8, 2013 to March 24, 2013. | |
Predecessor - the consolidated financial statements of the Company prior to the Merger on June 7, 2013. | |
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 Company presented its Annual Report for the transition period beginning on April 29, 2013 and ending on December 29, 2013 in its Registration Statement. The Company's Form 10-Q for the quarter ended March 30, 2014 is the first interim filing under the new fiscal year ending December 28, 2014. | |
The interim condensed consolidated financial statements of the Company are unaudited. In the opinion of management, all adjustments, which are of a normal and recurring nature, except those which have been disclosed elsewhere in this Quarterly Report on Form 10-Q, necessary for a fair statement of the results of operations of these interim periods, have been included. The results for interim periods are not necessarily indicative of the results to be expected for the full fiscal year due in part to the seasonal nature of the Company's business. These statements should be read in conjunction with the Company's consolidated financial statements and related notes, and management's discussion and analysis of financial condition and results of operations as of and for the transition period ended December 29, 2013, which appear in the Company's Registration Statement on Form S-4 which became effective May 7, 2014. |
Merger_and_Acquistion
Merger and Acquistion | 3 Months Ended | |||
Mar. 30, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Mergers and Acquisition | ' | |||
Merger and Acquisition | ||||
On February 13, 2013, Heinz 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 Heinz, with Heinz 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. | ||||
The total consideration paid in connection with the Merger was approximately $28.75 billion, including the assumption of Heinz's outstanding debt. 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 | 2,686,367 | |||
Trademark and other intangibles | 14,406,659 | |||
Other non-current assets | 652,038 | |||
Trade and other payables | (2,755,348 | ) | ||
Long term debt | (3,021,656 | ) | ||
Deferred income taxes | (4,222,943 | ) | ||
Non-pension postretirement benefits and other noncurrent liabilities | (662,439 | ) | ||
Redeemable non controlling interest and non controlling interest | (258,008 | ) | ||
Net assets acquired | 13,782,816 | |||
Goodwill on acquisition | 14,970,148 | |||
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 | ) | ||
Acquisition of business, net of cash on hand | $ | 21,494,287 | ||
Subsequent to December 29, 2013, the Company made revisions to the preliminary purchase price allocation based upon updated estimates principally affecting deferred income taxes. The adjustments were not recorded retrospectively as the impact was not considered to be material. | ||||
The total non tax deductible goodwill relating to the Merger is $15.0 billion. The goodwill recognized relates principally to Heinz's established global organization, reputation and strategic positioning. | ||||
During the quarter ended March 24, 2013, Heinz incurred $12.8 million of Merger related costs consisting of professional fees. These amounts are separately reflected in Merger related costs in the accompanying statement of operations for the Predecessor period. | ||||
The following unaudited pro forma financial data summarizes the Company's results of operations as if the Transaction had occurred as of December 24, 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. | ||||
First Quarter Ended | ||||
24-Mar-13 | ||||
(In thousands) | ||||
Revenue | $ | 2,856,245 | ||
Income from continuing operations | $ | 150,282 | ||
The most significant of the pro forma adjustments was to reflect the impact of higher interest expense associated with increased debt. |
Segments
Segments | 3 Months Ended | ||||||
Mar. 30, 2014 | |||||||
Segment Reporting [Abstract] | ' | ||||||
Segments | ' | ||||||
Segments | |||||||
Due to the acquisition that occurred on June 7, 2013 (see Note 2) the Company's internal reporting entered a transition period that lasted through the end of December 2013. During this transition period most members of the senior management team were replaced by new management. | |||||||
In the first quarter of 2014, the Company transitioned to new segments, which are aligned to the new organizational structure implemented during the transition period. These new segments reflect how senior management run the business and the internal management reporting used for decision-making. | |||||||
The Company has five reportable segments which are defined by geographic region including: North America, Europe, Asia/Pacific, Latin America and Russia, India, Middle East and Africa ("RIMEA"). The Company has reclassified the segment data for the prior period to conform to the current period’s presentation. | |||||||
Descriptions of the Company’s reportable segments are as follows: | |||||||
North America—This segment includes our U.S. consumer products business which manufactures, markets and sells ketchup, condiments, sauces, pasta meals, and frozen potatoes, entrees, snacks, and appetizers to the grocery channels and our U.S. foodservice business which 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. The North America segment also includes our business in Canada. | |||||||
Europe—This segment includes the Company’s operations in Europe (excluding Russia) and sells products in all of the Company’s categories. | |||||||
Asia/Pacific—This segment includes the Company’s operations in Australia, New Zealand, Japan, China, Papua New Guinea, South Korea, Indonesia, Vietnam and Singapore. This segment sells products in all of the Company's categories. | |||||||
Latin America—This segment includes the Company’s operations in Brazil, Venezuela, Mexico, Costa Rica, and Panama that sell products in all of the Company’s categories. | |||||||
RIMEA—This segment includes the Company’s operations in Russia, India, the Middle East and Africa that sell products in all of the Company’s categories. | |||||||
The Company’s management evaluates performance based on several factors including net sales and Adjusted Earnings Before Interest, Tax, Depreciation and Amortization ("Adjusted EBITDA"). Inter-segment revenues, items below the operating income line of the consolidated statements of income and certain costs associated with Restructuring and Productivity Initiatives (see Note 5) and Merger related costs, 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: | |||||||
First Quarter Ended | |||||||
Successor | Predecessor | ||||||
30-Mar-14 | 24-Mar-13 | ||||||
(In thousands) | |||||||
Net external sales: | |||||||
North America | $ | 1,169,189 | $ | 1,163,705 | |||
Europe | 762,898 | 749,867 | |||||
Asia/Pacific | 492,399 | 546,995 | |||||
Latin America | 198,301 | 210,531 | |||||
RIMEA | 177,372 | 185,147 | |||||
Consolidated Totals | $ | 2,800,159 | $ | 2,856,245 | |||
Segment Adjusted EBITDA: | |||||||
North America | $ | 362,082 | $ | 287,838 | |||
Europe | 216,088 | 168,047 | |||||
Asia/Pacific | 71,516 | 69,044 | |||||
Latin America | 32,418 | 17,646 | |||||
RIMEA | 28,597 | 24,373 | |||||
Non-Operating | (21,888 | ) | (48,632 | ) | |||
Adjusted EBITDA | 688,813 | 518,316 | |||||
Severance related costs(a) | 53,680 | — | |||||
Other restructuring costs(a) | 13,692 | — | |||||
Leasehold improvement intangible asset write-off | 6,791 | — | |||||
2014 special items(b) | 8,471 | — | |||||
Merger related costs(c) | — | 12,833 | |||||
Foodstar earn-out(d) | — | 12,081 | |||||
Depreciation, including accelerated depreciation for restructuring | 147,220 | 76,046 | |||||
Amortization | 24,117 | 10,424 | |||||
Stock based compensation | 1,418 | 10,071 | |||||
Interest expense, net | 163,125 | 64,772 | |||||
Other expense, net (excluding amortization) | 21,200 | 54,390 | |||||
Income from continuing operations before income tax | $ | 249,099 | $ | 277,699 | |||
______________________________________ | |||||||
(a) | See Note 5 for further details on restructuring and productivity initiatives. | ||||||
(b) | Includes incremental costs primarily for additional warehousing and other logistics costs incurred related to the acceleration of sales ahead of the U.S. SAP go-live, which was launched in the second quarter of 2014, along with equipment relocation charges and consulting and advisory charges not specifically related to restructuring activities. | ||||||
(c) | See Note 2 for further details on Merger related costs | ||||||
(d) | The Company renegotiated the terms of the Foodstar Holdings Pte earn-out resulting in a $12.1 million charge to SG&A in January 2013. | ||||||
The Company’s revenues are generated via the sale of products in the following categories: | |||||||
First Quarter Ended | |||||||
Successor | Predecessor | ||||||
30-Mar-14 | 24-Mar-13 | ||||||
(In thousands) | |||||||
Ketchup and Sauces | $ | 1,354,956 | $ | 1,295,458 | |||
Meals and Snacks | 1,014,119 | 1,084,654 | |||||
Infant/Nutrition | 275,580 | 298,523 | |||||
Other | 155,504 | 177,610 | |||||
Total | $ | 2,800,159 | $ | 2,856,245 | |||
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 3 Months Ended |
Mar. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
In April 2014, the Financial Accounting Standards Board ("FASB") issued an amendment to the standard for reporting discontinued operations and disclosure of disposals of components of an entity. This revised standard changes the criteria for determining which disposals can be presented as discontinued operations and modifies the disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. The amendment states that a strategic shift could include a disposal of (i) a major geographic area of operations, (ii) a major line of business, (iii) a major equity method investment, or (iv) other major parts of an entity. The Company is required to adopt this revised standard prospectively for new disposals starting in 2015; however, the Company can, and will, early adopt the revised standard for any new disposals that may occur in 2014. | |
On July 18, 2013, the FASB issued Accounting Standards Update No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11). ASU 2013-11 requires the netting of unrecognized tax benefits (UTBs) against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. UTBs are required to be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. ASU 2013-11 was effective for interim and annual periods beginning after December 15, 2013. The Company adopted ASU 2013-11 in the first quarter of 2014 on a prospective basis. The adoption did not have a significant impact on the Company’s consolidated financial statements. |
Restructuring_and_Productivity
Restructuring and Productivity Initiatives | 3 Months Ended | |||||||||
Mar. 30, 2014 | ||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||
Fiscal 2014 Restructuring and Productivity Initiatives | ' | |||||||||
Restructuring and Productivity Initiatives | ||||||||||
During the second half of 2013 and the first quarter of 2014, the Company invested 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 March 30, 2014, these initiatives have resulted in the reduction of approximately 3,500 corporate and field positions across the Company's global business segments (excluding the factory closures noted below). Including charges incurred as of March 30, 2014, the Company currently estimates it will incur total charges of approximately $300.0 million related to severance benefits and other severance-related expenses related to the reduction in corporate and field positions, of which $279.6 million has been incurred from project inception through March 30, 2014. | ||||||||||
In addition, the Company has announced the planned closure and consolidation of 5 factories across the U.S., Canada and Europe during 2014. The number of employees expected to be impacted by these 5 plant closures and consolidation is approximately 1,650, of which 175 had left the Company as of March 30, 2014. The Company currently estimates it will incur charges of approximately $93.0 million related to severance benefits and other severance-related expenses related to these factory closures, of which $48.6 million has been incurred from project inception through March 30, 2014. In addition the Company will recognize accelerated depreciation on assets it plans to dispose of but which are currently in use. The 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. | ||||||||||
The Company recorded pre-tax costs related to these initiatives of $140.8 million in the three months ended March 30, 2014, which were comprised of the following: | ||||||||||
• | $53.7 million for severance and employee benefit costs relating to the reduction of corporate and field positions across the Company. | |||||||||
• | $13.7 million associated with other implementation costs, primarily for professional fees, and contract and lease termination costs. | |||||||||
• | $73.4 million relating to non-cash asset write-downs and accelerated depreciation for the planned closure and consolidation of 5 factories across the U.S., Canada and Europe. | |||||||||
Of the $140.8 million total pre-tax charges for the three months ended March 30, 2014, $118.8 million was recorded in Cost of products sold and $22.0 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: | ||||||||||
Three months ended March 30, 2014 | ||||||||||
(In millions) | ||||||||||
North America | $ | 84.3 | ||||||||
Europe | 29.7 | |||||||||
Asia/Pacific | 10.2 | |||||||||
Latin America | — | |||||||||
RIMEA | 0.5 | |||||||||
Non-Operating | 16.1 | |||||||||
Total productivity charges | $ | 140.8 | ||||||||
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) | ||||||||||
Accrual balance at December 29, 2013 | $ | 93.3 | $ | 41.6 | $ | 134.9 | ||||
2014 restructuring and productivity initiatives | 53.7 | 13.7 | 67.4 | |||||||
Cash payments | (74.8 | ) | (27.4 | ) | (102.2 | ) | ||||
Accrual balance at March 30, 2014 | $ | 72.2 | $ | 27.9 | $ | 100.1 | ||||
______________________________________ | ||||||||||
(a) Other exit costs primarily represent professional fees, and contract and lease termination costs. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||
Mar. 30, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Discontinued Operations | ' | |||
Discontinued Operations | ||||
In January 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. 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 in January 2013. The sale was completed in June 2013, resulting in an insignificant pre-tax and after-tax loss which was recorded in discontinued operations at that time. | ||||
The operating results related to LongFong 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 this discontinued operation: | ||||
Predecessor | ||||
First Quarter Ended | ||||
24-Mar-13 | ||||
(In millions) | ||||
Sales | $ | 21.3 | ||
Net income | $ | 0.8 | ||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | |||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||
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 period from December 29, 2013 to March 30, 2014, by reportable segment, are as follows: | ||||||||||||||||||||||||
North America | Europe | Asia/Pacific | Latin America | RIMEA | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Balance at December 29, 2013 | $ | 9,853,578 | $ | 3,710,098 | $ | 1,047,496 | $ | 210,916 | $ | 247,974 | $ | 15,070,062 | ||||||||||||
Purchase accounting adjustments | 22,655 | 19,844 | 17,546 | 2,428 | (15,814 | ) | 46,659 | |||||||||||||||||
Translation adjustments | (81,453 | ) | (22,422 | ) | 8,206 | 1,557 | 37,815 | (56,297 | ) | |||||||||||||||
Balance at March 30, 2014 | $ | 9,794,780 | $ | 3,707,520 | $ | 1,073,248 | $ | 214,901 | $ | 269,975 | $ | 15,060,424 | ||||||||||||
There are no accumulated impairment losses to goodwill as of March 30, 2014. | ||||||||||||||||||||||||
Intangible assets not subject to amortization at March 30, 2014 totaled $13.1 billion and consisted of $12.2 billion of trademarks, $840.4 million of licenses, and $48.9 million of other intangibles. Intangible assets not subject to amortization at December 29, 2013 totaled $13.0 billion and consisted of $12.1 billion of trademarks, $839.9 million of licenses, and $45.6 million of other intangible assets. The increase in intangible assets, not subject to amortization expense, since December 29, 2013 is due to foreign currency translation adjustments. | ||||||||||||||||||||||||
Other intangible assets at March 30, 2014 and December 29, 2013, subject to amortization expense, are as follows: | ||||||||||||||||||||||||
March 30, 2014 | December 29, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Customer-related assets | $ | 1,384,952 | $ | (53,404 | ) | $ | 1,331,548 | $ | 1,375,876 | $ | (35,773 | ) | $ | 1,340,103 | ||||||||||
Licenses | 119,913 | (14,998 | ) | 104,915 | 119,714 | (10,030 | ) | 109,684 | ||||||||||||||||
Other | 16,241 | (772 | ) | 15,469 | 24,665 | (1,118 | ) | 23,547 | ||||||||||||||||
$ | 1,521,106 | $ | (69,174 | ) | $ | 1,451,932 | $ | 1,520,255 | $ | (46,921 | ) | $ | 1,473,334 | |||||||||||
Amortization expense for customer-related and other intangible assets was $22.3 million and $7.8 million for the first quarters ended March 30, 2014 and March 24, 2013 respectively. Based upon the amortizable intangible assets recorded on the balance sheet as of March 30, 2014, average annual amortization expense for each of the next five years is estimated to be approximately $82.4 million. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The provision for income taxes consists of provisions for federal, state and foreign income taxes. The Company operates in an international environment with almost 70% of its sales 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, Netherlands, United Kingdom and United States. The Company has substantially concluded all national income tax matters for years through Fiscal 2011 for the United Kingdom and Netherlands, through Fiscal 2010 for the U.S., and through Fiscal 2008 for Australia, Canada, and Italy. | |
The effective tax rate for the three months ended March 30, 2014 was 20.3% compared to 22.2% in the prior year. The decrease in the effective tax rate is primarily the result of the current period benefiting from the inclusion of revisions to estimates relating to the period ending December 29, 2013 while the prior year contained both a non-tax benefited loss that occurred upon the devaluation of the Venezuelan currency offset by a benefit from the reversal of an uncertain tax liability due to the expiration of the statute of limitations in a foreign tax jurisdiction. | |
The total amount of gross unrecognized tax benefits for uncertain tax positions, including positions impacting only the timing of tax benefits, was $57.6 million and $53.1 million on March 30, 2014 and December 29, 2013, respectively. The amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $48.6 million and $44.9 million on March 30, 2014 and December 29, 2013, respectively. It is reasonably possible that the amount of unrecognized tax benefits will decrease by as much as $26.0 million in the next 12 months primarily due to the progression of federal, state and foreign audits in process. | |
The Company classifies interest and penalties on tax uncertainties as a component of the provision for income taxes. The total amounts of interest accrued at March 30, 2014 and December 29, 2013 were $12.0 million and $10.7 million, respectively. The corresponding amounts of accrued penalties at March 30, 2014 and December 29, 2013 were $8.7 million and $8.5 million, respectively. |
Employees_Stock_Incentive_Plan
Employees' Stock Incentive Plans and Management Incentive Plans | 3 Months Ended | |||
Mar. 30, 2014 | ||||
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 | ||||
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, the Company granted non-qualified stock options to purchase up to 14,300,000 shares of Common Stock in H.J. Heinz Holding Corporation to select employees and Directors with cliff vesting on July 1, 2018, provided the employee is continuously employed by Parent or one of its subsidiaries or affiliates. As of March 30, 2014 there were 12,450,000 of such options outstanding, the reduction due to forfeitures. On February 14, 2014, Parent granted non-qualified stock options under the 2013 Omnibus Plan to purchase up to 3,880,398 shares of Common Stock in Parent to select employees with a five-year cliff vesting, provided the employee is continuously employed by Parent or one of its subsidiaries or affiliates. These options were issued in conjunction with a program ("Bonus Swap Program") whereby participants could elect to use a portion of their calculated non-equity incentive compensation (after all required taxes and deductions) to purchase shares of Common Stock in Parent. Participants who elected to purchase such shares were granted matching stock options. With respect to the shares underlying the options granted on October 16, 2013 and February 14, 2014, the exercise price is $10.00 per share. The weighted-average grant date fair value of the options granted was $2.43 per share based on the following input assumptions: exercise price of $10.00 per share; risk-free interest rate of 1.41%; expected term of 5 years; expected volatility of 24.3%; expected forfeiture rate of 5.0%; and expected dividend yield of zero. The Company recorded $1.4 million of share-based compensation expense in selling, general and administrative expenses for the three months ended March 30, 2014 related to stock options. Unrecognized compensation cost related to unvested stock option awards under the 2013 Omnibus Plan was $35.5 million as of March 30, 2014. | ||||
In connection with the Merger and in accordance with the change in control provisions, all outstanding stock option awards, restricted stock units (except for retention RSUs) 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 $72.50 in cash on June 7, 2013. | ||||
The compensation cost related to equity plans that were in place in the Predecessor period primarily recognized in SG&A and Merger related costs, and the related tax benefit, are as follows: | ||||
Predecessor | ||||
First Quarter Ended | ||||
24-Mar-13 | ||||
(In millions) | ||||
Pre-tax compensation cost | $ | 7.2 | ||
Tax benefit | 2.3 | |||
After-tax compensation cost | $ | 4.9 | ||
In the predecessor period ended March 24, 2013, the Company granted performance awards as permitted in the Fiscal Year 2003 Stock Incentive 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 were settled in connection with the Merger. | ||||
The compensation cost related to LTPP awards primarily recognized in SG&A and the related tax benefit during the Predecessor period are as follows (there was no compensation cost related to LTPP awards in the Successor periods): | ||||
Predecessor | ||||
First Quarter Ended | ||||
24-Mar-13 | ||||
(In millions) | ||||
Pre-tax compensation cost | $ | 2.8 | ||
Tax benefit | 1 | |||
After-tax compensation cost | $ | 1.8 | ||
Pensions_and_Other_Postretirem
Pensions and Other Postretirement Benefits | 3 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Pensions and Other Postretirement Benefits | ' | |||||||||||||||
Pensions and Other Post-Retirement Benefits | ||||||||||||||||
The Company's employees participate in various employee benefit plans that were in place prior to the acquisition. | ||||||||||||||||
The components of net periodic benefit (income)/expense are as follows: | ||||||||||||||||
First Quarter Ended | ||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||
March 30, 2014 | March 24, 2013 | March 30, 2014 | March 24, 2013 | |||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||
(In thousands) | ||||||||||||||||
Service cost | $ | 7,472 | $ | 7,603 | $ | 1,409 | $ | 1,561 | ||||||||
Interest cost | 34,958 | 31,804 | 2,192 | 2,389 | ||||||||||||
Expected return on plan assets | (54,867 | ) | (60,344 | ) | — | — | ||||||||||
Amortization of prior service cost/(credit) | — | 601 | (1,577 | ) | (1,487 | ) | ||||||||||
Amortization of unrecognized (gain)/loss | (15 | ) | 18,272 | — | 434 | |||||||||||
Settlements | — | 3,176 | — | — | ||||||||||||
Net periodic benefit (income)/expense | $ | (12,452 | ) | $ | 1,112 | $ | 2,024 | $ | 2,897 | |||||||
The amounts recognized for pension benefits as Other non-current assets on the Company's condensed consolidated balance sheets were $545.1 million as of March 30, 2014 and $502.2 million as of December 29, 2013. | ||||||||||||||||
During the first quarter of 2014, the Company contributed $29 million to these defined benefit plans. The Company expects to make combined cash contributions of approximately $67 million for the year ended December 28, 2014. However, actual contributions may be affected by pension asset and liability valuations during the year. | ||||||||||||||||
During the first quarter of 2014, the Company announced its intent to terminate the salaried and non-union US defined benefit plan effective April 30, 2014. The Company also intends to wind up the Canadian salaried and Canadian hourly defined benefit plans effective March 28, 2014 and July 15, 2014, respectively. These announcements had no impact on the consolidated statement of income, condensed consolidated balance sheet or condensed consolidated statement of cash flows as at and for the three months ended March 30, 2014. |
Comprehensive_IncomeLoss
Comprehensive Income/(Loss) | 3 Months Ended | |||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Comprehensive Income/(Loss) | ' | |||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||
The following tables summarize the allocation of total comprehensive income between Hawk Acquisition Intermediate Corporation II and the noncontrolling interest for the first quarters ended March 30, 2014 and March 24, 2013, respectively: | ||||||||||||||||||||||||
First Quarter Ended | ||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||
30-Mar-14 | 24-Mar-13 | |||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II | Noncontrolling | Total | Hawk Acquisition Intermediate Corporation II | Noncontrolling | Total | |||||||||||||||||||
Interest | Interest | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Net income | $ | 195,202 | $ | 3,283 | $ | 198,485 | $ | 177,749 | $ | 3,106 | $ | 180,855 | ||||||||||||
Other comprehensive income/(loss), net of tax: | ||||||||||||||||||||||||
Foreign currency translation adjustments | 105,287 | 8,160 | 113,447 | (179,408 | ) | (1,887 | ) | (181,295 | ) | |||||||||||||||
Net deferred losses on net investment hedges from periodic revaluations | (115,446 | ) | — | (115,446 | ) | — | — | — | ||||||||||||||||
Reclassification of net pension and post-retirement benefit (gains)/losses to net income | (993 | ) | (1 | ) | (994 | ) | 14,847 | 24 | 14,871 | |||||||||||||||
Net deferred (losses)/gains on other derivatives from periodic revaluations | (58,989 | ) | (620 | ) | (59,609 | ) | (5,972 | ) | — | (5,972 | ) | |||||||||||||
Net deferred (gains)/losses on derivatives reclassified to earnings | (2,591 | ) | (204 | ) | (2,795 | ) | 15,391 | — | 15,391 | |||||||||||||||
Total comprehensive income | 122,470 | 10,618 | 133,088 | 22,607 | 1,243 | 23,850 | ||||||||||||||||||
The tax (expense)/benefit associated with each component of other comprehensive income/(loss) is as follows: | ||||||||||||||||||||||||
First Quarter Ended | ||||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II | Noncontrolling | Total | ||||||||||||||||||||||
Interest | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||
24-Mar-13 | ||||||||||||||||||||||||
Foreign currency translation adjustments | $ | (64 | ) | $ | — | $ | (64 | ) | ||||||||||||||||
Reclassification of net pension and post-retirement benefit losses to net income | $ | 6,149 | $ | 8 | $ | 6,157 | ||||||||||||||||||
Net deferred losses on other derivatives from periodic revaluations | $ | 10,558 | $ | — | $ | 10,558 | ||||||||||||||||||
Net deferred losses on derivatives reclassified to earnings | $ | (14,944 | ) | $ | — | $ | (14,944 | ) | ||||||||||||||||
Successor | ||||||||||||||||||||||||
30-Mar-14 | ||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 73 | $ | — | $ | 73 | ||||||||||||||||||
Net deferred (gains)/losses on derivatives reclassified to earnings | $ | 71,511 | $ | — | $ | 71,511 | ||||||||||||||||||
Reclassification of net pension and post-retirement benefit gains to net income | $ | (599 | ) | $ | — | $ | (599 | ) | ||||||||||||||||
Net deferred losses on other derivatives from periodic revaluations | $ | 30,701 | $ | 206 | $ | 30,907 | ||||||||||||||||||
Net deferred gains on derivatives reclassified to earnings | $ | 2,784 | $ | 69 | $ | 2,853 | ||||||||||||||||||
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 Hawk Acquisition Intermediate Corporation II: | ||||||||||||||||||||||||
Foreign currency translation adjustments | Net pension and post retirement benefit | Net cash flow hedges | Total | |||||||||||||||||||||
Successor | (In thousands) | |||||||||||||||||||||||
Balance as of December 29, 2013 | 22,548 | 102,464 | 107,998 | 233,010 | ||||||||||||||||||||
Foreign currency translation adjustments | 105,287 | — | — | 105,287 | ||||||||||||||||||||
Net deferred losses on net investment hedges from periodic revaluations | (115,446 | ) | — | — | (115,446 | ) | ||||||||||||||||||
Reclassification of net pension and post-retirement benefit gains to net income | — | (993 | ) | — | (993 | ) | ||||||||||||||||||
Net deferred losses on other derivatives from periodic revaluations | — | — | (58,989 | ) | (58,989 | ) | ||||||||||||||||||
Net deferred gains on derivatives reclassified to earnings | — | — | (2,591 | ) | (2,591 | ) | ||||||||||||||||||
Net current-period other comprehensive loss | (10,159 | ) | (993 | ) | (61,580 | ) | (72,732 | ) | ||||||||||||||||
Balance as of March 30, 2014 | $ | 12,389 | $ | 101,471 | $ | 46,418 | $ | 160,278 | ||||||||||||||||
The following table presents the affected earnings line for reclassifications out of accumulated other comprehensive income/(loss), net of tax, by component attributable to Hawk Acquisition Intermediate Corporation II for the first quarters ended March 30, 2014 and March 24, 2013: | ||||||||||||||||||||||||
Accumulated other comprehensive income/(loss) component | Reclassified from accumulated other comprehensive income/(loss) to earnings | Line affected by reclassification | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||
Three months ended March 30, 2014 | Three months ended March 24, 2013 | |||||||||||||||||||||||
(Losses)/gains on cash flow hedges: | ||||||||||||||||||||||||
Foreign exchange contracts | $ | (459 | ) | $ | 2,905 | Sales | ||||||||||||||||||
Foreign exchange contracts | 5,048 | 1,647 | Cost of products sold | |||||||||||||||||||||
Foreign exchange contracts | (38 | ) | — | Selling, general, and administrative expenses | ||||||||||||||||||||
Foreign exchange contracts | 818 | 6,299 | Other expense | |||||||||||||||||||||
Foreign exchange contracts | 6 | 134 | Interest expense | |||||||||||||||||||||
Interest rate contracts | — | (58 | ) | Interest expense | ||||||||||||||||||||
Cross-currency interest rate swap contracts | — | (39,876 | ) | Other expense | ||||||||||||||||||||
Cross-currency interest rate swap contracts | — | (1,386 | ) | Interest expense | ||||||||||||||||||||
5,375 | (30,335 | ) | Gain/(loss) from continuing operations before income tax | |||||||||||||||||||||
(2,784 | ) | 14,944 | Provision for income taxes | |||||||||||||||||||||
$ | 2,591 | $ | (15,391 | ) | Gain/(loss) from continuing operations | |||||||||||||||||||
Gains/(losses) on pension and post retirement benefit: | ||||||||||||||||||||||||
Amortization of unrecognized gain/(loss) | $ | 15 | $ | (18,706 | ) | (a) | ||||||||||||||||||
Prior service credit/(cost) | 1,577 | 886 | (a) | |||||||||||||||||||||
Settlement loss | — | (3,176 | ) | (a) | ||||||||||||||||||||
1,592 | (20,996 | ) | Loss from continuing operations before income tax | |||||||||||||||||||||
(599 | ) | 6,149 | Provision for income taxes | |||||||||||||||||||||
$ | 993 | $ | (14,847 | ) | Gain/(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 10 for further details. |
Changes_in_Equity
Changes in Equity | 3 Months Ended | |||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Changes in Equity | ' | |||||||||||||||||||||||
Changes in Equity | ||||||||||||||||||||||||
The following table provides a summary of the changes in the carrying amounts of total equity, Hawk Acquisition Intermediate Corporation II shareholders’ equity and equity attributable to the noncontrolling interest: | ||||||||||||||||||||||||
Capital Stock | Additional Capital | Retained Earnings | Accumulated | Noncontrolling | Total | |||||||||||||||||||
OCI | Interest | |||||||||||||||||||||||
Successor | (In thousands) | |||||||||||||||||||||||
Balance as of December 29, 2013 | $ | 16,140,000 | $ | 1,427 | $ | (77,021 | ) | $ | 233,010 | $ | 215,842 | $ | 16,513,258 | |||||||||||
Comprehensive income/(loss) (a) | — | — | 195,202 | (72,732 | ) | 8,425 | 130,895 | |||||||||||||||||
Dividends paid to shareholder | (61,819 | ) | — | (118,181 | ) | — | — | (180,000 | ) | |||||||||||||||
Capital contribution (b) | — | 4,859 | — | — | — | 4,859 | ||||||||||||||||||
Stock option expense | — | 1,418 | — | — | — | 1,418 | ||||||||||||||||||
Balance at March 30, 2014 | $ | 16,078,181 | $ | 7,704 | $ | — | $ | 160,278 | $ | 224,267 | $ | 16,470,430 | ||||||||||||
______________________________________ | ||||||||||||||||||||||||
(a) The allocation of the individual components of comprehensive income/(loss) attributable to Hawk Acquisition Intermediate Corporation II and the noncontrolling interest is disclosed in Note 11. Comprehensive income attributable to the redeemable non controlling interest is $2.2 million for the three months ended March 30, 2014. | ||||||||||||||||||||||||
(b) Represents non cash capital contribution associated with the push down of shares issued by Parent to certain employees in conjunction with the Bonus Swap Program. See Note 9. |
Debt
Debt | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
The Company's long-term debt consists of the following: | ||||||||
30-Mar-14 | 29-Dec-13 | |||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
$2.95 billion Term B-1 Loan | $ | 2,922,453 | $ | 2,929,213 | ||||
$6.55 billion Term B-2 Loan | 6,502,733 | 6,518,524 | ||||||
$3.10 billion 4.25% Second Lien Senior Secured Notes due 2020 | 3,100,000 | 3,100,000 | ||||||
Other U.S. Dollar Debt due May 2013 — November 2034 (0.94%—7.96%) | 10,667 | 10,774 | ||||||
Other Non-U.S. Dollar Debt due May 2013 — May 2023 (3.50%—11.00%) | 68,326 | 70,411 | ||||||
2.00% U.S. Dollar Notes due September 2016 | 58,308 | 58,308 | ||||||
1.50% U.S. Dollar Notes due March 2017 | 17,743 | 17,743 | ||||||
3.125% U.S. Dollar Notes due September 2021 | 34,433 | 34,433 | ||||||
2.85% U.S. Dollar Notes due March 2022 | 5,599 | 5,599 | ||||||
$235 million 6.375% U.S. Dollar Debentures due July 2028 | 257,684 | 258,075 | ||||||
£125 million 6.25% British Pound Notes due February 2030 | 220,366 | 218,507 | ||||||
$437 million 6.75% U.S. Dollar Notes due March 2032 | 476,389 | 476,943 | ||||||
$931 million 7.125% U.S. Dollar Notes due August 2039 | 1,025,944 | 1,026,881 | ||||||
14,700,645 | 14,725,411 | |||||||
Less portion due within one year | (107,211 | ) | (107,765 | ) | ||||
Total long-term debt | $ | 14,593,434 | $ | 14,617,646 | ||||
Weighted-average interest rate on long-term debt, including the impact of applicable interest rate swaps | 4.02 | % | 4.01 | % | ||||
Senior Credit Facilities | ||||||||
The Senior Credit Facilities are with a syndicate of banks and other financial institutions and provide 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"). | ||||||||
The borrower under the Senior Credit Facilities is Heinz. The obligations of Heinz 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 Senior 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 contain certain customary representations and warranties, affirmative covenants and events of default. As of March 30, 2014, 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”). | ||||||||
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 wholly-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 were in compliance with these covenants as of March 30, 2014. | ||||||||
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 Heinz 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. The Company filed a Registration Statement for such an exchange offer on the Exchange Notes which became effective on May 7, 2014. | ||||||||
Debt issuance costs | ||||||||
As of March 30, 2014, unamortized debt issuance costs related to new borrowings under our current Senior Credit Facilities and the Notes were $279.5 million. Amortization of debt issuance costs recorded was $12.2 million for the three months ended March 30, 2014 and $1.1 million for the three months ended March 24, 2013. These costs are amortized using the effective interest method over the respective term of debt to which they specifically relate. |
Financing_Arrangements
Financing Arrangements | 3 Months Ended |
Mar. 30, 2014 | |
Transfers and Servicing [Abstract] | ' |
Financing Arrangements | ' |
Financing Arrangements | |
On May 31, 2013, the Company entered into an amendment of the $175 million accounts receivable securitization program that extended the term until May 30, 2014. 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"). 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 subsequent to this amendment are accounted for 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 condensed consolidated balance sheet at March 30, 2014 which are acting as collateral for these borrowings was $129.5 million. | |
In addition, the Company acted as servicer for approximately $94.9 million and $76.5 million of trade receivables which were sold to unrelated third parties without recourse as of March 30, 2014 and December 29, 2013, respectively. These trade receivables are short-term in nature. The proceeds from these sales are 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 March 30, 2014 and December 29, 2013 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. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||||||||||
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 March 30, 2014 and December 29, 2013, the fair values of the Company’s assets and liabilities measured on a recurring basis are categorized as follows: | ||||||||||||||||||||||||||||||||
30-Mar-14 | December 29, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Derivatives(a) | $ | — | $ | 216,179 | $ | — | $ | 216,179 | $ | — | $ | 315,361 | $ | — | $ | 315,361 | ||||||||||||||||
Total assets at fair value | $ | — | $ | 216,179 | $ | — | $ | 216,179 | $ | — | $ | 315,361 | $ | — | $ | 315,361 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivatives(a) | $ | — | $ | 412,233 | $ | — | $ | 412,233 | $ | — | $ | 206,134 | $ | — | $ | 206,134 | ||||||||||||||||
Total liabilities at fair value | $ | — | $ | 412,233 | $ | — | $ | 412,233 | $ | — | $ | 206,134 | $ | — | $ | 206,134 | ||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||||||
(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. | |||||||||||||||||||||||||||||||
The aggregate fair value of the Company's long-term debt, including the current portion, was $14.69 billion as compared with the carrying value of $14.70 billion at March 30, 2014, and $14.65 billion as compared with the carrying value of $14.73 billion at December 29, 2013. The Company's debt obligations are valued based on market quotes and are classified within Level 2 of the fair value hierarchy. | ||||||||||||||||||||||||||||||||
There have been no transfers between Levels 1, 2 and 3 in the first quarter of 2014 or 2013. |
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging Activities | 3 Months Ended | |||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||
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 March 30, 2014, the Company had outstanding currency exchange, interest rate, and cross-currency swap derivative contracts with notional amounts of $2.8 billion, $9.0 billion and $8.3 billion respectively. 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. | ||||||||||||||||||||||||
The following table presents the fair values and corresponding balance sheet captions of the Company’s derivative instruments as of March 30, 2014 and December 29, 2013: | ||||||||||||||||||||||||
30-Mar-14 | December 29, 2013 | |||||||||||||||||||||||
Foreign | Interest | Cross-Currency Swap Contracts | Foreign | Interest | Cross-Currency Swap Contracts | |||||||||||||||||||
Exchange | Rate | Exchange | Rate | |||||||||||||||||||||
Contracts | Contracts | Contracts | Contracts | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Other receivables, net | $ | 28,906 | $ | — | $ | — | $ | 37,072 | $ | — | $ | — | ||||||||||||
Other non-current assets | 1,398 | 179,139 | 3,128 | 4,129 | 265,390 | 31,303 | ||||||||||||||||||
30,304 | 179,139 | 3,128 | 41,201 | 265,390 | 31,303 | |||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Other receivables, net | 3,607 | — | — | 8,771 | — | — | ||||||||||||||||||
Other non-current assets | — | — | — | — | — | — | ||||||||||||||||||
3,607 | — | — | 8,771 | — | — | |||||||||||||||||||
Total assets(1) | $ | 33,911 | $ | 179,139 | $ | 3,128 | $ | 49,972 | $ | 265,390 | $ | 31,303 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Other payables | $ | 10,888 | $ | — | $ | — | $ | 5,251 | $ | — | $ | — | ||||||||||||
Other non-current liabilities | 223 | — | 380,682 | — | — | 221,899 | ||||||||||||||||||
11,111 | — | 380,682 | 5,251 | — | 221,899 | |||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Other payables | 20,440 | — | — | 10,286 | — | — | ||||||||||||||||||
Other non-current liabilities | — | — | — | — | — | — | ||||||||||||||||||
Total liabilities(1) | $ | 31,551 | $ | — | $ | 380,682 | $ | 15,537 | $ | — | $ | 221,899 | ||||||||||||
_______________________________________ | ||||||||||||||||||||||||
-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 $216.2 million and $237.4 million at March 30, 2014 and December 29, 2013, respectively. No material amounts of collateral were received or posted on the Company’s derivative assets and liabilities as of March 30, 2014. | |||||||||||||||||||||||
Refer to Note 15 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 consolidated statement of income for the first quarters ended March 30, 2014 and March 24, 2013: | ||||||||||||||||||||||||
First Quarter Ended | ||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||
30-Mar-14 | 24-Mar-13 | |||||||||||||||||||||||
Foreign Exchange | Interest Rate | Cross-Currency Swap Contracts | Foreign Exchange | Interest Rate | Cross-Currency | |||||||||||||||||||
Contracts | Contracts | Contracts | Contracts | Interest Rate | ||||||||||||||||||||
Swap Contracts | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Net gains/(losses) recognized in other comprehensive loss (effective portion) | $ | (3,439 | ) | $ | (86,251 | ) | $ | (186,958 | ) | $ | 23,964 | $ | — | $ | (40,494 | ) | ||||||||
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): | ||||||||||||||||||||||||
Sales | $ | (459 | ) | $ | — | $ | — | $ | 2,905 | $ | — | $ | — | |||||||||||
Cost of products sold | 5,048 | — | — | 1,647 | — | — | ||||||||||||||||||
Selling, general and administrative expenses | (38 | ) | — | — | — | — | — | |||||||||||||||||
Other expense, net | 818 | — | — | 6,299 | — | (39,876 | ) | |||||||||||||||||
Interest expense | 6 | — | — | 134 | (58 | ) | (1,386 | ) | ||||||||||||||||
5,375 | — | — | 10,985 | (58 | ) | (41,262 | ) | |||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||
Net losses recognized in other expense, net | — | — | — | — | (4,406 | ) | — | |||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Unrealized gain on derivative instruments | — | — | — | — | — | — | ||||||||||||||||||
Net (losses)/gains recognized in other expense, net | (17,419 | ) | — | — | (11,143 | ) | — | — | ||||||||||||||||
Net gains recognized in interest income | — | — | — | — | (1,011 | ) | — | |||||||||||||||||
(17,419 | ) | — | — | (11,143 | ) | (1,011 | ) | — | ||||||||||||||||
Total amount recognized in statement of operations | $ | (12,044 | ) | $ | — | $ | — | $ | (158 | ) | $ | (5,475 | ) | $ | (41,262 | ) | ||||||||
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. | ||||||||||||||||||||||||
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 gains recognized in income. 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. | ||||||||||||||||||||||||
Deferred Hedging Gains and Losses: | ||||||||||||||||||||||||
As of March 30, 2014, the Company is hedging forecasted transactions for periods not exceeding 2 years. During the next 12 months, the Company expects $8.0 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 income/(expense), net, was not significant for the first quarters of Fiscal 2014 and Fiscal 2013, respectively. | ||||||||||||||||||||||||
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 €2.21 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 are immaterial in the quarter ended March 30, 2014. | ||||||||||||||||||||||||
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 $1,741 million and $1,010 million that did not meet the criteria for hedge accounting as of March 30, 2014 and December 29, 2013, 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 income/(expense), net. Net unrealized gains/(losses) related to outstanding contracts totaled $(16.8) million and $(1.5) million as of March 30, 2014 and December 29, 2013, respectively. These contracts are scheduled to mature within one year. | ||||||||||||||||||||||||
Concentration of Credit Risk: | ||||||||||||||||||||||||
Counterparties to currency exchange and interest rate derivatives consist of major international financial institutions. The Company continually monitors its positions and the credit ratings of the counterparties involved and, by policy, limits the amount of credit exposure to any one party. While the Company may be exposed to potential losses due to the credit risk of non-performance by these counterparties, losses are not anticipated. The Company closely monitors the credit risk associated with its counterparties and customers and to date has not experienced material losses. |
Venezuela_Foreign_Currency_and
Venezuela - Foreign Currency and Inflation | 3 Months Ended |
Mar. 30, 2014 | |
Foreign Currency [Abstract] | ' |
Venezuela - Foreign Currency and Inflation | ' |
Venezuela- Foreign Currency and Inflation | |
We apply highly inflationary accounting to our business in Venezuela. Under highly inflationary accounting, the financial statements of our Venezuelan subsidiary are remeasured into our reporting currency (U.S. dollars), based on the exchange rate at which we expect to remit dividends in U.S. dollar (which we currently determine to be the official exchange rate of 6.3 BsF/US$). 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 therefore dependent upon movements in the official exchange rate between the Venezuelan bolivar fuerte and the U.S. dollar. | |
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 $43 million pre-tax currency translation loss, which was reflected within other expense, net, on the condensed consolidated statement of income in the first quarter of 2013. | |
In March 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 January 2014, the government in Venezuela announced certain changes to the regulations governing the currency exchange market. The current official exchange rate remains applicable to import activities related to certain necessities, including food products. In February 2014, the Venezuelan government established a new foreign exchange market mechanism (SICAD II), which became effective on March 24, 2014 and may be the market through which U.S. dollars will be obtained for the remittance of dividends. This market has significantly higher foreign exchange rates than those available through the other foreign exchange mechanisms. Between March 24, 2014 and March 31, 2014 the published weighted average daily exchange rate was between 49.81 bolivars per USD and 51.86 bolivars per USD. Because there is still considerable uncertainty with respect to the types and amounts of transactions that may actually be realized under the various foreign exchange markets, we continue to remeasure our Venezuelan monetary assets and liabilities at the official rate of 6.3 bolivars per U.S. dollar. The amount of net monetary assets and liabilities included in our Venezuelan subsidiary’s balance sheet was $124.7 million at March 30, 2014. |
Supplemental_Financial_Informa
Supplemental Financial Information (Notes) | 3 Months Ended | |||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Additional Financial Information Disclosure | ' | |||||||||||||||||||||||
Supplemental Financial Information | ||||||||||||||||||||||||
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. See Note 13 for more details. | ||||||||||||||||||||||||
The Notes are jointly and severally, full and unconditionally guaranteed on a senior secured basis, subject to certain customary release provisions by the Guarantors, which represent most of Heinz's domestic subsidiaries, which guarantee our obligations under the Senior Credit Facilities. | ||||||||||||||||||||||||
The Issuer, H.J. Heinz Company, and guarantor subsidiaries are 100% owned by Hawk Acquisition Intermediate Corporation II (“Holdings”). | ||||||||||||||||||||||||
The non-U.S. subsidiaries are identified below as Non-Guarantors. The following represents the condensed consolidating financial information for Hawk Acquisition Intermediate Corporation II, the Issuer, the Guarantors on a combined basis, and the non-U.S. subsidiaries of H. J. Heinz Company (the “Non-Guarantors”), on a combined basis, together with eliminations, as of and for the periods indicated. The condensed consolidating financial information may not necessarily be indicative of the financial position, results of operations or cash flows had Hawk Acquisition Intermediate Corporation II, H. J. Heinz Company, Guarantors and Non-Guarantors operated as independent entities. | ||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
First Quarter Ended March 30, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Sales | $ | — | $ | 67,917 | $ | 1,034,107 | $ | 1,801,567 | $ | (103,432 | ) | $ | 2,800,159 | |||||||||||
Cost of product sold | — | 477 | 726,496 | 1,222,019 | (103,432 | ) | 1,845,560 | |||||||||||||||||
Gross profit | — | 67,440 | 307,611 | 579,548 | — | 954,599 | ||||||||||||||||||
Selling, general and administrative expenses | — | 14,102 | 147,302 | 359,771 | — | 521,175 | ||||||||||||||||||
Operating income | — | 53,338 | 160,309 | 219,777 | — | 433,424 | ||||||||||||||||||
Interest expense, net | — | 155,555 | 6,491 | 1,079 | — | 163,125 | ||||||||||||||||||
Other (expense)/income, net | — | (6,204 | ) | 645 | (15,641 | ) | — | (21,200 | ) | |||||||||||||||
(Loss)/income before income taxes | — | (108,421 | ) | 154,463 | 203,057 | — | 249,099 | |||||||||||||||||
Equity in earnings of subsidiaries | 195,202 | 326,782 | 161,801 | — | (683,785 | ) | — | |||||||||||||||||
Provision for/(benefit from) income taxes | — | 23,159 | (469 | ) | 27,924 | — | 50,614 | |||||||||||||||||
Net income | 195,202 | 195,202 | 316,733 | 175,133 | (683,785 | ) | 198,485 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 3,283 | — | 3,283 | ||||||||||||||||||
Net income | $ | 195,202 | $ | 195,202 | $ | 316,733 | $ | 171,850 | $ | (683,785 | ) | $ | 195,202 | |||||||||||
Total comprehensive income | $ | 122,470 | $ | 122,470 | $ | 414,492 | $ | 259,949 | $ | (796,911 | ) | $ | 122,470 | |||||||||||
Predecessor | ||||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
First Quarter Ended March 24, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Sales | NA | $ | 65,527 | $ | 1,016,954 | $ | 1,869,452 | $ | (95,688 | ) | $ | 2,856,245 | ||||||||||||
Cost of product sold | NA | 931 | 691,257 | 1,219,882 | (95,688 | ) | 1,816,382 | |||||||||||||||||
Gross profit | NA | 64,596 | 325,697 | 649,570 | — | 1,039,863 | ||||||||||||||||||
Selling, general and administrative expenses | NA | 52,167 | 180,515 | 409,111 | — | 641,793 | ||||||||||||||||||
Operating income | NA | 12,429 | 145,182 | 240,459 | — | 398,070 | ||||||||||||||||||
Interest expense, net | NA | 41,832 | 18,360 | 4,580 | — | 64,772 | ||||||||||||||||||
Other expense, net | NA | (640 | ) | (1,767 | ) | (53,192 | ) | — | (55,599 | ) | ||||||||||||||
(Loss)/income from continuing operations before income taxes | NA | (30,043 | ) | 125,055 | 182,687 | — | 277,699 | |||||||||||||||||
Equity in earnings of subsidiaries | NA | 212,615 | 100,189 | — | (312,804 | ) | — | |||||||||||||||||
Provision for income taxes | NA | 4,823 | 30,767 | 26,073 | — | 61,663 | ||||||||||||||||||
Income from continuing operations | NA | 177,749 | 194,477 | 156,614 | (312,804 | ) | 216,036 | |||||||||||||||||
Loss from discontinued operations, net of tax | NA | — | — | (35,181 | ) | — | (35,181 | ) | ||||||||||||||||
Net income | NA | 177,749 | 194,477 | 121,433 | (312,804 | ) | 180,855 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | NA | — | — | 3,106 | — | 3,106 | ||||||||||||||||||
Net income | NA | $ | 177,749 | $ | 194,477 | $ | 118,327 | $ | (312,804 | ) | $ | 177,749 | ||||||||||||
Total comprehensive income/(loss) | NA | $ | 22,607 | $ | 103,191 | $ | (21,550 | ) | $ | (81,641 | ) | $ | 22,607 | |||||||||||
Successor | ||||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
As of March 30, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
ASSETS | (In thousands) | |||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 12,140 | $ | 607,229 | $ | 1,895,863 | $ | — | $ | 2,515,232 | ||||||||||||
Trade receivables | — | — | — | 1,106,304 | — | 1,106,304 | ||||||||||||||||||
Other receivables | — | 129,400 | 12,600 | 175,956 | — | 317,956 | ||||||||||||||||||
Receivables due from affiliates | — | 116,651 | 34,726 | 53,082 | (204,459 | ) | — | |||||||||||||||||
Inventories: | ||||||||||||||||||||||||
Finished goods and work-in-process | — | — | 417,653 | 769,820 | — | 1,187,473 | ||||||||||||||||||
Packaging material and ingredients | — | — | 89,013 | 194,261 | — | 283,274 | ||||||||||||||||||
Total inventories | — | — | 506,666 | 964,081 | — | 1,470,747 | ||||||||||||||||||
Prepaid expenses | — | 8,486 | 26,433 | 111,161 | (5,454 | ) | 140,626 | |||||||||||||||||
Short-term lending due from affiliates | — | 1,520,041 | 32,090 | 401,814 | (1,953,945 | ) | — | |||||||||||||||||
Other current assets | — | — | 21,872 | 54,827 | (15,641 | ) | 61,058 | |||||||||||||||||
Total current assets | — | 1,786,718 | 1,241,616 | 4,763,088 | (2,179,499 | ) | 5,611,923 | |||||||||||||||||
Property, plant and equipment: | ||||||||||||||||||||||||
Property, plant and equipment, gross | — | 243,767 | 856,746 | 1,836,136 | — | 2,936,649 | ||||||||||||||||||
Less accumulated depreciation | — | 19,632 | 148,585 | 195,728 | — | 363,945 | ||||||||||||||||||
Total property, plant and equipment, net | — | 224,135 | 708,161 | 1,640,408 | — | 2,572,704 | ||||||||||||||||||
Other non-current assets: | ||||||||||||||||||||||||
Goodwill | — | — | 8,537,074 | 6,523,350 | — | 15,060,424 | ||||||||||||||||||
Investments in subsidiaries | 16,246,163 | 26,439,369 | 15,737,520 | — | (58,423,052 | ) | — | |||||||||||||||||
Trademarks, net | — | 4,659,800 | 624,300 | 6,877,120 | — | 12,161,220 | ||||||||||||||||||
Other intangibles, net | — | 804,210 | 650,585 | 886,462 | — | 2,341,257 | ||||||||||||||||||
Long-term lending due from affiliates | — | — | 3,381,006 | 204,660 | (3,585,666 | ) | — | |||||||||||||||||
Other non-current assets | — | 489,628 | 107,594 | 616,925 | — | 1,214,147 | ||||||||||||||||||
Total other non-current assets | 16,246,163 | 32,393,007 | 29,038,079 | 15,108,517 | (62,008,718 | ) | 30,777,048 | |||||||||||||||||
Total assets | $ | 16,246,163 | $ | 34,403,860 | $ | 30,987,856 | $ | 21,512,013 | $ | (64,188,217 | ) | $ | 38,961,675 | |||||||||||
Successor | ||||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
As of March 30, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS EQUITY | (In thousands) | |||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | — | $ | 130,729 | $ | — | $ | 130,729 | ||||||||||||
Short-term lending due to affiliates | — | 7,671 | 1,945,307 | 967 | (1,953,945 | ) | — | |||||||||||||||||
Portion of long-term debt due within one year | — | 95,000 | 433 | 11,778 | — | 107,211 | ||||||||||||||||||
Trade payables | — | 5,154 | 327,861 | 961,497 | — | 1,294,512 | ||||||||||||||||||
Payables due to affiliates | — | 38,652 | 76,451 | 89,356 | (204,459 | ) | — | |||||||||||||||||
Other payables | — | 28,530 | 2,175 | 86,724 | — | 117,429 | ||||||||||||||||||
Accrued marketing | — | — | 64,816 | 274,582 | — | 339,398 | ||||||||||||||||||
Other accrued liabilities | — | 219,984 | 99,555 | 367,004 | (5,454 | ) | 681,089 | |||||||||||||||||
Income taxes | — | 257,365 | 2,944 | 44,271 | (15,641 | ) | 288,939 | |||||||||||||||||
Total current liabilities | — | 652,356 | 2,519,542 | 1,966,908 | (2,179,499 | ) | 2,959,307 | |||||||||||||||||
Long-term debt and other non-current liabilities: | ||||||||||||||||||||||||
Long-term debt | — | 12,546,268 | 1,770,252 | 276,914 | — | 14,593,434 | ||||||||||||||||||
Long-term borrowings due to affiliates | — | 2,000,000 | 204,660 | 1,640,847 | (3,845,507 | ) | — | |||||||||||||||||
Deferred income taxes | — | 2,448,786 | 166,355 | 1,409,264 | — | 4,024,405 | ||||||||||||||||||
Non-pension post-retirement benefits | — | 4,640 | 137,460 | 53,283 | — | 195,383 | ||||||||||||||||||
Other non-current liabilities | — | 505,647 | 36,659 | 146,343 | — | 688,649 | ||||||||||||||||||
Total long-term debt and other non-current liabilities | — | 17,505,341 | 2,315,386 | 3,526,651 | (3,845,507 | ) | 19,501,871 | |||||||||||||||||
Redeemable noncontrolling interest | — | — | — | 30,067 | — | 30,067 | ||||||||||||||||||
Total shareholders' equity | 16,246,163 | 16,246,163 | 26,152,928 | 15,764,120 | (58,163,211 | ) | 16,246,163 | |||||||||||||||||
Noncontrolling interest | — | — | — | 224,267 | — | 224,267 | ||||||||||||||||||
Total equity | 16,246,163 | 16,246,163 | 26,152,928 | 15,988,387 | (58,163,211 | ) | 16,470,430 | |||||||||||||||||
Total liabilities and equity | $ | 16,246,163 | $ | 34,403,860 | $ | 30,987,856 | $ | 21,512,013 | $ | (64,188,217 | ) | $ | 38,961,675 | |||||||||||
Successor | ||||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
As of December 29, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
ASSETS | (In thousands) | |||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 48,396 | $ | 943,741 | $ | 1,466,855 | $ | — | $ | 2,458,992 | ||||||||||||
Trade receivables | — | — | — | 1,099,655 | — | 1,099,655 | ||||||||||||||||||
Other receivables | — | 39,816 | 15,406 | 189,306 | — | 244,528 | ||||||||||||||||||
Receivables due from affiliates | — | 83,618 | 21,752 | 60,974 | (166,344 | ) | — | |||||||||||||||||
Inventories: | ||||||||||||||||||||||||
Finished goods and work-in-process | — | — | 452,230 | 686,143 | — | 1,138,373 | ||||||||||||||||||
Packaging material and ingredients | — | — | 101,332 | 195,691 | — | 297,023 | ||||||||||||||||||
Total inventories | — | — | 553,562 | 881,834 | — | 1,435,396 | ||||||||||||||||||
Prepaid expenses | — | 12,784 | 25,560 | 127,870 | (21,118 | ) | 145,096 | |||||||||||||||||
Short-term lending due from affiliates | — | 1,807,502 | 32,777 | 602,059 | (2,442,338 | ) | — | |||||||||||||||||
Other current assets | — | — | 50,720 | 51,239 | (41,501 | ) | 60,458 | |||||||||||||||||
Total current assets | — | 1,992,116 | 1,643,518 | 4,479,792 | (2,671,301 | ) | 5,444,125 | |||||||||||||||||
Property, plant and equipment: | ||||||||||||||||||||||||
Property, plant and equipment, gross | — | 238,618 | 804,277 | 1,786,596 | — | 2,829,491 | ||||||||||||||||||
Less accumulated depreciation | — | 15,064 | 54,016 | 96,919 | — | 165,999 | ||||||||||||||||||
Total property, plant and equipment, net | — | 223,554 | 750,261 | 1,689,677 | — | 2,663,492 | ||||||||||||||||||
Other non-current assets: | ||||||||||||||||||||||||
Goodwill | — | — | 8,554,726 | 6,515,336 | — | 15,070,062 | ||||||||||||||||||
Investments in subsidiaries | 16,297,416 | 26,033,700 | 15,500,336 | — | (57,831,452 | ) | — | |||||||||||||||||
Trademarks, net | — | 4,659,800 | 624,300 | 6,846,773 | — | 12,130,873 | ||||||||||||||||||
Other intangibles, net | — | 804,370 | 666,472 | 887,939 | — | 2,358,781 | ||||||||||||||||||
Long-term lending due from affiliates | — | — | 3,305,383 | 202,767 | (3,508,150 | ) | — | |||||||||||||||||
Other non-current assets | — | 687,059 | 107,682 | 538,070 | (27,796 | ) | 1,305,015 | |||||||||||||||||
Total other non-current assets | 16,297,416 | 32,184,929 | 28,758,899 | 14,990,885 | (61,367,398 | ) | 30,864,731 | |||||||||||||||||
Total assets | $ | 16,297,416 | $ | 34,400,599 | $ | 31,152,678 | $ | 21,160,354 | $ | (64,038,699 | ) | $ | 38,972,348 | |||||||||||
Successor | ||||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
As of December 29, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS EQUITY | (In thousands) | |||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | — | $ | 143,689 | $ | — | $ | 143,689 | ||||||||||||
Short-term lending due to affiliates | — | 9,589 | 2,408,903 | 23,846 | (2,442,338 | ) | — | |||||||||||||||||
Portion of long-term debt due within one year | — | 95,000 | 430 | 12,335 | — | 107,765 | ||||||||||||||||||
Trade payables | — | 13,389 | 326,636 | 852,049 | — | 1,192,074 | ||||||||||||||||||
Payables due to affiliates | — | 49,265 | 60,488 | 56,591 | (166,344 | ) | — | |||||||||||||||||
Other payables | — | 16,349 | 2,569 | 129,275 | — | 148,193 | ||||||||||||||||||
Accrued marketing | — | — | 80,892 | 289,437 | — | 370,329 | ||||||||||||||||||
Other accrued liabilities | — | 217,074 | 157,824 | 406,841 | (21,118 | ) | 760,621 | |||||||||||||||||
Income taxes | — | 192,282 | 2,120 | 49,287 | (41,501 | ) | 202,188 | |||||||||||||||||
Total current liabilities | — | 592,948 | 3,039,862 | 1,963,350 | (2,671,301 | ) | 2,924,859 | |||||||||||||||||
Long-term debt and other non-current liabilities: | ||||||||||||||||||||||||
Long-term debt | — | 12,568,819 | 1,772,244 | 276,583 | — | 14,617,646 | ||||||||||||||||||
Long-term borrowings due to affiliates | — | 2,000,000 | 202,766 | 1,554,633 | (3,757,399 | ) | — | |||||||||||||||||
Deferred income taxes | — | 2,569,192 | 171,737 | 1,419,974 | — | 4,160,903 | ||||||||||||||||||
Non-pension post-retirement benefits | — | — | 169,664 | 54,504 | (27,796 | ) | 196,372 | |||||||||||||||||
Other non-current liabilities | — | 372,224 | 35,989 | 121,212 | — | 529,425 | ||||||||||||||||||
Total long-term debt and other non-current liabilities | — | 17,510,235 | 2,352,400 | 3,426,906 | (3,785,195 | ) | 19,504,346 | |||||||||||||||||
Redeemable noncontrolling interest | — | — | — | 29,885 | — | 29,885 | ||||||||||||||||||
Total shareholders' equity | 16,297,416 | 16,297,416 | 25,760,416 | 15,524,371 | (57,582,203 | ) | 16,297,416 | |||||||||||||||||
Noncontrolling interest | — | — | — | 215,842 | — | 215,842 | ||||||||||||||||||
Total equity | 16,297,416 | 16,297,416 | 25,760,416 | 15,740,213 | (57,582,203 | ) | 16,513,258 | |||||||||||||||||
Total liabilities and equity | $ | 16,297,416 | $ | 34,400,599 | $ | 31,152,678 | $ | 21,160,354 | $ | (64,038,699 | ) | $ | 38,972,348 | |||||||||||
Successor | ||||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Quarter Ended March 30, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
Operating Activities: | (In thousands) | |||||||||||||||||||||||
Cash (used for)/provided by operating activities | — | $ | (116,072 | ) | $ | 219,658 | $ | 197,784 | $ | — | $ | 301,370 | ||||||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (16,442 | ) | (21,198 | ) | (23,943 | ) | — | (61,583 | ) | ||||||||||||||
Net proceeds/(payments) on intercompany lending activities | — | 287,461 | (74,936 | ) | 201,072 | (413,597 | ) | — | ||||||||||||||||
Return of capital | 180,000 | — | — | — | (180,000 | ) | — | |||||||||||||||||
Other items, net | — | 13,999 | 4,426 | 191 | — | 18,616 | ||||||||||||||||||
Cash provided by/(used for) investing activities | 180,000 | 285,018 | (91,708 | ) | 177,320 | (593,597 | ) | (42,967 | ) | |||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Payments on long-term debt | — | (23,750 | ) | (38 | ) | (860 | ) | — | (24,648 | ) | ||||||||||||||
Net (payments)/proceeds on intercompany borrowing activities | — | (1,918 | ) | (464,424 | ) | 52,745 | 413,597 | — | ||||||||||||||||
Net payments on commercial paper and short-term debt | — | — | — | (12,565 | ) | — | (12,565 | ) | ||||||||||||||||
Dividends | (180,000 | ) | (180,000 | ) | — | — | 180,000 | (180,000 | ) | |||||||||||||||
Other items, net | — | 466 | — | — | — | 466 | ||||||||||||||||||
Cash (used for)/provided by financing activities | (180,000 | ) | (205,202 | ) | (464,462 | ) | 39,320 | 593,597 | (216,747 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 14,584 | — | 14,584 | ||||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | — | (36,256 | ) | (336,512 | ) | 429,008 | — | 56,240 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 48,396 | 943,741 | 1,466,855 | — | 2,458,992 | ||||||||||||||||||
Cash and cash equivalents at end of period | — | $ | 12,140 | $ | 607,229 | $ | 1,895,863 | $ | — | $ | 2,515,232 | |||||||||||||
Predecessor | ||||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Quarter Ended March 24, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
Operating Activities: | (In thousands) | |||||||||||||||||||||||
Cash (used for)/provided by operating activities | NA | $ | (36,636 | ) | $ | 239,950 | $ | 335,207 | $ | (48,093 | ) | $ | 490,428 | |||||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | NA | (20,587 | ) | (17,332 | ) | (61,780 | ) | — | (99,699 | ) | ||||||||||||||
Net payments on intercompany lending activities | NA | — | (314,979 | ) | (221,374 | ) | 536,353 | — | ||||||||||||||||
Additional investments in subsidiaries | NA | (124,142 | ) | (132 | ) | — | 124,274 | — | ||||||||||||||||
Other items, net | NA | — | (790 | ) | 4,300 | — | 3,510 | |||||||||||||||||
Cash used for investing activities | NA | (144,729 | ) | (333,233 | ) | (278,854 | ) | 660,627 | (96,189 | ) | ||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Payments on long-term debt | NA | — | (3,464 | ) | (3,665 | ) | — | (7,129 | ) | |||||||||||||||
Proceeds from long-term debt | NA | — | — | 3,221 | — | 3,221 | ||||||||||||||||||
Net proceeds/(payments) on intercompany borrowing activities | NA | 347,957 | 223,933 | (35,537 | ) | (536,353 | ) | — | ||||||||||||||||
Net payments on commercial paper and short-term debt | NA | — | (275,737 | ) | (34,094 | ) | — | (309,831 | ) | |||||||||||||||
Dividends | NA | (165,601 | ) | — | (48,093 | ) | 48,093 | (165,601 | ) | |||||||||||||||
Exercise of stock options | NA | 18,389 | — | — | — | 18,389 | ||||||||||||||||||
Purchase of treasury stock | NA | (17,762 | ) | — | — | — | (17,762 | ) | ||||||||||||||||
Other intercompany capital stock transactions | NA | — | 119,311 | 4,963 | (124,274 | ) | — | |||||||||||||||||
Other items, net | NA | (1,613 | ) | (44,474 | ) | — | — | (46,087 | ) | |||||||||||||||
Cash provided by/(used for) financing activities | NA | 181,370 | 19,569 | (113,205 | ) | (612,534 | ) | (524,800 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | NA | — | — | (109,384 | ) | — | (109,384 | ) | ||||||||||||||||
Net decrease in cash and cash equivalents | NA | 5 | (73,714 | ) | (166,236 | ) | — | (239,945 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | NA | — | 198,288 | 2,084,132 | — | 2,282,420 | ||||||||||||||||||
Cash and cash equivalents at end of period | NA | $ | 5 | $ | 124,574 | $ | 1,917,896 | $ | — | $ | 2,042,475 | |||||||||||||
Merger_and_Acquisition_Tables
Merger and Acquisition (Tables) | 3 Months Ended | |||
Mar. 30, 2014 | ||||
Business Combinations [Abstract] | ' | |||
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 | 2,686,367 | |||
Trademark and other intangibles | 14,406,659 | |||
Other non-current assets | 652,038 | |||
Trade and other payables | (2,755,348 | ) | ||
Long term debt | (3,021,656 | ) | ||
Deferred income taxes | (4,222,943 | ) | ||
Non-pension postretirement benefits and other noncurrent liabilities | (662,439 | ) | ||
Redeemable non controlling interest and non controlling interest | (258,008 | ) | ||
Net assets acquired | 13,782,816 | |||
Goodwill on acquisition | 14,970,148 | |||
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 | ) | ||
Acquisition 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 December 24, 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. | ||||
First Quarter Ended | ||||
24-Mar-13 | ||||
(In thousands) | ||||
Revenue | $ | 2,856,245 | ||
Income from continuing operations | $ | 150,282 | ||
Segments_Tables
Segments (Tables) | 3 Months Ended | ||||||
Mar. 30, 2014 | |||||||
Segment Reporting [Abstract] | ' | ||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||
The following table presents information about the Company’s reportable segments: | |||||||
First Quarter Ended | |||||||
Successor | Predecessor | ||||||
30-Mar-14 | 24-Mar-13 | ||||||
(In thousands) | |||||||
Net external sales: | |||||||
North America | $ | 1,169,189 | $ | 1,163,705 | |||
Europe | 762,898 | 749,867 | |||||
Asia/Pacific | 492,399 | 546,995 | |||||
Latin America | 198,301 | 210,531 | |||||
RIMEA | 177,372 | 185,147 | |||||
Consolidated Totals | $ | 2,800,159 | $ | 2,856,245 | |||
Segment Adjusted EBITDA: | |||||||
North America | $ | 362,082 | $ | 287,838 | |||
Europe | 216,088 | 168,047 | |||||
Asia/Pacific | 71,516 | 69,044 | |||||
Latin America | 32,418 | 17,646 | |||||
RIMEA | 28,597 | 24,373 | |||||
Non-Operating | (21,888 | ) | (48,632 | ) | |||
Adjusted EBITDA | 688,813 | 518,316 | |||||
Severance related costs(a) | 53,680 | — | |||||
Other restructuring costs(a) | 13,692 | — | |||||
Leasehold improvement intangible asset write-off | 6,791 | — | |||||
2014 special items(b) | 8,471 | — | |||||
Merger related costs(c) | — | 12,833 | |||||
Foodstar earn-out(d) | — | 12,081 | |||||
Depreciation, including accelerated depreciation for restructuring | 147,220 | 76,046 | |||||
Amortization | 24,117 | 10,424 | |||||
Stock based compensation | 1,418 | 10,071 | |||||
Interest expense, net | 163,125 | 64,772 | |||||
Other expense, net (excluding amortization) | 21,200 | 54,390 | |||||
Income from continuing operations before income tax | $ | 249,099 | $ | 277,699 | |||
______________________________________ | |||||||
(a) | See Note 5 for further details on restructuring and productivity initiatives. | ||||||
(b) | Includes incremental costs primarily for additional warehousing and other logistics costs incurred related to the acceleration of sales ahead of the U.S. SAP go-live, which was launched in the second quarter of 2014, along with equipment relocation charges and consulting and advisory charges not specifically related to restructuring activities. | ||||||
(c) | See Note 2 for further details on Merger related costs | ||||||
(d) | The Company renegotiated the terms of the Foodstar Holdings Pte earn-out resulting in a $12.1 million charge to SG&A in January 2013. | ||||||
Revenue from External Customers by Products and Services | ' | ||||||
The Company’s revenues are generated via the sale of products in the following categories: | |||||||
First Quarter Ended | |||||||
Successor | Predecessor | ||||||
30-Mar-14 | 24-Mar-13 | ||||||
(In thousands) | |||||||
Ketchup and Sauces | $ | 1,354,956 | $ | 1,295,458 | |||
Meals and Snacks | 1,014,119 | 1,084,654 | |||||
Infant/Nutrition | 275,580 | 298,523 | |||||
Other | 155,504 | 177,610 | |||||
Total | $ | 2,800,159 | $ | 2,856,245 | |||
Restructuring_and_Productivity1
Restructuring and Productivity Initiatives (Tables) | 3 Months Ended | |||||||||
Mar. 30, 2014 | ||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||
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: | ||||||||||
Three months ended March 30, 2014 | ||||||||||
(In millions) | ||||||||||
North America | $ | 84.3 | ||||||||
Europe | 29.7 | |||||||||
Asia/Pacific | 10.2 | |||||||||
Latin America | — | |||||||||
RIMEA | 0.5 | |||||||||
Non-Operating | 16.1 | |||||||||
Total productivity charges | $ | 140.8 | ||||||||
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) | ||||||||||
Accrual balance at December 29, 2013 | $ | 93.3 | $ | 41.6 | $ | 134.9 | ||||
2014 restructuring and productivity initiatives | 53.7 | 13.7 | 67.4 | |||||||
Cash payments | (74.8 | ) | (27.4 | ) | (102.2 | ) | ||||
Accrual balance at March 30, 2014 | $ | 72.2 | $ | 27.9 | $ | 100.1 | ||||
______________________________________ | ||||||||||
(a) Other exit costs primarily represent professional fees, and contract and lease termination costs. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||
Mar. 30, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||
The following table presents summarized operating results for this discontinued operation: | ||||
Predecessor | ||||
First Quarter Ended | ||||
24-Mar-13 | ||||
(In millions) | ||||
Sales | $ | 21.3 | ||
Net income | $ | 0.8 | ||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Changes in the carrying amount of goodwill | ' | |||||||||||||||||||||||
Changes in the carrying amount of goodwill for the period from December 29, 2013 to March 30, 2014, by reportable segment, are as follows: | ||||||||||||||||||||||||
North America | Europe | Asia/Pacific | Latin America | RIMEA | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Balance at December 29, 2013 | $ | 9,853,578 | $ | 3,710,098 | $ | 1,047,496 | $ | 210,916 | $ | 247,974 | $ | 15,070,062 | ||||||||||||
Purchase accounting adjustments | 22,655 | 19,844 | 17,546 | 2,428 | (15,814 | ) | 46,659 | |||||||||||||||||
Translation adjustments | (81,453 | ) | (22,422 | ) | 8,206 | 1,557 | 37,815 | (56,297 | ) | |||||||||||||||
Balance at March 30, 2014 | $ | 9,794,780 | $ | 3,707,520 | $ | 1,073,248 | $ | 214,901 | $ | 269,975 | $ | 15,060,424 | ||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | ' | |||||||||||||||||||||||
Other intangible assets at March 30, 2014 and December 29, 2013, subject to amortization expense, are as follows: | ||||||||||||||||||||||||
March 30, 2014 | December 29, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Customer-related assets | $ | 1,384,952 | $ | (53,404 | ) | $ | 1,331,548 | $ | 1,375,876 | $ | (35,773 | ) | $ | 1,340,103 | ||||||||||
Licenses | 119,913 | (14,998 | ) | 104,915 | 119,714 | (10,030 | ) | 109,684 | ||||||||||||||||
Other | 16,241 | (772 | ) | 15,469 | 24,665 | (1,118 | ) | 23,547 | ||||||||||||||||
$ | 1,521,106 | $ | (69,174 | ) | $ | 1,451,932 | $ | 1,520,255 | $ | (46,921 | ) | $ | 1,473,334 | |||||||||||
Employees_Stock_Incentive_Plan1
Employees' Stock Incentive Plans and Management Incentive Plans (Tables) | 3 Months Ended | |||
Mar. 30, 2014 | ||||
Stock Option and Restricted Stock Plans | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | ' | |||
The compensation cost related to equity plans that were in place in the Predecessor period primarily recognized in SG&A and Merger related costs, and the related tax benefit, are as follows: | ||||
Predecessor | ||||
First Quarter Ended | ||||
24-Mar-13 | ||||
(In millions) | ||||
Pre-tax compensation cost | $ | 7.2 | ||
Tax benefit | 2.3 | |||
After-tax compensation cost | $ | 4.9 | ||
LTPP | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | ' | |||
The compensation cost related to LTPP awards primarily recognized in SG&A and the related tax benefit during the Predecessor period are as follows (there was no compensation cost related to LTPP awards in the Successor periods): | ||||
Predecessor | ||||
First Quarter Ended | ||||
24-Mar-13 | ||||
(In millions) | ||||
Pre-tax compensation cost | $ | 2.8 | ||
Tax benefit | 1 | |||
After-tax compensation cost | $ | 1.8 | ||
Pensions_and_Other_Postretirem1
Pensions and Other Postretirement Benefits (Tables) | 3 Months Ended | |||||||||||||||
Mar. 30, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of net periodic benefit cost | ' | |||||||||||||||
The components of net periodic benefit (income)/expense are as follows: | ||||||||||||||||
First Quarter Ended | ||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||
March 30, 2014 | March 24, 2013 | March 30, 2014 | March 24, 2013 | |||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||
(In thousands) | ||||||||||||||||
Service cost | $ | 7,472 | $ | 7,603 | $ | 1,409 | $ | 1,561 | ||||||||
Interest cost | 34,958 | 31,804 | 2,192 | 2,389 | ||||||||||||
Expected return on plan assets | (54,867 | ) | (60,344 | ) | — | — | ||||||||||
Amortization of prior service cost/(credit) | — | 601 | (1,577 | ) | (1,487 | ) | ||||||||||
Amortization of unrecognized (gain)/loss | (15 | ) | 18,272 | — | 434 | |||||||||||
Settlements | — | 3,176 | — | — | ||||||||||||
Net periodic benefit (income)/expense | $ | (12,452 | ) | $ | 1,112 | $ | 2,024 | $ | 2,897 | |||||||
Comprehensive_IncomeLoss_Table
Comprehensive Income/(Loss) (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Summary of comprehensive income | ' | |||||||||||||||||||||||
The following tables summarize the allocation of total comprehensive income between Hawk Acquisition Intermediate Corporation II and the noncontrolling interest for the first quarters ended March 30, 2014 and March 24, 2013, respectively: | ||||||||||||||||||||||||
First Quarter Ended | ||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||
30-Mar-14 | 24-Mar-13 | |||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II | Noncontrolling | Total | Hawk Acquisition Intermediate Corporation II | Noncontrolling | Total | |||||||||||||||||||
Interest | Interest | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Net income | $ | 195,202 | $ | 3,283 | $ | 198,485 | $ | 177,749 | $ | 3,106 | $ | 180,855 | ||||||||||||
Other comprehensive income/(loss), net of tax: | ||||||||||||||||||||||||
Foreign currency translation adjustments | 105,287 | 8,160 | 113,447 | (179,408 | ) | (1,887 | ) | (181,295 | ) | |||||||||||||||
Net deferred losses on net investment hedges from periodic revaluations | (115,446 | ) | — | (115,446 | ) | — | — | — | ||||||||||||||||
Reclassification of net pension and post-retirement benefit (gains)/losses to net income | (993 | ) | (1 | ) | (994 | ) | 14,847 | 24 | 14,871 | |||||||||||||||
Net deferred (losses)/gains on other derivatives from periodic revaluations | (58,989 | ) | (620 | ) | (59,609 | ) | (5,972 | ) | — | (5,972 | ) | |||||||||||||
Net deferred (gains)/losses on derivatives reclassified to earnings | (2,591 | ) | (204 | ) | (2,795 | ) | 15,391 | — | 15,391 | |||||||||||||||
Total comprehensive income | 122,470 | 10,618 | 133,088 | 22,607 | 1,243 | 23,850 | ||||||||||||||||||
Tax Expenses Benefits Associated With Components Of Other Comprehensive Income | ' | |||||||||||||||||||||||
The tax (expense)/benefit associated with each component of other comprehensive income/(loss) is as follows: | ||||||||||||||||||||||||
First Quarter Ended | ||||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II | Noncontrolling | Total | ||||||||||||||||||||||
Interest | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||
24-Mar-13 | ||||||||||||||||||||||||
Foreign currency translation adjustments | $ | (64 | ) | $ | — | $ | (64 | ) | ||||||||||||||||
Reclassification of net pension and post-retirement benefit losses to net income | $ | 6,149 | $ | 8 | $ | 6,157 | ||||||||||||||||||
Net deferred losses on other derivatives from periodic revaluations | $ | 10,558 | $ | — | $ | 10,558 | ||||||||||||||||||
Net deferred losses on derivatives reclassified to earnings | $ | (14,944 | ) | $ | — | $ | (14,944 | ) | ||||||||||||||||
Successor | ||||||||||||||||||||||||
30-Mar-14 | ||||||||||||||||||||||||
Foreign currency translation adjustments | $ | 73 | $ | — | $ | 73 | ||||||||||||||||||
Net deferred (gains)/losses on derivatives reclassified to earnings | $ | 71,511 | $ | — | $ | 71,511 | ||||||||||||||||||
Reclassification of net pension and post-retirement benefit gains to net income | $ | (599 | ) | $ | — | $ | (599 | ) | ||||||||||||||||
Net deferred losses on other derivatives from periodic revaluations | $ | 30,701 | $ | 206 | $ | 30,907 | ||||||||||||||||||
Net deferred gains on derivatives reclassified to earnings | $ | 2,784 | $ | 69 | $ | 2,853 | ||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
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 Hawk Acquisition Intermediate Corporation II: | ||||||||||||||||||||||||
Foreign currency translation adjustments | Net pension and post retirement benefit | Net cash flow hedges | Total | |||||||||||||||||||||
Successor | (In thousands) | |||||||||||||||||||||||
Balance as of December 29, 2013 | 22,548 | 102,464 | 107,998 | 233,010 | ||||||||||||||||||||
Foreign currency translation adjustments | 105,287 | — | — | 105,287 | ||||||||||||||||||||
Net deferred losses on net investment hedges from periodic revaluations | (115,446 | ) | — | — | (115,446 | ) | ||||||||||||||||||
Reclassification of net pension and post-retirement benefit gains to net income | — | (993 | ) | — | (993 | ) | ||||||||||||||||||
Net deferred losses on other derivatives from periodic revaluations | — | — | (58,989 | ) | (58,989 | ) | ||||||||||||||||||
Net deferred gains on derivatives reclassified to earnings | — | — | (2,591 | ) | (2,591 | ) | ||||||||||||||||||
Net current-period other comprehensive loss | (10,159 | ) | (993 | ) | (61,580 | ) | (72,732 | ) | ||||||||||||||||
Balance as of March 30, 2014 | $ | 12,389 | $ | 101,471 | $ | 46,418 | $ | 160,278 | ||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
The following table presents the affected earnings line for reclassifications out of accumulated other comprehensive income/(loss), net of tax, by component attributable to Hawk Acquisition Intermediate Corporation II for the first quarters ended March 30, 2014 and March 24, 2013: | ||||||||||||||||||||||||
Accumulated other comprehensive income/(loss) component | Reclassified from accumulated other comprehensive income/(loss) to earnings | Line affected by reclassification | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||
Three months ended March 30, 2014 | Three months ended March 24, 2013 | |||||||||||||||||||||||
(Losses)/gains on cash flow hedges: | ||||||||||||||||||||||||
Foreign exchange contracts | $ | (459 | ) | $ | 2,905 | Sales | ||||||||||||||||||
Foreign exchange contracts | 5,048 | 1,647 | Cost of products sold | |||||||||||||||||||||
Foreign exchange contracts | (38 | ) | — | Selling, general, and administrative expenses | ||||||||||||||||||||
Foreign exchange contracts | 818 | 6,299 | Other expense | |||||||||||||||||||||
Foreign exchange contracts | 6 | 134 | Interest expense | |||||||||||||||||||||
Interest rate contracts | — | (58 | ) | Interest expense | ||||||||||||||||||||
Cross-currency interest rate swap contracts | — | (39,876 | ) | Other expense | ||||||||||||||||||||
Cross-currency interest rate swap contracts | — | (1,386 | ) | Interest expense | ||||||||||||||||||||
5,375 | (30,335 | ) | Gain/(loss) from continuing operations before income tax | |||||||||||||||||||||
(2,784 | ) | 14,944 | Provision for income taxes | |||||||||||||||||||||
$ | 2,591 | $ | (15,391 | ) | Gain/(loss) from continuing operations | |||||||||||||||||||
Gains/(losses) on pension and post retirement benefit: | ||||||||||||||||||||||||
Amortization of unrecognized gain/(loss) | $ | 15 | $ | (18,706 | ) | (a) | ||||||||||||||||||
Prior service credit/(cost) | 1,577 | 886 | (a) | |||||||||||||||||||||
Settlement loss | — | (3,176 | ) | (a) | ||||||||||||||||||||
1,592 | (20,996 | ) | Loss from continuing operations before income tax | |||||||||||||||||||||
(599 | ) | 6,149 | Provision for income taxes | |||||||||||||||||||||
$ | 993 | $ | (14,847 | ) | Gain/(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 10 for further details. |
Changes_in_Equity_Tables
Changes in Equity (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Summary of changes in carrying amounts of total equity | ' | |||||||||||||||||||||||
The following table provides a summary of the changes in the carrying amounts of total equity, Hawk Acquisition Intermediate Corporation II shareholders’ equity and equity attributable to the noncontrolling interest: | ||||||||||||||||||||||||
Capital Stock | Additional Capital | Retained Earnings | Accumulated | Noncontrolling | Total | |||||||||||||||||||
OCI | Interest | |||||||||||||||||||||||
Successor | (In thousands) | |||||||||||||||||||||||
Balance as of December 29, 2013 | $ | 16,140,000 | $ | 1,427 | $ | (77,021 | ) | $ | 233,010 | $ | 215,842 | $ | 16,513,258 | |||||||||||
Comprehensive income/(loss) (a) | — | — | 195,202 | (72,732 | ) | 8,425 | 130,895 | |||||||||||||||||
Dividends paid to shareholder | (61,819 | ) | — | (118,181 | ) | — | — | (180,000 | ) | |||||||||||||||
Capital contribution (b) | — | 4,859 | — | — | — | 4,859 | ||||||||||||||||||
Stock option expense | — | 1,418 | — | — | — | 1,418 | ||||||||||||||||||
Balance at March 30, 2014 | $ | 16,078,181 | $ | 7,704 | $ | — | $ | 160,278 | $ | 224,267 | $ | 16,470,430 | ||||||||||||
______________________________________ | ||||||||||||||||||||||||
(a) The allocation of the individual components of comprehensive income/(loss) attributable to Hawk Acquisition Intermediate Corporation II and the noncontrolling interest is disclosed in Note 11. Comprehensive income attributable to the redeemable non controlling interest is $2.2 million for the three months ended March 30, 2014. | ||||||||||||||||||||||||
(b) Represents non cash capital contribution associated with the push down of shares issued by Parent to certain employees in conjunction with the Bonus Swap Program. See Note 9. |
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Debt | ' | |||||||
The Company's long-term debt consists of the following: | ||||||||
30-Mar-14 | 29-Dec-13 | |||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
$2.95 billion Term B-1 Loan | $ | 2,922,453 | $ | 2,929,213 | ||||
$6.55 billion Term B-2 Loan | 6,502,733 | 6,518,524 | ||||||
$3.10 billion 4.25% Second Lien Senior Secured Notes due 2020 | 3,100,000 | 3,100,000 | ||||||
Other U.S. Dollar Debt due May 2013 — November 2034 (0.94%—7.96%) | 10,667 | 10,774 | ||||||
Other Non-U.S. Dollar Debt due May 2013 — May 2023 (3.50%—11.00%) | 68,326 | 70,411 | ||||||
2.00% U.S. Dollar Notes due September 2016 | 58,308 | 58,308 | ||||||
1.50% U.S. Dollar Notes due March 2017 | 17,743 | 17,743 | ||||||
3.125% U.S. Dollar Notes due September 2021 | 34,433 | 34,433 | ||||||
2.85% U.S. Dollar Notes due March 2022 | 5,599 | 5,599 | ||||||
$235 million 6.375% U.S. Dollar Debentures due July 2028 | 257,684 | 258,075 | ||||||
£125 million 6.25% British Pound Notes due February 2030 | 220,366 | 218,507 | ||||||
$437 million 6.75% U.S. Dollar Notes due March 2032 | 476,389 | 476,943 | ||||||
$931 million 7.125% U.S. Dollar Notes due August 2039 | 1,025,944 | 1,026,881 | ||||||
14,700,645 | 14,725,411 | |||||||
Less portion due within one year | (107,211 | ) | (107,765 | ) | ||||
Total long-term debt | $ | 14,593,434 | $ | 14,617,646 | ||||
Weighted-average interest rate on long-term debt, including the impact of applicable interest rate swaps | 4.02 | % | 4.01 | % | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair value assets and liabilities measured on recurring basis | ' | |||||||||||||||||||||||||||||||
As of March 30, 2014 and December 29, 2013, the fair values of the Company’s assets and liabilities measured on a recurring basis are categorized as follows: | ||||||||||||||||||||||||||||||||
30-Mar-14 | December 29, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Derivatives(a) | $ | — | $ | 216,179 | $ | — | $ | 216,179 | $ | — | $ | 315,361 | $ | — | $ | 315,361 | ||||||||||||||||
Total assets at fair value | $ | — | $ | 216,179 | $ | — | $ | 216,179 | $ | — | $ | 315,361 | $ | — | $ | 315,361 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivatives(a) | $ | — | $ | 412,233 | $ | — | $ | 412,233 | $ | — | $ | 206,134 | $ | — | $ | 206,134 | ||||||||||||||||
Total liabilities at fair value | $ | — | $ | 412,233 | $ | — | $ | 412,233 | $ | — | $ | 206,134 | $ | — | $ | 206,134 | ||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||||||
(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. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging Activities (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||
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 March 30, 2014 and December 29, 2013: | ||||||||||||||||||||||||
30-Mar-14 | December 29, 2013 | |||||||||||||||||||||||
Foreign | Interest | Cross-Currency Swap Contracts | Foreign | Interest | Cross-Currency Swap Contracts | |||||||||||||||||||
Exchange | Rate | Exchange | Rate | |||||||||||||||||||||
Contracts | Contracts | Contracts | Contracts | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Other receivables, net | $ | 28,906 | $ | — | $ | — | $ | 37,072 | $ | — | $ | — | ||||||||||||
Other non-current assets | 1,398 | 179,139 | 3,128 | 4,129 | 265,390 | 31,303 | ||||||||||||||||||
30,304 | 179,139 | 3,128 | 41,201 | 265,390 | 31,303 | |||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Other receivables, net | 3,607 | — | — | 8,771 | — | — | ||||||||||||||||||
Other non-current assets | — | — | — | — | — | — | ||||||||||||||||||
3,607 | — | — | 8,771 | — | — | |||||||||||||||||||
Total assets(1) | $ | 33,911 | $ | 179,139 | $ | 3,128 | $ | 49,972 | $ | 265,390 | $ | 31,303 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Other payables | $ | 10,888 | $ | — | $ | — | $ | 5,251 | $ | — | $ | — | ||||||||||||
Other non-current liabilities | 223 | — | 380,682 | — | — | 221,899 | ||||||||||||||||||
11,111 | — | 380,682 | 5,251 | — | 221,899 | |||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Other payables | 20,440 | — | — | 10,286 | — | — | ||||||||||||||||||
Other non-current liabilities | — | — | — | — | — | — | ||||||||||||||||||
Total liabilities(1) | $ | 31,551 | $ | — | $ | 380,682 | $ | 15,537 | $ | — | $ | 221,899 | ||||||||||||
Effect of derivative instruments on the statement of income | ' | |||||||||||||||||||||||
The following table presents the pre-tax effect of derivative instruments on the consolidated statement of income for the first quarters ended March 30, 2014 and March 24, 2013: | ||||||||||||||||||||||||
First Quarter Ended | ||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||
30-Mar-14 | 24-Mar-13 | |||||||||||||||||||||||
Foreign Exchange | Interest Rate | Cross-Currency Swap Contracts | Foreign Exchange | Interest Rate | Cross-Currency | |||||||||||||||||||
Contracts | Contracts | Contracts | Contracts | Interest Rate | ||||||||||||||||||||
Swap Contracts | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Net gains/(losses) recognized in other comprehensive loss (effective portion) | $ | (3,439 | ) | $ | (86,251 | ) | $ | (186,958 | ) | $ | 23,964 | $ | — | $ | (40,494 | ) | ||||||||
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): | ||||||||||||||||||||||||
Sales | $ | (459 | ) | $ | — | $ | — | $ | 2,905 | $ | — | $ | — | |||||||||||
Cost of products sold | 5,048 | — | — | 1,647 | — | — | ||||||||||||||||||
Selling, general and administrative expenses | (38 | ) | — | — | — | — | — | |||||||||||||||||
Other expense, net | 818 | — | — | 6,299 | — | (39,876 | ) | |||||||||||||||||
Interest expense | 6 | — | — | 134 | (58 | ) | (1,386 | ) | ||||||||||||||||
5,375 | — | — | 10,985 | (58 | ) | (41,262 | ) | |||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||
Net losses recognized in other expense, net | — | — | — | — | (4,406 | ) | — | |||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Unrealized gain on derivative instruments | — | — | — | — | — | — | ||||||||||||||||||
Net (losses)/gains recognized in other expense, net | (17,419 | ) | — | — | (11,143 | ) | — | — | ||||||||||||||||
Net gains recognized in interest income | — | — | — | — | (1,011 | ) | — | |||||||||||||||||
(17,419 | ) | — | — | (11,143 | ) | (1,011 | ) | — | ||||||||||||||||
Total amount recognized in statement of operations | $ | (12,044 | ) | $ | — | $ | — | $ | (158 | ) | $ | (5,475 | ) | $ | (41,262 | ) | ||||||||
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 30, 2014 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Condensed Income Statement [Table Text Block] | ' | |||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
First Quarter Ended March 30, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Sales | $ | — | $ | 67,917 | $ | 1,034,107 | $ | 1,801,567 | $ | (103,432 | ) | $ | 2,800,159 | |||||||||||
Cost of product sold | — | 477 | 726,496 | 1,222,019 | (103,432 | ) | 1,845,560 | |||||||||||||||||
Gross profit | — | 67,440 | 307,611 | 579,548 | — | 954,599 | ||||||||||||||||||
Selling, general and administrative expenses | — | 14,102 | 147,302 | 359,771 | — | 521,175 | ||||||||||||||||||
Operating income | — | 53,338 | 160,309 | 219,777 | — | 433,424 | ||||||||||||||||||
Interest expense, net | — | 155,555 | 6,491 | 1,079 | — | 163,125 | ||||||||||||||||||
Other (expense)/income, net | — | (6,204 | ) | 645 | (15,641 | ) | — | (21,200 | ) | |||||||||||||||
(Loss)/income before income taxes | — | (108,421 | ) | 154,463 | 203,057 | — | 249,099 | |||||||||||||||||
Equity in earnings of subsidiaries | 195,202 | 326,782 | 161,801 | — | (683,785 | ) | — | |||||||||||||||||
Provision for/(benefit from) income taxes | — | 23,159 | (469 | ) | 27,924 | — | 50,614 | |||||||||||||||||
Net income | 195,202 | 195,202 | 316,733 | 175,133 | (683,785 | ) | 198,485 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 3,283 | — | 3,283 | ||||||||||||||||||
Net income | $ | 195,202 | $ | 195,202 | $ | 316,733 | $ | 171,850 | $ | (683,785 | ) | $ | 195,202 | |||||||||||
Total comprehensive income | $ | 122,470 | $ | 122,470 | $ | 414,492 | $ | 259,949 | $ | (796,911 | ) | $ | 122,470 | |||||||||||
Predecessor | ||||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
First Quarter Ended March 24, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Sales | NA | $ | 65,527 | $ | 1,016,954 | $ | 1,869,452 | $ | (95,688 | ) | $ | 2,856,245 | ||||||||||||
Cost of product sold | NA | 931 | 691,257 | 1,219,882 | (95,688 | ) | 1,816,382 | |||||||||||||||||
Gross profit | NA | 64,596 | 325,697 | 649,570 | — | 1,039,863 | ||||||||||||||||||
Selling, general and administrative expenses | NA | 52,167 | 180,515 | 409,111 | — | 641,793 | ||||||||||||||||||
Operating income | NA | 12,429 | 145,182 | 240,459 | — | 398,070 | ||||||||||||||||||
Interest expense, net | NA | 41,832 | 18,360 | 4,580 | — | 64,772 | ||||||||||||||||||
Other expense, net | NA | (640 | ) | (1,767 | ) | (53,192 | ) | — | (55,599 | ) | ||||||||||||||
(Loss)/income from continuing operations before income taxes | NA | (30,043 | ) | 125,055 | 182,687 | — | 277,699 | |||||||||||||||||
Equity in earnings of subsidiaries | NA | 212,615 | 100,189 | — | (312,804 | ) | — | |||||||||||||||||
Provision for income taxes | NA | 4,823 | 30,767 | 26,073 | — | 61,663 | ||||||||||||||||||
Income from continuing operations | NA | 177,749 | 194,477 | 156,614 | (312,804 | ) | 216,036 | |||||||||||||||||
Loss from discontinued operations, net of tax | NA | — | — | (35,181 | ) | — | (35,181 | ) | ||||||||||||||||
Net income | NA | 177,749 | 194,477 | 121,433 | (312,804 | ) | 180,855 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | NA | — | — | 3,106 | — | 3,106 | ||||||||||||||||||
Net income | NA | $ | 177,749 | $ | 194,477 | $ | 118,327 | $ | (312,804 | ) | $ | 177,749 | ||||||||||||
Total comprehensive income/(loss) | NA | $ | 22,607 | $ | 103,191 | $ | (21,550 | ) | $ | (81,641 | ) | $ | 22,607 | |||||||||||
Condensed Balance Sheet [Table Text Block] | ' | |||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
As of March 30, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
ASSETS | (In thousands) | |||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 12,140 | $ | 607,229 | $ | 1,895,863 | $ | — | $ | 2,515,232 | ||||||||||||
Trade receivables | — | — | — | 1,106,304 | — | 1,106,304 | ||||||||||||||||||
Other receivables | — | 129,400 | 12,600 | 175,956 | — | 317,956 | ||||||||||||||||||
Receivables due from affiliates | — | 116,651 | 34,726 | 53,082 | (204,459 | ) | — | |||||||||||||||||
Inventories: | ||||||||||||||||||||||||
Finished goods and work-in-process | — | — | 417,653 | 769,820 | — | 1,187,473 | ||||||||||||||||||
Packaging material and ingredients | — | — | 89,013 | 194,261 | — | 283,274 | ||||||||||||||||||
Total inventories | — | — | 506,666 | 964,081 | — | 1,470,747 | ||||||||||||||||||
Prepaid expenses | — | 8,486 | 26,433 | 111,161 | (5,454 | ) | 140,626 | |||||||||||||||||
Short-term lending due from affiliates | — | 1,520,041 | 32,090 | 401,814 | (1,953,945 | ) | — | |||||||||||||||||
Other current assets | — | — | 21,872 | 54,827 | (15,641 | ) | 61,058 | |||||||||||||||||
Total current assets | — | 1,786,718 | 1,241,616 | 4,763,088 | (2,179,499 | ) | 5,611,923 | |||||||||||||||||
Property, plant and equipment: | ||||||||||||||||||||||||
Property, plant and equipment, gross | — | 243,767 | 856,746 | 1,836,136 | — | 2,936,649 | ||||||||||||||||||
Less accumulated depreciation | — | 19,632 | 148,585 | 195,728 | — | 363,945 | ||||||||||||||||||
Total property, plant and equipment, net | — | 224,135 | 708,161 | 1,640,408 | — | 2,572,704 | ||||||||||||||||||
Other non-current assets: | ||||||||||||||||||||||||
Goodwill | — | — | 8,537,074 | 6,523,350 | — | 15,060,424 | ||||||||||||||||||
Investments in subsidiaries | 16,246,163 | 26,439,369 | 15,737,520 | — | (58,423,052 | ) | — | |||||||||||||||||
Trademarks, net | — | 4,659,800 | 624,300 | 6,877,120 | — | 12,161,220 | ||||||||||||||||||
Other intangibles, net | — | 804,210 | 650,585 | 886,462 | — | 2,341,257 | ||||||||||||||||||
Long-term lending due from affiliates | — | — | 3,381,006 | 204,660 | (3,585,666 | ) | — | |||||||||||||||||
Other non-current assets | — | 489,628 | 107,594 | 616,925 | — | 1,214,147 | ||||||||||||||||||
Total other non-current assets | 16,246,163 | 32,393,007 | 29,038,079 | 15,108,517 | (62,008,718 | ) | 30,777,048 | |||||||||||||||||
Total assets | $ | 16,246,163 | $ | 34,403,860 | $ | 30,987,856 | $ | 21,512,013 | $ | (64,188,217 | ) | $ | 38,961,675 | |||||||||||
Successor | ||||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
As of March 30, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS EQUITY | (In thousands) | |||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | — | $ | 130,729 | $ | — | $ | 130,729 | ||||||||||||
Short-term lending due to affiliates | — | 7,671 | 1,945,307 | 967 | (1,953,945 | ) | — | |||||||||||||||||
Portion of long-term debt due within one year | — | 95,000 | 433 | 11,778 | — | 107,211 | ||||||||||||||||||
Trade payables | — | 5,154 | 327,861 | 961,497 | — | 1,294,512 | ||||||||||||||||||
Payables due to affiliates | — | 38,652 | 76,451 | 89,356 | (204,459 | ) | — | |||||||||||||||||
Other payables | — | 28,530 | 2,175 | 86,724 | — | 117,429 | ||||||||||||||||||
Accrued marketing | — | — | 64,816 | 274,582 | — | 339,398 | ||||||||||||||||||
Other accrued liabilities | — | 219,984 | 99,555 | 367,004 | (5,454 | ) | 681,089 | |||||||||||||||||
Income taxes | — | 257,365 | 2,944 | 44,271 | (15,641 | ) | 288,939 | |||||||||||||||||
Total current liabilities | — | 652,356 | 2,519,542 | 1,966,908 | (2,179,499 | ) | 2,959,307 | |||||||||||||||||
Long-term debt and other non-current liabilities: | ||||||||||||||||||||||||
Long-term debt | — | 12,546,268 | 1,770,252 | 276,914 | — | 14,593,434 | ||||||||||||||||||
Long-term borrowings due to affiliates | — | 2,000,000 | 204,660 | 1,640,847 | (3,845,507 | ) | — | |||||||||||||||||
Deferred income taxes | — | 2,448,786 | 166,355 | 1,409,264 | — | 4,024,405 | ||||||||||||||||||
Non-pension post-retirement benefits | — | 4,640 | 137,460 | 53,283 | — | 195,383 | ||||||||||||||||||
Other non-current liabilities | — | 505,647 | 36,659 | 146,343 | — | 688,649 | ||||||||||||||||||
Total long-term debt and other non-current liabilities | — | 17,505,341 | 2,315,386 | 3,526,651 | (3,845,507 | ) | 19,501,871 | |||||||||||||||||
Redeemable noncontrolling interest | — | — | — | 30,067 | — | 30,067 | ||||||||||||||||||
Total shareholders' equity | 16,246,163 | 16,246,163 | 26,152,928 | 15,764,120 | (58,163,211 | ) | 16,246,163 | |||||||||||||||||
Noncontrolling interest | — | — | — | 224,267 | — | 224,267 | ||||||||||||||||||
Total equity | 16,246,163 | 16,246,163 | 26,152,928 | 15,988,387 | (58,163,211 | ) | 16,470,430 | |||||||||||||||||
Total liabilities and equity | $ | 16,246,163 | $ | 34,403,860 | $ | 30,987,856 | $ | 21,512,013 | $ | (64,188,217 | ) | $ | 38,961,675 | |||||||||||
Successor | ||||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
As of December 29, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
ASSETS | (In thousands) | |||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 48,396 | $ | 943,741 | $ | 1,466,855 | $ | — | $ | 2,458,992 | ||||||||||||
Trade receivables | — | — | — | 1,099,655 | — | 1,099,655 | ||||||||||||||||||
Other receivables | — | 39,816 | 15,406 | 189,306 | — | 244,528 | ||||||||||||||||||
Receivables due from affiliates | — | 83,618 | 21,752 | 60,974 | (166,344 | ) | — | |||||||||||||||||
Inventories: | ||||||||||||||||||||||||
Finished goods and work-in-process | — | — | 452,230 | 686,143 | — | 1,138,373 | ||||||||||||||||||
Packaging material and ingredients | — | — | 101,332 | 195,691 | — | 297,023 | ||||||||||||||||||
Total inventories | — | — | 553,562 | 881,834 | — | 1,435,396 | ||||||||||||||||||
Prepaid expenses | — | 12,784 | 25,560 | 127,870 | (21,118 | ) | 145,096 | |||||||||||||||||
Short-term lending due from affiliates | — | 1,807,502 | 32,777 | 602,059 | (2,442,338 | ) | — | |||||||||||||||||
Other current assets | — | — | 50,720 | 51,239 | (41,501 | ) | 60,458 | |||||||||||||||||
Total current assets | — | 1,992,116 | 1,643,518 | 4,479,792 | (2,671,301 | ) | 5,444,125 | |||||||||||||||||
Property, plant and equipment: | ||||||||||||||||||||||||
Property, plant and equipment, gross | — | 238,618 | 804,277 | 1,786,596 | — | 2,829,491 | ||||||||||||||||||
Less accumulated depreciation | — | 15,064 | 54,016 | 96,919 | — | 165,999 | ||||||||||||||||||
Total property, plant and equipment, net | — | 223,554 | 750,261 | 1,689,677 | — | 2,663,492 | ||||||||||||||||||
Other non-current assets: | ||||||||||||||||||||||||
Goodwill | — | — | 8,554,726 | 6,515,336 | — | 15,070,062 | ||||||||||||||||||
Investments in subsidiaries | 16,297,416 | 26,033,700 | 15,500,336 | — | (57,831,452 | ) | — | |||||||||||||||||
Trademarks, net | — | 4,659,800 | 624,300 | 6,846,773 | — | 12,130,873 | ||||||||||||||||||
Other intangibles, net | — | 804,370 | 666,472 | 887,939 | — | 2,358,781 | ||||||||||||||||||
Long-term lending due from affiliates | — | — | 3,305,383 | 202,767 | (3,508,150 | ) | — | |||||||||||||||||
Other non-current assets | — | 687,059 | 107,682 | 538,070 | (27,796 | ) | 1,305,015 | |||||||||||||||||
Total other non-current assets | 16,297,416 | 32,184,929 | 28,758,899 | 14,990,885 | (61,367,398 | ) | 30,864,731 | |||||||||||||||||
Total assets | $ | 16,297,416 | $ | 34,400,599 | $ | 31,152,678 | $ | 21,160,354 | $ | (64,038,699 | ) | $ | 38,972,348 | |||||||||||
Successor | ||||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
As of December 29, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS EQUITY | (In thousands) | |||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | — | $ | 143,689 | $ | — | $ | 143,689 | ||||||||||||
Short-term lending due to affiliates | — | 9,589 | 2,408,903 | 23,846 | (2,442,338 | ) | — | |||||||||||||||||
Portion of long-term debt due within one year | — | 95,000 | 430 | 12,335 | — | 107,765 | ||||||||||||||||||
Trade payables | — | 13,389 | 326,636 | 852,049 | — | 1,192,074 | ||||||||||||||||||
Payables due to affiliates | — | 49,265 | 60,488 | 56,591 | (166,344 | ) | — | |||||||||||||||||
Other payables | — | 16,349 | 2,569 | 129,275 | — | 148,193 | ||||||||||||||||||
Accrued marketing | — | — | 80,892 | 289,437 | — | 370,329 | ||||||||||||||||||
Other accrued liabilities | — | 217,074 | 157,824 | 406,841 | (21,118 | ) | 760,621 | |||||||||||||||||
Income taxes | — | 192,282 | 2,120 | 49,287 | (41,501 | ) | 202,188 | |||||||||||||||||
Total current liabilities | — | 592,948 | 3,039,862 | 1,963,350 | (2,671,301 | ) | 2,924,859 | |||||||||||||||||
Long-term debt and other non-current liabilities: | ||||||||||||||||||||||||
Long-term debt | — | 12,568,819 | 1,772,244 | 276,583 | — | 14,617,646 | ||||||||||||||||||
Long-term borrowings due to affiliates | — | 2,000,000 | 202,766 | 1,554,633 | (3,757,399 | ) | — | |||||||||||||||||
Deferred income taxes | — | 2,569,192 | 171,737 | 1,419,974 | — | 4,160,903 | ||||||||||||||||||
Non-pension post-retirement benefits | — | — | 169,664 | 54,504 | (27,796 | ) | 196,372 | |||||||||||||||||
Other non-current liabilities | — | 372,224 | 35,989 | 121,212 | — | 529,425 | ||||||||||||||||||
Total long-term debt and other non-current liabilities | — | 17,510,235 | 2,352,400 | 3,426,906 | (3,785,195 | ) | 19,504,346 | |||||||||||||||||
Redeemable noncontrolling interest | — | — | — | 29,885 | — | 29,885 | ||||||||||||||||||
Total shareholders' equity | 16,297,416 | 16,297,416 | 25,760,416 | 15,524,371 | (57,582,203 | ) | 16,297,416 | |||||||||||||||||
Noncontrolling interest | — | — | — | 215,842 | — | 215,842 | ||||||||||||||||||
Total equity | 16,297,416 | 16,297,416 | 25,760,416 | 15,740,213 | (57,582,203 | ) | 16,513,258 | |||||||||||||||||
Total liabilities and equity | $ | 16,297,416 | $ | 34,400,599 | $ | 31,152,678 | $ | 21,160,354 | $ | (64,038,699 | ) | $ | 38,972,348 | |||||||||||
Condensed Cash Flow Statement [Table Text Block] | ' | |||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Quarter Ended March 30, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
Operating Activities: | (In thousands) | |||||||||||||||||||||||
Cash (used for)/provided by operating activities | — | $ | (116,072 | ) | $ | 219,658 | $ | 197,784 | $ | — | $ | 301,370 | ||||||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (16,442 | ) | (21,198 | ) | (23,943 | ) | — | (61,583 | ) | ||||||||||||||
Net proceeds/(payments) on intercompany lending activities | — | 287,461 | (74,936 | ) | 201,072 | (413,597 | ) | — | ||||||||||||||||
Return of capital | 180,000 | — | — | — | (180,000 | ) | — | |||||||||||||||||
Other items, net | — | 13,999 | 4,426 | 191 | — | 18,616 | ||||||||||||||||||
Cash provided by/(used for) investing activities | 180,000 | 285,018 | (91,708 | ) | 177,320 | (593,597 | ) | (42,967 | ) | |||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Payments on long-term debt | — | (23,750 | ) | (38 | ) | (860 | ) | — | (24,648 | ) | ||||||||||||||
Net (payments)/proceeds on intercompany borrowing activities | — | (1,918 | ) | (464,424 | ) | 52,745 | 413,597 | — | ||||||||||||||||
Net payments on commercial paper and short-term debt | — | — | — | (12,565 | ) | — | (12,565 | ) | ||||||||||||||||
Dividends | (180,000 | ) | (180,000 | ) | — | — | 180,000 | (180,000 | ) | |||||||||||||||
Other items, net | — | 466 | — | — | — | 466 | ||||||||||||||||||
Cash (used for)/provided by financing activities | (180,000 | ) | (205,202 | ) | (464,462 | ) | 39,320 | 593,597 | (216,747 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 14,584 | — | 14,584 | ||||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | — | (36,256 | ) | (336,512 | ) | 429,008 | — | 56,240 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 48,396 | 943,741 | 1,466,855 | — | 2,458,992 | ||||||||||||||||||
Cash and cash equivalents at end of period | — | $ | 12,140 | $ | 607,229 | $ | 1,895,863 | $ | — | $ | 2,515,232 | |||||||||||||
Predecessor | ||||||||||||||||||||||||
Hawk Acquisition Intermediate Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Quarter Ended March 24, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
Operating Activities: | (In thousands) | |||||||||||||||||||||||
Cash (used for)/provided by operating activities | NA | $ | (36,636 | ) | $ | 239,950 | $ | 335,207 | $ | (48,093 | ) | $ | 490,428 | |||||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | NA | (20,587 | ) | (17,332 | ) | (61,780 | ) | — | (99,699 | ) | ||||||||||||||
Net payments on intercompany lending activities | NA | — | (314,979 | ) | (221,374 | ) | 536,353 | — | ||||||||||||||||
Additional investments in subsidiaries | NA | (124,142 | ) | (132 | ) | — | 124,274 | — | ||||||||||||||||
Other items, net | NA | — | (790 | ) | 4,300 | — | 3,510 | |||||||||||||||||
Cash used for investing activities | NA | (144,729 | ) | (333,233 | ) | (278,854 | ) | 660,627 | (96,189 | ) | ||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Payments on long-term debt | NA | — | (3,464 | ) | (3,665 | ) | — | (7,129 | ) | |||||||||||||||
Proceeds from long-term debt | NA | — | — | 3,221 | — | 3,221 | ||||||||||||||||||
Net proceeds/(payments) on intercompany borrowing activities | NA | 347,957 | 223,933 | (35,537 | ) | (536,353 | ) | — | ||||||||||||||||
Net payments on commercial paper and short-term debt | NA | — | (275,737 | ) | (34,094 | ) | — | (309,831 | ) | |||||||||||||||
Dividends | NA | (165,601 | ) | — | (48,093 | ) | 48,093 | (165,601 | ) | |||||||||||||||
Exercise of stock options | NA | 18,389 | — | — | — | 18,389 | ||||||||||||||||||
Purchase of treasury stock | NA | (17,762 | ) | — | — | — | (17,762 | ) | ||||||||||||||||
Other intercompany capital stock transactions | NA | — | 119,311 | 4,963 | (124,274 | ) | — | |||||||||||||||||
Other items, net | NA | (1,613 | ) | (44,474 | ) | — | — | (46,087 | ) | |||||||||||||||
Cash provided by/(used for) financing activities | NA | 181,370 | 19,569 | (113,205 | ) | (612,534 | ) | (524,800 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | NA | — | — | (109,384 | ) | — | (109,384 | ) | ||||||||||||||||
Net decrease in cash and cash equivalents | NA | 5 | (73,714 | ) | (166,236 | ) | — | (239,945 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | NA | — | 198,288 | 2,084,132 | — | 2,282,420 | ||||||||||||||||||
Cash and cash equivalents at end of period | NA | $ | 5 | $ | 124,574 | $ | 1,917,896 | $ | — | $ | 2,042,475 | |||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | Jun. 07, 2013 |
4.25% Senior secured notes | Senior Notes | ' |
Debt Instrument [Line Items] | ' |
Stated interest rate | 4.25% |
Long-term debt | ' |
Debt Instrument [Line Items] | ' |
Business combination, senior credit facility | 3,100,000,000 |
Merger_and_Acquisition_Merger_
Merger and Acquisition (Merger Narrative) (Details) (USD $) | 3 Months Ended | 4 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||
Mar. 30, 2014 | Jun. 07, 2013 | Dec. 29, 2013 | Jun. 08, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Mar. 30, 2014 | Jun. 07, 2013 | Mar. 30, 2014 | Jun. 07, 2013 | Mar. 24, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | |||
H.J. Heinz Holding Corporation | H.J. Heinz Holding Corporation | Common Stock | Cash | Long-term debt | Senior Credit Facilities | 4.25% Senior secured notes | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||||||
H.J. Heinz Holding Corporation | Senior Notes | $931 million 7.125% U.S. Dollar Notes due August 2039 | $235 million 6.375% U.S. Dollar Debentures due July 2028 | $437 million 6.75% U.S. Dollar Notes due March 2032 | |||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cash received for each share of common stock | ' | ' | ' | ' | ' | $72.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business combination, total cash consideration | ' | $28,750,000,000 | ' | $23,564,254,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business combination, debt assumed | ' | ' | ' | ' | 3,021,656,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Business combination, senior credit facility | ' | ' | ' | ' | ' | ' | 9,500,000,000 | 3,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ||
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,725,411,000 | 1,026,881,000 | 258,075,000 | 476,943,000 | ||
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' | ' | ' | ' | ||
Goodwill on acquisition | 15,060,424,000 | ' | 15,070,062,000 | ' | 14,970,148,000 | ' | ' | ' | ' | ' | ' | 15,070,062,000 | [1] | ' | ' | ' | |
Merger related costs | ' | ' | ' | 58,242,000 | ' | ' | ' | ' | ' | ' | 12,833,000 | [2] | ' | ' | ' | ' | |
Severance Costs | 48,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | ' | ' | ' | ' | |
Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | $279,500,000 | ' | ' | ' | ' | ' | ' | ||
[1] | The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. | ||||||||||||||||
[2] | See Note 2 for further details on Merger related costs | ||||||||||||||||
[3] | See Note 5 for further details on restructuring and productivity initiatives. |
Merger_and_Acquisition_Estimat
Merger and Acquisition (Estimated Fair Values Acquired Assets and Liabilities Assumed) (Details) (USD $) | 4 Months Ended | 0 Months Ended | |||
Jun. 07, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Jun. 08, 2013 | Jun. 07, 2013 | |
H.J. Heinz Holding Corporation | H.J. Heinz Holding Corporation | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Cash (including excess cash from Parent) | ' | ' | ' | ' | $3,223,588,000 |
Other current assets | ' | ' | ' | ' | 3,734,558,000 |
Property, plant and equipment | ' | ' | ' | ' | 2,686,367,000 |
Trademark and other intangibles | ' | ' | ' | ' | 14,406,659,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | ' | ' | ' | ' | 652,038,000 |
Trade and other payables | ' | ' | ' | ' | -2,755,348,000 |
Long term debt | ' | ' | ' | ' | -3,021,656,000 |
Deferred income taxes | ' | ' | ' | ' | -4,222,943,000 |
Non-pension postretirement benefits and other noncurrent liabilities | ' | ' | ' | ' | -662,439,000 |
Redeemable non controlling interest and non controlling interest | ' | ' | ' | ' | -258,008,000 |
Net assets acquired | ' | ' | ' | ' | 13,782,816,000 |
Goodwill on acquisition | ' | 15,060,424,000 | 15,070,062,000 | ' | 14,970,148,000 |
Total consideration pushed down from Parent | ' | ' | ' | ' | 28,752,964,000 |
Debt Repayment and Associated Costs | ' | ' | ' | -3,976,847,000 | ' |
Cash Acquired in Excess of Payments to Acquire Business | ' | ' | ' | 1,153,621,000 | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | -58,242,000 | ' |
Business Combination, Consideration Transferred | 28,750,000,000 | ' | ' | 23,564,254,000 | ' |
Cash Acquired from Acquisition | ' | ' | ' | -2,069,967,000 | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | ' | $21,494,300,000 | ' |
Merger_and_Acquisition_Pro_For
Merger and Acquisition (Pro Forma Information) (Details) (H.J. Heinz Holding Corporation, USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 24, 2013 |
H.J. Heinz Holding Corporation | ' |
Business Acquisition [Line Items] | ' |
Revenue | $2,856,245 |
Income from continuing operations | $150,282 |
Segments_Details
Segments (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 24, 2013 | ||
segment | ||||
Segment Reporting Information [Line Items] | ' | ' | ||
Number of reportable segments | 5 | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | $2,800,159 | $2,856,245 | ||
Operating income | 433,424 | 398,070 | ||
Severance Costs | 48,600 | ' | ||
Asset Impairment Charges | 6,791 | 0 | ||
Amortization of Intangible Assets | 22,300 | 7,800 | ||
(Loss)/income from continuing operations before income taxes | 249,099 | 277,699 | ||
Successor | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | 2,800,159 | ' | ||
Operating income | 433,424 | ' | ||
Adjusted Earnings Before Income Taxes, Depreciation and Amortization | 688,813 | ' | ||
Severance Costs | 53,680 | [1] | ' | |
Other Restructuring Costs | 13,692 | [1] | ' | |
Pre-Opening Costs | 8,471 | [2] | ' | |
Merger related costs | 0 | [3] | ' | |
Earn Out Adjustments | 0 | [4] | ' | |
Restructuring and Related Cost, Accelerated Depreciation | 147,220 | ' | ||
Amortization of Intangible Assets | 24,117 | ' | ||
Share-based Compensation | 1,418 | ' | ||
Interest Income (Expense), Net | 163,125 | ' | ||
Other Operating Income (Expense), Net | 21,200 | ' | ||
(Loss)/income from continuing operations before income taxes | 249,099 | ' | ||
Successor | ERROR in label resolution. | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Earn Out Adjustments | ' | 12,100 | [4] | |
Successor | Ketchup and Sauces [Member] | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | 1,354,956 | ' | ||
Successor | Meals and Snacks [Member] | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | 1,014,119 | ' | ||
Successor | Infant/Nutrition [Member] | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | 275,580 | ' | ||
Successor | Other [Member] | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | 155,504 | ' | ||
Successor | North American Consumer Products | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | 1,169,189 | ' | ||
Operating income | 362,082 | ' | ||
Successor | Europe | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | 762,898 | ' | ||
Operating income | 216,088 | ' | ||
Successor | Asia/Pacific | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | 492,399 | ' | ||
Operating income | 71,516 | ' | ||
Successor | U.S. Foodservice | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | 198,301 | ' | ||
Operating income | 32,418 | ' | ||
Successor | Rest of World | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | 177,372 | ' | ||
Operating income | 28,597 | ' | ||
Successor | Non-Operating | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Operating income | -21,888 | -48,632 | ||
Predecessor | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | ' | 2,856,245 | ||
Operating income | ' | 398,070 | ||
Adjusted Earnings Before Income Taxes, Depreciation and Amortization | ' | 518,316 | ||
Severance Costs | ' | 0 | [1] | |
Other Restructuring Costs | ' | 0 | [1] | |
Pre-Opening Costs | ' | 0 | [2] | |
Merger related costs | ' | 12,833 | [3] | |
Earn Out Adjustments | ' | 12,081 | [4] | |
Restructuring and Related Cost, Accelerated Depreciation | ' | 76,046 | ||
Amortization of Intangible Assets | ' | 10,424 | ||
Share-based Compensation | ' | 10,071 | ||
Interest Income (Expense), Net | ' | 64,772 | ||
Other Operating Income (Expense), Net | ' | 54,390 | ||
(Loss)/income from continuing operations before income taxes | ' | 277,699 | ||
Predecessor | Ketchup and Sauces [Member] | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | ' | 1,295,458 | ||
Predecessor | Meals and Snacks [Member] | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | ' | 1,084,654 | ||
Predecessor | Infant/Nutrition [Member] | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | ' | 298,523 | ||
Predecessor | Other [Member] | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | ' | 177,610 | ||
Predecessor | North American Consumer Products | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | ' | 1,163,705 | ||
Operating income | ' | 287,838 | ||
Predecessor | Europe | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | ' | 749,867 | ||
Operating income | ' | 168,047 | ||
Predecessor | Asia/Pacific | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | ' | 546,995 | ||
Operating income | ' | 69,044 | ||
Predecessor | U.S. Foodservice | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | ' | 210,531 | ||
Operating income | ' | 17,646 | ||
Predecessor | Rest of World | ' | ' | ||
Reconciliation from Segment Totals to Consolidated | ' | ' | ||
Sales | ' | 185,147 | ||
Operating income | ' | $24,373 | ||
[1] | See Note 5 for further details on restructuring and productivity initiatives. | |||
[2] | Includes incremental costs primarily for additional warehousing and other logistics costs incurred related to the acceleration of sales ahead of the U.S. SAP go-live, which was launched in the second quarter of 2014, along with equipment relocation charges and consulting and advisory charges not specifically related to restructuring activities. | |||
[3] | See Note 2 for further details on Merger related costs | |||
[4] | he Company renegotiated the terms of the Foodstar Holdings Pte earn-out resulting in a $12.1 million charge to SG&A in January 2013. |
Restructuring_and_Productivity2
Restructuring and Productivity Initiatives (Narrative) (Details) (USD $) | 3 Months Ended | ||||||||||||
Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 30, 2014 | |||
employee | Cost of Sales | Selling, General and Administrative Expenses | Severance and other severance related costs | Other exit costs | Facility Closing | Successor | Successor | Successor | Predecessor | Pension Benefits | |||
employee | Other exit costs | Facility Closing | Facility Closing | ||||||||||
factories | |||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Restructuring approximate number of positions affected | ' | ' | ' | ' | ' | 1,650 | ' | ' | ' | ' | ' | ||
Restructuring and Related Cost, Expected Cost | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ||
Incurred Cost | 140,800,000 | 118,800,000 | 22,000,000 | 279,600,000 | 13,700,000 | 73,400,000 | ' | 0 | 0 | ' | 53,700,000 | ||
Number of Facilities Eliminated | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ||
Number of Positions Eliminated | 3,500 | ' | ' | ' | ' | 175 | ' | ' | ' | ' | ' | ||
Severance Costs | $48,600,000 | ' | ' | ' | ' | $93,000,000 | $53,680,000 | [1] | ' | ' | $0 | [1] | ' |
[1] | See Note 5 for further details on restructuring and productivity initiatives. |
Restructuring_and_Productivity3
Restructuring and Productivity Initiatives (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||
Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | |||||
Successor | Successor | Successor | Successor | Successor | Successor | Successor | Predecessor | Severance and other severance related costs | Severance and other severance related costs | Other exit costs | Other exit costs | |||||||
North American Consumer Products | Europe | Asia/Pacific | U.S. Foodservice | Rest of World | Non-operating | |||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Productivity charges | $140,800,000 | ' | ' | $84,300,000 | $29,700,000 | $10,200,000 | $0 | $500,000 | $16,100,000 | ' | ' | ' | ' | ' | ||||
Severance Costs | 48,600,000 | ' | 53,680,000 | [1] | ' | ' | ' | ' | ' | ' | 0 | [1] | ' | ' | ' | ' | ||
Accrued Liabilities and Other Liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
2014 restructuring and productivity initiatives | 67,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,700,000 | ' | 13,700,000 | [2] | ' | |||
Cash payments | -102,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -74,800,000 | ' | -27,400,000 | [2] | ' | |||
Accrual balance at March 30, 2014 | $100,100,000 | $134,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | $72,200,000 | $93,300,000 | $27,900,000 | [2] | $41,600,000 | [2] | ||
[1] | See Note 5 for further details on restructuring and productivity initiatives. | |||||||||||||||||
[2] | Other exit costs primarily represent professional fees, and contract and lease termination costs. |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | ||||
Mar. 24, 2013 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 24, 2013 | Mar. 24, 2013 | |
Successor | Predecessor | Predecessor | Asia/Pacific | ||
U.S. Foodservice Desserts and Long Fong | Predecessor | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Impairment Loss | ' | ' | ' | ' | $36,000,000 |
Operating Results from Discontinued Operation [Abstract] | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | 21,300,000 | ' |
Net after-tax losses | ($35,181,000) | $0 | ($35,181,000) | $800,000 | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 30, 2014 |
Goodwill [Line Items] | ' |
Goodwill, Purchase Accounting Adjustments | $46,659 |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | 15,070,062 |
Translation adjustments | -56,297 |
Goodwill, Ending Balance | 15,060,424 |
North American Consumer Products | ' |
Goodwill [Line Items] | ' |
Goodwill, Purchase Accounting Adjustments | 22,655 |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | 9,853,578 |
Translation adjustments | -81,453 |
Goodwill, Ending Balance | 9,794,780 |
U.S. Foodservice | ' |
Goodwill [Line Items] | ' |
Goodwill, Purchase Accounting Adjustments | 2,428 |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | 210,916 |
Translation adjustments | 1,557 |
Goodwill, Ending Balance | 214,901 |
Rest of World | ' |
Goodwill [Line Items] | ' |
Goodwill, Purchase Accounting Adjustments | -15,814 |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | 247,974 |
Translation adjustments | 37,815 |
Goodwill, Ending Balance | 269,975 |
Europe | ' |
Goodwill [Line Items] | ' |
Goodwill, Purchase Accounting Adjustments | 19,844 |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | 3,710,098 |
Translation adjustments | -22,422 |
Goodwill, Ending Balance | 3,707,520 |
Asia/Pacific | ' |
Goodwill [Line Items] | ' |
Goodwill, Purchase Accounting Adjustments | 17,546 |
Goodwill [Roll Forward] | ' |
Goodwill, Beginning Balance | 1,047,496 |
Translation adjustments | 8,206 |
Goodwill, Ending Balance | 1,073,248 |
Successor | ' |
Goodwill [Roll Forward] | ' |
Goodwill, Ending Balance | $15,060,424 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Trademarks and Other Intangible Assets) (Details) (USD $) | 3 Months Ended | ||
Mar. 30, 2014 | Mar. 24, 2013 | Dec. 29, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets not subject to amortization | $13,100,000,000 | ' | $13,000,000,000 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Amortization expense for trademarks and other intangible assets | 22,300,000 | 7,800,000 | ' |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 82,400,000 | ' | ' |
Trademarks | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets not subject to amortization | 12,200,000,000 | ' | 12,100,000,000 |
Licenses | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets not subject to amortization | 840,400,000 | ' | 839,900,000 |
Other | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets not subject to amortization | 48,900,000 | ' | 45,600,000 |
Successor | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Gross | 1,521,106,000 | ' | ' |
Accumulated Amortization | -69,174,000 | ' | ' |
Net | 1,451,932,000 | ' | ' |
Amortization expense for trademarks and other intangible assets | 24,117,000 | ' | ' |
Successor | Licenses | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Gross | 119,913,000 | ' | ' |
Accumulated Amortization | -14,998,000 | ' | ' |
Net | 104,915,000 | ' | ' |
Successor | Customer-related assets | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Gross | 1,384,952,000 | ' | ' |
Accumulated Amortization | -53,404,000 | ' | ' |
Net | 1,331,548,000 | ' | ' |
Successor | Other | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Gross | 16,241,000 | ' | ' |
Accumulated Amortization | -772,000 | ' | ' |
Net | 15,469,000 | ' | ' |
Predecessor | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Gross | ' | ' | 1,520,255,000 |
Accumulated Amortization | ' | ' | -46,921,000 |
Net | ' | ' | 1,473,334,000 |
Amortization expense for trademarks and other intangible assets | ' | 10,424,000 | ' |
Predecessor | Licenses | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Gross | ' | ' | 119,714,000 |
Accumulated Amortization | ' | ' | -10,030,000 |
Net | ' | ' | 109,684,000 |
Predecessor | Customer-related assets | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Gross | ' | ' | 1,375,876,000 |
Accumulated Amortization | ' | ' | -35,773,000 |
Net | ' | ' | 1,340,103,000 |
Predecessor | Other | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Gross | ' | ' | 24,665,000 |
Accumulated Amortization | ' | ' | -1,118,000 |
Net | ' | ' | $23,547,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
Mar. 30, 2014 | Mar. 24, 2013 | Dec. 29, 2013 | |
Income Tax Contingency [Line Items] | ' | ' | ' |
International sales percent | 70.00% | ' | ' |
Income tax (benefit) expense | ($50,614,000) | ($61,663,000) | ' |
Effective tax rate | 20.30% | 22.20% | ' |
Foreign income tax rate differential | ' | ' | ' |
Unrecognized tax benefits | 57,600,000 | ' | 53,100,000 |
Unrecognized tax benefits that would impact effective tax rate | 48,600,000 | ' | 44,900,000 |
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | 26,000,000 | ' | ' |
Unrecognized tax benefits, interest on income taxes accrued | 12,000,000 | ' | 10,700,000 |
Unrecognized tax benefits, income tax penalties accrued | $8,700,000 | ' | $8,500,000 |
Employees_Stock_Incentive_Plan2
Employees' Stock Incentive Plans and Management Incentive Plans (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Mar. 24, 2013 | Feb. 14, 2014 | Oct. 16, 2013 | Mar. 30, 2014 | Oct. 31, 2013 | Mar. 24, 2013 | Mar. 24, 2013 | Mar. 24, 2013 |
2013 Omnibus Plan | 2013 Omnibus Plan | 2013 Omnibus Plan | 2013 Omnibus Plan | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | ||
Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Stock Option and Restricted Stock Plans | LTPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | 39,600,000 | ' | ' | ' |
Employees Stock Incentive Plans And Management Incentive Plans (Textuals) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax compensation cost | ' | ' | ' | $1.40 | ' | ' | $7.20 | $2.80 |
Tax benefit | ' | ' | ' | ' | ' | ' | 2.3 | 1 |
After-tax compensation cost | ' | ' | ' | ' | ' | 4.9 | ' | 1.8 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | $35.50 | ' | ' | ' | ' |
Performance Period In Years For Dividends Paid | '2 years | ' | ' | ' | ' | ' | ' | ' |
Stock options | ' | ' | 14,300,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | ' | 12,450,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | 3,880,398 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | ' | ' | $10 | ' | ' | ' | ' | ' |
Exercise price (usd per share) | ' | ' | ' | $10 | ' | ' | ' | ' |
Award vesting period | ' | '5 years | ' | '5 years | ' | ' | ' | ' |
Weighted average grant date fair value | ' | ' | ' | $2.43 | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | ' | 1.41% | ' | ' | ' | ' |
Expected term | ' | ' | ' | '5 years | ' | ' | ' | ' |
Expected volatility rate | ' | ' | ' | 24.30% | ' | ' | ' | ' |
Expected forfeiture rate | ' | ' | ' | 5.00% | ' | ' | ' | ' |
Expected dividend rate | ' | ' | ' | 0.00% | ' | ' | ' | ' |
Pensions_and_Other_Postretirem2
Pensions and Other Postretirement Benefits (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 24, 2013 |
Maximum | Successor | Successor | Successor | Predecessor | Predecessor | |||
Pension Benefits | Other Retiree Benefits | Pension Benefits | Other Retiree Benefits | |||||
Components of net periodic benefit cost | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | ' | ' | ' | $7,472,000 | $1,409,000 | $7,603,000 | $1,561,000 |
Interest cost | ' | ' | ' | ' | 34,958,000 | 2,192,000 | 31,804,000 | 2,389,000 |
Expected return on plan assets | ' | ' | ' | ' | -54,867,000 | 0 | -60,344,000 | 0 |
Amortization of prior service cost/(credit) | ' | ' | ' | ' | 0 | -1,577,000 | 601,000 | -1,487,000 |
Amortization of unrecognized loss | ' | ' | ' | ' | -15,000 | 0 | 18,272,000 | 434,000 |
Settlements | ' | ' | ' | ' | 0 | 0 | 3,176,000 | 0 |
Net periodic benefit (income)/expense | ' | ' | ' | ' | -12,452,000 | 2,024,000 | 1,112,000 | 2,897,000 |
Pensions and Other Post-Retirement Benefits (Textuals) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit obligation recognized for pension benefits as other non-current assets | 545,100,000 | 502,200,000 | ' | ' | ' | ' | ' | ' |
Employer contribution | ' | ' | ' | 29,000,000 | ' | ' | ' | ' |
Expected full year combined cash contributions | ' | ' | $67,000,000 | ' | ' | ' | ' | ' |
Comprehensive_IncomeLoss_Detai
Comprehensive Income/(Loss) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 24, 2013 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' |
Net income | $195,202 | $177,749 |
Net Income (Loss) Attributable to Noncontrolling Interest | -3,283 | -3,106 |
Net (loss)/income | 198,485 | 180,855 |
Predecessor | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' |
Net income | ' | 177,749 |
Net (loss)/income | ' | 180,855 |
Other comprehensive income/(loss), net of tax: | ' | ' |
Foreign currency translation adjustments | ' | -181,295 |
Net deferred losses on net investment hedges from periodic revaluations | ' | 0 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | ' | -14,871 |
Net deferred (losses)/gains on other derivatives from periodic revaluations | ' | -5,972 |
Net deferred losses/(gains) on derivatives reclassified to earnings | ' | 15,391 |
Total comprehensive income/(loss) | ' | 23,850 |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' |
Foreign currency translation adjustments | ' | -64 |
Reclassification of net pension and post-retirement benefit losses to net income | ' | 6,157 |
Net change in fair value of cash flow hedges | ' | 10,558 |
Net hedging gains/losses reclassified into earnings | ' | -14,944 |
Predecessor | H.J. Heinz Company | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' |
Net income | ' | 177,749 |
Other comprehensive income/(loss), net of tax: | ' | ' |
Foreign currency translation adjustments | ' | -179,408 |
Net deferred losses on net investment hedges from periodic revaluations | ' | 0 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | ' | -14,847 |
Net deferred (losses)/gains on other derivatives from periodic revaluations | ' | -5,972 |
Net deferred losses/(gains) on derivatives reclassified to earnings | ' | 15,391 |
Total comprehensive income/(loss) | ' | 22,607 |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' |
Foreign currency translation adjustments | ' | -64 |
Reclassification of net pension and post-retirement benefit losses to net income | ' | 6,149 |
Net change in fair value of cash flow hedges | ' | 10,558 |
Net hedging gains/losses reclassified into earnings | ' | -14,944 |
Predecessor | Noncontrolling Interest | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | 3,106 |
Other comprehensive income/(loss), net of tax: | ' | ' |
Foreign currency translation adjustments | ' | -1,887 |
Net deferred losses on net investment hedges from periodic revaluations | ' | 0 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | ' | -24 |
Net deferred (losses)/gains on other derivatives from periodic revaluations | ' | 0 |
Net deferred losses/(gains) on derivatives reclassified to earnings | ' | 0 |
Total comprehensive income/(loss) | ' | 1,243 |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' |
Foreign currency translation adjustments | ' | 0 |
Reclassification of net pension and post-retirement benefit losses to net income | ' | 8 |
Net change in fair value of cash flow hedges | ' | 0 |
Net hedging gains/losses reclassified into earnings | ' | 0 |
Successor | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' |
Net income | 195,202 | ' |
Net (loss)/income | 198,485 | ' |
Other comprehensive income/(loss), net of tax: | ' | ' |
Foreign currency translation adjustments | 113,447 | ' |
Net deferred losses on net investment hedges from periodic revaluations | -115,446 | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 994 | ' |
Net deferred (losses)/gains on other derivatives from periodic revaluations | -59,609 | ' |
Net deferred losses/(gains) on derivatives reclassified to earnings | -2,795 | ' |
Total comprehensive income/(loss) | 133,088 | ' |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' |
Foreign currency translation adjustments | 73 | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 71,511 | ' |
Reclassification of net pension and post-retirement benefit losses to net income | -599 | ' |
Net change in fair value of cash flow hedges | 30,907 | ' |
Net hedging gains/losses reclassified into earnings | 2,853 | ' |
Successor | H.J. Heinz Company | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' |
Net income | 195,202 | ' |
Other comprehensive income/(loss), net of tax: | ' | ' |
Foreign currency translation adjustments | 105,287 | ' |
Net deferred losses on net investment hedges from periodic revaluations | -115,446 | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 993 | ' |
Net deferred (losses)/gains on other derivatives from periodic revaluations | -58,989 | ' |
Net deferred losses/(gains) on derivatives reclassified to earnings | -2,591 | ' |
Total comprehensive income/(loss) | 122,470 | ' |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' |
Foreign currency translation adjustments | 73 | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 71,511 | ' |
Reclassification of net pension and post-retirement benefit losses to net income | -599 | ' |
Net change in fair value of cash flow hedges | 30,701 | ' |
Net hedging gains/losses reclassified into earnings | 2,784 | ' |
Successor | Noncontrolling Interest | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 3,283 | ' |
Other comprehensive income/(loss), net of tax: | ' | ' |
Foreign currency translation adjustments | 8,160 | ' |
Net deferred losses on net investment hedges from periodic revaluations | 0 | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 1 | ' |
Net deferred (losses)/gains on other derivatives from periodic revaluations | -620 | ' |
Net deferred losses/(gains) on derivatives reclassified to earnings | -204 | ' |
Total comprehensive income/(loss) | 10,618 | ' |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' |
Foreign currency translation adjustments | 0 | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 0 | ' |
Reclassification of net pension and post-retirement benefit losses to net income | 0 | ' |
Net change in fair value of cash flow hedges | 206 | ' |
Net hedging gains/losses reclassified into earnings | $69 | ' |
Comprehensive_IncomeLoss_AOCI_
Comprehensive Income/(Loss) (AOCI Reclassification) (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 24, 2013 | Dec. 29, 2013 | Mar. 24, 2013 | Mar. 24, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 30, 2014 | ||
Predecessor | Predecessor | Predecessor | Predecessor | Successor | Successor | Successor | Successor | Successor | Loss From Continuing Operations Before Income Tax | Loss From Continuing Operations Before Income Tax | Provision for Income Tax | Provision for Income Tax | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | |||||
Net pension and post retirement benefit | Parent | Foreign currency translation adjustments | Net pension and post retirement benefit | Net cash flow hedges | Parent | Predecessor | Successor | Predecessor | Successor | Predecessor | Successor | Sales | Sales | Cost of Sales | Cost of Sales | Other Income | Other Income | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Interest Expense | Interest Expense | Predecessor | Successor | Interest Expense | Interest Expense | Predecessor | Successor | Interest Expense | Interest Expense | Other Expense | Other Expense | ||||||||
Predecessor | Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | Successor | ||||||||||||||||||||||||
Net cash flow hedges | Net cash flow hedges | Net cash flow hedges | Net cash flow hedges | Net cash flow hedges | Net cash flow hedges | Net cash flow hedges | Net cash flow hedges | Net cash flow hedges | Net cash flow hedges | Net cash flow hedges | Net cash flow hedges | Net cash flow hedges | Net cash flow hedges | Net cash flow hedges | Net cash flow hedges | ||||||||||||||||||||||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Balance at beginning of period | ' | ' | ' | $233,010 | [1] | ' | ' | $233,010 | $22,548 | $102,464 | $107,998 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | 105,287 | 0 | 0 | 105,287 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | ' | ' | ' | ' | ' | ' | ' | -115,446 | 0 | 0 | -115,446 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net deferred losses on net investment hedges from periodic revaluations | ' | ' | 0 | ' | ' | 0 | -115,446 | ' | ' | ' | -115,446 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Reclassification of net pension and post-retirement benefit gains to net income | ' | ' | ' | ' | ' | ' | ' | 0 | -993 | 0 | -993 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net deferred gains/(losses) on derivatives from periodic revaluations | ' | ' | -5,972 | ' | ' | -5,972 | -59,609 | 0 | 0 | -58,989 | -58,989 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net deferred (gains)/losses on derivatives reclassified to earnings | ' | ' | 15,391 | ' | ' | 15,391 | -2,795 | 0 | 0 | -2,591 | -2,591 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net current-period other comprehensive loss | ' | ' | ' | ' | ' | ' | -72,732 | -10,159 | -993 | -61,580 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Balance at end of period | ' | ' | ' | 233,010 | [1] | ' | ' | 160,278 | 12,389 | 101,471 | 46,418 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accumulated other comprehensive income/(loss) component | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Reclassified from accumulated other comprehensive income/(loss) to earnings | 0 | -3,176 | -15,391 | ' | ' | ' | 2,591 | ' | ' | ' | ' | -30,335 | 5,375 | 14,944 | -2,784 | ' | ' | 2,905 | -459 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -58 | 0 | ' | ' | -1,386 | 0 | -39,876 | 0 | ||
Cash Flow Hedge Gain Loss Reclassified To Selling General And Administrative Expense Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | -38 | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | ' | ' | ||
Other Cost and Expense, Operating | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,299 | ' | ' | ' | ' | ' | ' | ' | 6,299 | 818 | ' | ' | 0 | 0 | ' | ' | -39,876 | 0 | ' | ' | ' | ' | ||
Cost of product sold | -1,845,560 | -1,816,382 | -1,816,382 | ' | ' | ' | -1,845,560 | ' | ' | ' | ' | ' | ' | ' | ' | 1,647 | ' | ' | ' | 1,647 | 5,048 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | ' | ' | ' | ||
Interest expense | -163,125 | -64,772 | -70,861 | ' | ' | ' | -168,595 | ' | ' | ' | ' | ' | ' | ' | ' | 134 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 134 | 6 | -58 | 0 | ' | ' | -1,386 | 0 | ' | ' | ' | ' | ||
Actuarial gains/(losses) | ' | ' | ' | ' | -18,706 | [2] | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Prior service credit/(cost) | ' | ' | ' | ' | 886 | [2] | ' | ' | ' | 1,577 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Loss from continuing operations before income tax | ' | ' | ' | ' | -20,996 | ' | ' | ' | 1,592 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Provision for/(benefit from) income taxes | 50,614 | 61,663 | 61,663 | ' | 6,149 | ' | 50,614 | ' | -599 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net income | $198,485 | $180,855 | $180,855 | ' | ($14,847) | ' | $198,485 | ' | $993 | ' | ' | ' | ' | ' | ' | $10,985 | $5,375 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($58) | $0 | ' | ' | ($41,262) | $0 | ' | ' | ' | ' | ||
[1] | The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. | ||||||||||||||||||||||||||||||||||||||
[2] | As these components are included in the computation of net periodic pension and post retirement benefit costs refer to Note 10 for further details. |
Changes_in_Equity_Details
Changes in Equity (Details) (USD $) | 3 Months Ended | |
Mar. 30, 2014 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | |
Beginning balance | $16,513,258,000 | |
Comprehensive (loss)/ income | 130,895,000 | [1] |
Stock option expense | -1,418,000 | |
Dividends Paid to Shareholders | -180,000,000 | [2] |
Adjustments to Additional Paid in Capital, Other | -4,859,000 | [3] |
Ending balance | 16,470,430,000 | |
Comprehensive income attributable to redeemable noncontrolling interest | 2,200,000 | |
Capital Stock | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | |
Beginning balance | 16,140,000,000 | |
Comprehensive (loss)/ income | 0 | [1] |
Stock option expense | 0 | |
Dividends Paid to Shareholders | -61,819,000 | |
Adjustments to Additional Paid in Capital, Other | 0 | [3] |
Ending balance | 16,078,181,000 | |
Additional Capital | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | |
Beginning balance | 1,427,000 | |
Comprehensive (loss)/ income | 0 | [1] |
Stock option expense | -1,418,000 | |
Dividends Paid to Shareholders | 0 | |
Adjustments to Additional Paid in Capital, Other | -4,859,000 | |
Ending balance | 7,704,000 | |
Retained Earnings | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | |
Beginning balance | -77,021,000 | |
Comprehensive (loss)/ income | 195,202,000 | [1] |
Stock option expense | 0 | |
Dividends Paid to Shareholders | -118,181,000 | |
Adjustments to Additional Paid in Capital, Other | 0 | [3] |
Ending balance | 0 | |
Accum OCI | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | |
Beginning balance | 233,010,000 | |
Comprehensive (loss)/ income | -72,732,000 | [1] |
Stock option expense | 0 | |
Dividends Paid to Shareholders | 0 | |
Adjustments to Additional Paid in Capital, Other | 0 | [3] |
Ending balance | 160,278,000 | |
Noncontrolling Interest | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | |
Beginning balance | 215,842,000 | |
Comprehensive (loss)/ income | 8,425,000 | [1] |
Stock option expense | 0 | |
Dividends Paid to Shareholders | 0 | |
Adjustments to Additional Paid in Capital, Other | 0 | [3] |
Ending balance | $224,267,000 | |
[1] | The allocation of the individual components of comprehensive income/(loss) attributable to Hawk Acquisition Intermediate Corporation II and the noncontrolling interest is disclosed in NoteB 11. Comprehensive income attributable to the redeemable non controlling interest is $2.2 million for the three months ended MarchB 30, 2014. | |
[2] | 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 LevelB 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. | |
[3] | Represents non cash capital contribution associated with the push down of shares issued by Parent to certain employees in conjunction with the Bonus Swap Program. See Note 9. |
Debt_Details
Debt (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | |
Japanese Yen Credit Agreement Due October 2012 | Japanese Yen Credit Agreement Due July 2015 | Senior Credit Facilities | Notes Payable, maturing March 15, 2012 | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||||
$2.95 billion Term B-1 Loan | $6.55 billion Term B-2 Loan | $3.10 billion 4.25% Second Lien Senior Secured Notes due 2020 | Other U.S. Dollar Debt due May 2013 b November 2034 (0.94%b7.96%) | Other Non-U.S. Dollar Debt due May 2013 b May 2023 (3.50%b11.00%) | 5.35% U.S. Dollar Notes due July 2013 | 8.0% Heinz Finance Preferred Stock due July 2013 | U.S. Dollar Private Placement Notes due May 2014 b May 2021 (2.11% - 4.23%) | U.S. Dollar Private Placement Notes due July 2016 b July 2018 (2.86% - 3.55%) | 2.00% U.S. Dollar Notes due September 2016 | 1.50% U.S. Dollar Notes due March 2017 | 3.125% U.S. Dollar Notes due September 2021 | 2.85% U.S. Dollar Notes due March 2022 | $235 million 6.375% U.S. Dollar Debentures due July 2028 | £125 million 6.25% British Pound Notes due February 2030 | $437 million 6.75% U.S. Dollar Notes due March 2032 | $931 million 7.125% U.S. Dollar Notes due August 2039 | $2.95 billion Term B-1 Loan | $6.55 billion Term B-2 Loan | $3.10 billion 4.25% Second Lien Senior Secured Notes due 2020 | Other U.S. Dollar Debt due May 2013 b November 2034 (0.94%b7.96%) | Other U.S. Dollar Debt due May 2013 b November 2034 (0.94%b7.96%) | Other Non-U.S. Dollar Debt due May 2013 b May 2023 (3.50%b11.00%) | Other Non-U.S. Dollar Debt due May 2013 b May 2023 (3.50%b11.00%) | U.S. Dollar Private Placement Notes due May 2014 b May 2021 (2.11% - 4.23%) | U.S. Dollar Private Placement Notes due July 2016 b July 2018 (2.86% - 3.55%) | 2.00% U.S. Dollar Notes due September 2016 | 1.50% U.S. Dollar Notes due March 2017 | 3.125% U.S. Dollar Notes due September 2021 | 2.85% U.S. Dollar Notes due March 2022 | $235 million 6.375% U.S. Dollar Debentures due July 2028 | £125 million 6.25% British Pound Notes due February 2030 | $437 million 6.75% U.S. Dollar Notes due March 2032 | $931 million 7.125% U.S. Dollar Notes due August 2039 | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total Long-term debt | ' | ' | ' | ' | ' | ' | $14,700,645,000 | $2,922,453,000 | $6,502,733,000 | $3,100,000,000 | $10,667,000 | $68,326,000 | ' | ' | ' | ' | $58,308,000 | $17,743,000 | $34,433,000 | $5,599,000 | $257,684,000 | $220,366,000 | $476,389,000 | $1,025,944,000 | $14,725,411,000 | $2,929,213,000 | $6,518,524,000 | $3,100,000,000 | ' | $10,774,000 | ' | $70,411,000 | ' | ' | $58,308,000 | $17,743,000 | $34,433,000 | $5,599,000 | $258,075,000 | $218,507,000 | $476,943,000 | $1,026,881,000 | |
Less portion due within one year | -107,211,000 | -107,765,000 | ' | ' | ' | ' | -107,211,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -107,765,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 14,593,434,000 | 14,617,646,000 | ' | ' | ' | ' | 14,593,434,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,617,646,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Maturity period | ' | ' | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Issuance Cost | ' | ' | ' | ' | $279,500,000 | $315,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | 0.94% | 3.50% | 5.35% | 8.00% | 2.11% | 2.86% | 2.00% | 1.50% | 3.13% | 2.85% | 6.38% | 6.25% | 6.75% | 7.13% | ' | ' | ' | ' | 7.96% | ' | 11.00% | ' | 4.23% | 3.55% | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||||||||||||||||
Mar. 30, 2014 | Mar. 24, 2013 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 24, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Jun. 07, 2013 | Mar. 30, 2014 | Jun. 07, 2013 | |
Successor | Predecessor | Predecessor | Maximum | $2.95 billion Term B-1 Loan | $2.95 billion Term B-1 Loan | $6.55 billion Term B-2 Loan | $6.55 billion Term B-2 Loan | 4.25% Second Lien Senior Notes | 4.25% Second Lien Senior Notes | $931 million 7.125% U.S. Dollar Notes due August 2039 | $931 million 7.125% U.S. Dollar Notes due August 2039 | Senior Credit Facilities | Senior Credit Facilities | Senior Credit Facilities | Senior Credit Facilities | Senior Credit Facilities | Revolving Credit Facility | Senior Notes | Cash | Long-term debt | |
Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | $2.95 billion Term B-1 Loan | $6.55 billion Term B-2 Loan | 4.25% Senior secured notes | |||||||||
Successor | Successor | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination, senior credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,500,000,000 | $3,100,000,000 |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,950,000,000 | 6,550,000,000 | ' | ' | ' | ' |
Long-term debt | 14,700,645,000 | ' | 14,725,411,000 | ' | 2,922,453,000 | 2,929,213,000 | 6,502,733,000 | 6,518,524,000 | 3,100,000,000 | 3,100,000,000 | 1,025,944,000 | 1,026,881,000 | ' | ' | ' | ' | ' | 2,000,000,000 | ' | ' | ' |
Debt Instrument, Collateral, Capital Stock, Foreign Subsidiaries, Percent | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant Compliance, Leverage Ratio Threshold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | 7.13% | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' |
Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 279,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred debt issuance costs | $12,200,000 | $1,147,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,200,000 | $1,100,000 | ' | ' | ' | ' | ' | ' |
Financing_Arrangements_Details
Financing Arrangements (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Millions, unless otherwise specified | ||
Transfers and Servicing [Abstract] | ' | ' |
Amount of accounts receivable securitization program | $175 | ' |
Trade Receivables Pledged as Collateral | 129.5 | ' |
Trade receivables sold without recourse | $94.90 | $76.50 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 | ||
Carrying (Reported) Amount, Fair Value Disclosure | ' | ' | ||
Fair Value Measurements (Textuals) [Abstract] | ' | ' | ||
Long-term Debt, Fair Value | $14,700,000,000 | $14,730,000,000 | ||
Level 2 | Estimate of Fair Value, Fair Value Disclosure | ' | ' | ||
Fair Value Measurements (Textuals) [Abstract] | ' | ' | ||
Long-term Debt, Fair Value | 14,690,000,000 | 14,650,000,000 | ||
Fair Value, Measurements, Recurring | ' | ' | ||
Assets: | ' | ' | ||
Derivatives | 216,179,000 | [1] | 315,361,000 | [1] |
Total assets at fair value | 216,179,000 | 315,361,000 | ||
Liabilities: | ' | ' | ||
Derivatives | 412,233,000 | [1] | 206,134,000 | [1] |
Total liabilities at fair value | 412,233,000 | 206,134,000 | ||
Fair Value, Measurements, Recurring | Level 1 | ' | ' | ||
Assets: | ' | ' | ||
Derivatives | 0 | [1] | 0 | [1] |
Total assets at fair value | 0 | 0 | ||
Liabilities: | ' | ' | ||
Derivatives | 0 | [1] | 0 | [1] |
Total liabilities at fair value | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 2 | ' | ' | ||
Assets: | ' | ' | ||
Derivatives | 216,179,000 | [1] | 315,361,000 | [1] |
Total assets at fair value | 216,179,000 | 315,361,000 | ||
Liabilities: | ' | ' | ||
Derivatives | 412,233,000 | [1] | 206,134,000 | [1] |
Total liabilities at fair value | 412,233,000 | 206,134,000 | ||
Fair Value, Measurements, Recurring | Level 3 | ' | ' | ||
Assets: | ' | ' | ||
Derivatives | 0 | [1] | 0 | [1] |
Total assets at fair value | 0 | 0 | ||
Liabilities: | ' | ' | ||
Derivatives | 0 | [1] | 0 | [1] |
Total liabilities at fair value | $0 | [2] | $0 | |
[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 LevelB 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 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 $216.2 million and $237.4 million at MarchB 30, 2014 and December 29, 2013, respectively. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging Activities (Narrative) (Details) | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 |
USD ($) | USD ($) | Foreign Exchange Forward | Foreign exchange contracts | Foreign exchange contracts | Interest rate contracts | Interest rate contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Interest Rate Swap | United Kingdom, Pounds | United Kingdom, Pounds | Eurodollar Future | Eurodollar Future | Australia, Dollars | Australia, Dollars | Japan, Yen | Japan, Yen | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Foreign exchange contracts | Foreign exchange contracts | |||||
USD ($) | GBP (£) | USD ($) | EUR (€) | USD ($) | AUD | USD ($) | JPY (¥) | USD ($) | USD ($) | |||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Collateral, Obligation to Return Cash | $216.20 | $237.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | 2,800 | 2,500 | 9,000 | 9,000 | 8,300 | 8,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,741 | 1,010 |
Period of Hedging Forecasted Transactions | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized Gain (Loss) related to Outstanding Nondesignated Derivative Instruments | -16.8 | -1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Term | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Interest Rate Paid on Swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.46% | 6.46% | 5.70% | 5.70% | 9.16% | 9.16% | 4.10% | 4.10% | ' | ' |
Derivative Liability, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,795 | ' | 2,210 | ' | 793.8 | ' | 4,854,500 | ' | ' |
Derivative, Interest Rate Received on Swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.15% | 6.15% | 6.15% | 6.15% | 6.15% | 6.15% | 6.15% | 6.15% | ' | ' |
Derivative Asset, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,500 | ' | $3,000 | ' | $750 | ' | $50 | ' | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Hedging Activities (Balance Sheet Captions) (Details) (USD $) | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | 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 | ||||||
In Thousands, unless otherwise specified | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | ||||||
Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Foreign exchange contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | |||||||
Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | |||||||||||||
Other Receivables, Net | Other Non-Current Assets | Other Payables | Other Non-Current Liabilities | Other Receivables, Net | Other Non-Current Assets | Other Payables | Other Non-Current Liabilities | Other Receivables, Net | Other Non-Current Assets | Other Payables | Other Non-Current Liabilities | Other Receivables, Net | Other Non-Current Assets | Other Payables | Other Non-Current Liabilities | Other Receivables, Net | Other Non-Current Assets | Other Payables | Other Non-Current Liabilities | Other Receivables, Net | Other Non-Current Assets | Other Payables | Other Non-Current Liabilities | Other Receivables, Net | Other Non-Current Assets | Other Payables | Other Non-Current Liabilities | Other Receivables, Net | Other Non-Current Assets | Other Payables | Other Non-Current Liabilities | Other Receivables, Net | Other Non-Current Assets | Other Payables | Other Non-Current Liabilities | Other Receivables, Net | Other Non-Current Assets | Other Payables | Other Non-Current Liabilities | Other Receivables, Net | Other Non-Current Assets | Other Payables | Other Non-Current Liabilities | Other Receivables, Net | Other Non-Current Assets | Other Payables | Other Non-Current Liabilities | |||||||||||||||||||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total assets | $33,911 | [1] | $30,304 | $28,906 | $1,398 | ' | ' | $3,607 | $3,607 | $0 | ' | ' | $179,139 | [1] | $179,139 | $0 | $179,139 | ' | ' | $0 | $0 | $0 | ' | ' | $3,128 | [1] | $3,128 | $0 | $3,128 | ' | ' | $0 | $0 | $0 | ' | ' | $49,972 | [1] | $41,201 | $37,072 | $4,129 | ' | ' | $8,771 | $8,771 | $0 | ' | ' | $265,390 | [1] | $265,390 | $0 | $265,390 | ' | ' | $0 | $0 | $0 | ' | ' | $31,303 | [1] | $31,303 | $0 | $31,303 | ' | ' | $0 | $0 | $0 | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Total liabilities | $31,551 | [1] | $11,111 | ' | ' | $10,888 | $223 | ' | ' | ' | $20,440 | $0 | $0 | [1] | $0 | ' | ' | $0 | $0 | ' | ' | ' | $0 | $0 | $380,682 | [1] | $380,682 | ' | ' | $0 | $380,682 | ' | ' | ' | $0 | $0 | $15,537 | [1] | $5,251 | ' | ' | $5,251 | $0 | ' | ' | ' | $10,286 | $0 | $0 | [1] | $0 | ' | ' | $0 | $0 | ' | ' | ' | $0 | $0 | $221,899 | [1] | $221,899 | ' | ' | $0 | $221,899 | ' | ' | ' | $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 $216.2 million and $237.4 million at MarchB 30, 2014 and December 29, 2013, respectively. |
Derivative_Financial_Instrumen4
Derivative Financial Instruments and Hedging Activities (Consolidated Statement of Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 24, 2013 |
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): | ' | ' |
Cost of products sold | ($1,845,560) | ($1,816,382) |
Interest income/(expense) | -163,125 | -64,772 |
Net (loss)/income | 198,485 | 180,855 |
Successor | ' | ' |
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): | ' | ' |
Cost of products sold | -1,845,560 | ' |
Interest income/(expense) | -168,595 | ' |
Net (loss)/income | 198,485 | ' |
Successor | Foreign exchange contracts | ' | ' |
Cash flow hedges: | ' | ' |
Net gains recognized in other comprehensive loss (effective portion) | -3,439 | ' |
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): | ' | ' |
Net (loss)/income | 5,375 | ' |
Derivatives not designated as hedging instruments: | ' | ' |
Net gains/(losses) recognized in other expense, net | -17,419 | ' |
Total amount recognized in statement of income | -12,044 | ' |
Successor | Interest rate contracts | ' | ' |
Cash flow hedges: | ' | ' |
Net gains recognized in other comprehensive loss (effective portion) | -86,251 | ' |
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): | ' | ' |
Sales | 0 | ' |
Cost of products sold | 0 | ' |
Selling, general and administrative expenses | 0 | ' |
Other (expense)/income, net | 0 | ' |
Interest income/(expense) | 0 | ' |
Net (loss)/income | 0 | ' |
Derivatives not designated as hedging instruments: | ' | ' |
Net gains/(losses) recognized in other expense, net | 0 | ' |
Total amount recognized in statement of income | 0 | ' |
Successor | Cross-currency interest rate swap contracts | ' | ' |
Cash flow hedges: | ' | ' |
Net gains recognized in other comprehensive loss (effective portion) | -186,958 | ' |
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): | ' | ' |
Sales | 0 | ' |
Cost of products sold | 0 | ' |
Selling, general and administrative expenses | 0 | ' |
Other (expense)/income, net | 0 | ' |
Interest income/(expense) | 0 | ' |
Net (loss)/income | 0 | ' |
Derivatives not designated as hedging instruments: | ' | ' |
Net gains/(losses) recognized in other expense, net | 0 | ' |
Total amount recognized in statement of income | 0 | ' |
Successor | Other Expense | Foreign exchange contracts | ' | ' |
Fair value hedges: | ' | ' |
Net losses recognized in other expense, net | 0 | ' |
Derivatives not designated as hedging instruments: | ' | ' |
Unrealized gain on derivative instruments | 0 | ' |
Net gains/(losses) recognized in other expense, net | -17,419 | ' |
Successor | Other Expense | Interest rate contracts | ' | ' |
Fair value hedges: | ' | ' |
Net losses recognized in other expense, net | 0 | ' |
Derivatives not designated as hedging instruments: | ' | ' |
Unrealized gain on derivative instruments | 0 | ' |
Net gains/(losses) recognized in other expense, net | 0 | ' |
Successor | Other Expense | Cross-currency interest rate swap contracts | ' | ' |
Fair value hedges: | ' | ' |
Net losses recognized in other expense, net | 0 | ' |
Derivatives not designated as hedging instruments: | ' | ' |
Unrealized gain on derivative instruments | 0 | ' |
Net gains/(losses) recognized in other expense, net | 0 | ' |
Successor | Interest Income | Foreign exchange contracts | ' | ' |
Derivatives not designated as hedging instruments: | ' | ' |
Net gains/(losses) recognized in other expense, net | 0 | ' |
Successor | Interest Income | Interest rate contracts | ' | ' |
Derivatives not designated as hedging instruments: | ' | ' |
Net gains/(losses) recognized in other expense, net | 0 | ' |
Successor | Interest Income | Cross-currency interest rate swap contracts | ' | ' |
Derivatives not designated as hedging instruments: | ' | ' |
Net gains/(losses) recognized in other expense, net | 0 | ' |
Predecessor | ' | ' |
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): | ' | ' |
Cost of products sold | ' | -1,816,382 |
Interest income/(expense) | ' | -70,861 |
Net (loss)/income | ' | 180,855 |
Predecessor | Foreign exchange contracts | ' | ' |
Cash flow hedges: | ' | ' |
Net gains recognized in other comprehensive loss (effective portion) | ' | 23,964 |
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): | ' | ' |
Sales | ' | 2,905 |
Cost of products sold | ' | 1,647 |
Selling, general and administrative expenses | ' | 0 |
Other (expense)/income, net | ' | 6,299 |
Interest income/(expense) | ' | 134 |
Net (loss)/income | ' | 10,985 |
Derivatives not designated as hedging instruments: | ' | ' |
Net gains/(losses) recognized in other expense, net | ' | -11,143 |
Total amount recognized in statement of income | ' | -158 |
Predecessor | Interest rate contracts | ' | ' |
Cash flow hedges: | ' | ' |
Net gains recognized in other comprehensive loss (effective portion) | ' | 0 |
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): | ' | ' |
Sales | ' | 0 |
Cost of products sold | ' | 0 |
Selling, general and administrative expenses | ' | 0 |
Other (expense)/income, net | ' | 0 |
Interest income/(expense) | ' | -58 |
Net (loss)/income | ' | -58 |
Derivatives not designated as hedging instruments: | ' | ' |
Net gains/(losses) recognized in other expense, net | ' | -1,011 |
Total amount recognized in statement of income | ' | -5,475 |
Predecessor | Cross-currency interest rate swap contracts | ' | ' |
Cash flow hedges: | ' | ' |
Net gains recognized in other comprehensive loss (effective portion) | ' | -40,494 |
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): | ' | ' |
Sales | ' | 0 |
Cost of products sold | ' | 0 |
Selling, general and administrative expenses | ' | 0 |
Other (expense)/income, net | ' | -39,876 |
Interest income/(expense) | ' | -1,386 |
Net (loss)/income | ' | -41,262 |
Derivatives not designated as hedging instruments: | ' | ' |
Net gains/(losses) recognized in other expense, net | ' | 0 |
Total amount recognized in statement of income | ' | -41,262 |
Predecessor | Other Expense | Foreign exchange contracts | ' | ' |
Fair value hedges: | ' | ' |
Net losses recognized in other expense, net | ' | 0 |
Derivatives not designated as hedging instruments: | ' | ' |
Unrealized gain on derivative instruments | ' | 0 |
Net gains/(losses) recognized in other expense, net | ' | -11,143 |
Predecessor | Other Expense | Interest rate contracts | ' | ' |
Fair value hedges: | ' | ' |
Net losses recognized in other expense, net | ' | -4,406 |
Derivatives not designated as hedging instruments: | ' | ' |
Unrealized gain on derivative instruments | ' | 0 |
Net gains/(losses) recognized in other expense, net | ' | 0 |
Predecessor | Other Expense | Cross-currency interest rate swap contracts | ' | ' |
Fair value hedges: | ' | ' |
Net losses recognized in other expense, net | ' | 0 |
Derivatives not designated as hedging instruments: | ' | ' |
Unrealized gain on derivative instruments | ' | 0 |
Net gains/(losses) recognized in other expense, net | ' | 0 |
Predecessor | Interest Income | Foreign exchange contracts | ' | ' |
Derivatives not designated as hedging instruments: | ' | ' |
Net gains/(losses) recognized in other expense, net | ' | 0 |
Predecessor | Interest Income | Interest rate contracts | ' | ' |
Derivatives not designated as hedging instruments: | ' | ' |
Net gains/(losses) recognized in other expense, net | ' | -1,011 |
Predecessor | Interest Income | Cross-currency interest rate swap contracts | ' | ' |
Derivatives not designated as hedging instruments: | ' | ' |
Net gains/(losses) recognized in other expense, net | ' | $0 |
Venezuela_Foreign_Currency_and1
Venezuela - Foreign Currency and Inflation (Details) | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 24, 2014 | Feb. 13, 2013 | Feb. 12, 2013 | Mar. 24, 2013 | Apr. 01, 2014 |
In Millions, unless otherwise specified | USD ($) | VEF | VEF | VEF | VEF | VENEZUELA | Subsequent Event |
USD ($) | VEF | ||||||
Foreign Currency [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Exchange Rate, Translation | ' | 6.3 | 49.81 | ' | ' | ' | 51.86 |
Foreign Currency Exchange Rate, Remeasurement | ' | ' | ' | 6.3 | 4.3 | ' | ' |
Foreign Currency Transaction Gain (Loss), Realized | ' | ' | ' | ' | ' | ($43) | ' |
Monetary assets, net of monetary liabilities, subject to an earnings impact from exchange rate movements for Venezuelan subsidiary under highly inflationary accounting | $124.70 | ' | ' | ' | ' | ' | ' |
Supplemental_Financial_Informa2
Supplemental Financial Information (Narrative) (Details) (USD $) | Jun. 07, 2013 |
Long-term debt | ' |
Debt Instrument [Line Items] | ' |
Business combination, senior credit facility | $3,100,000,000 |
Senior Notes | 4.25% Senior secured notes | ' |
Debt Instrument [Line Items] | ' |
Stated interest rate | 4.25% |
Supplemental_Financial_Informa3
Supplemental Financial Information (Condensed Consolidating Statement of Operations) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 24, 2013 |
Sales | $2,800,159 | $2,856,245 |
Cost of product sold | 1,845,560 | 1,816,382 |
Gross profit | 954,599 | 1,039,863 |
Selling, general and administrative expenses | 521,175 | 641,793 |
Operating income | 433,424 | 398,070 |
Interest expense, net | 163,125 | 64,772 |
Other (expense)/income, net | -21,200 | -55,599 |
(Loss)/income before income taxes | 249,099 | 277,699 |
Equity in earnings of subsidiaries | 0 | 0 |
Provision for/(benefit from) income taxes | 50,614 | 61,663 |
Income from continuing operations | ' | 216,036 |
Loss from discontinued operations, net of tax | ' | -35,181 |
Net income | 198,485 | 180,855 |
Less: Net income attributable to noncontrolling interest | 3,283 | 3,106 |
Net income | 195,202 | 177,749 |
Total comprehensive income | 122,470 | 22,607 |
Parent | ' | ' |
Sales | 0 | ' |
Cost of product sold | 0 | ' |
Gross profit | 0 | ' |
Selling, general and administrative expenses | 0 | ' |
Operating income | 0 | ' |
Interest expense, net | 0 | ' |
Other (expense)/income, net | 0 | ' |
(Loss)/income before income taxes | 0 | ' |
Equity in earnings of subsidiaries | 195,202 | ' |
Provision for/(benefit from) income taxes | 0 | ' |
Net income | 195,202 | ' |
Less: Net income attributable to noncontrolling interest | 0 | ' |
Net income | 195,202 | ' |
Total comprehensive income | 122,470 | ' |
Issuer | ' | ' |
Sales | 67,917 | 65,527 |
Cost of product sold | 477 | 931 |
Gross profit | 67,440 | 64,596 |
Selling, general and administrative expenses | 14,102 | 52,167 |
Operating income | 53,338 | 12,429 |
Interest expense, net | 155,555 | 41,832 |
Other (expense)/income, net | -6,204 | -640 |
(Loss)/income before income taxes | -108,421 | -30,043 |
Equity in earnings of subsidiaries | 326,782 | 212,615 |
Provision for/(benefit from) income taxes | 23,159 | 4,823 |
Income from continuing operations | ' | 177,749 |
Loss from discontinued operations, net of tax | ' | 0 |
Net income | 195,202 | 177,749 |
Less: Net income attributable to noncontrolling interest | 0 | 0 |
Net income | 195,202 | 177,749 |
Total comprehensive income | 122,470 | 22,607 |
Guarantors | ' | ' |
Sales | 1,034,107 | 1,016,954 |
Cost of product sold | 726,496 | 691,257 |
Gross profit | 307,611 | 325,697 |
Selling, general and administrative expenses | 147,302 | 180,515 |
Operating income | 160,309 | 145,182 |
Interest expense, net | 6,491 | 18,360 |
Other (expense)/income, net | 645 | -1,767 |
(Loss)/income before income taxes | 154,463 | 125,055 |
Equity in earnings of subsidiaries | 161,801 | 100,189 |
Provision for/(benefit from) income taxes | -469 | 30,767 |
Income from continuing operations | ' | 194,477 |
Loss from discontinued operations, net of tax | ' | 0 |
Net income | 316,733 | 194,477 |
Less: Net income attributable to noncontrolling interest | 0 | 0 |
Net income | 316,733 | 194,477 |
Total comprehensive income | 414,492 | 103,191 |
Non-Guarantors | ' | ' |
Sales | 1,801,567 | 1,869,452 |
Cost of product sold | 1,222,019 | 1,219,882 |
Gross profit | 579,548 | 649,570 |
Selling, general and administrative expenses | 359,771 | 409,111 |
Operating income | 219,777 | 240,459 |
Interest expense, net | 1,079 | 4,580 |
Other (expense)/income, net | -15,641 | -53,192 |
(Loss)/income before income taxes | 203,057 | 182,687 |
Equity in earnings of subsidiaries | 0 | 0 |
Provision for/(benefit from) income taxes | 27,924 | 26,073 |
Income from continuing operations | ' | 156,614 |
Loss from discontinued operations, net of tax | ' | -35,181 |
Net income | 175,133 | 121,433 |
Less: Net income attributable to noncontrolling interest | 3,283 | 3,106 |
Net income | 171,850 | 118,327 |
Total comprehensive income | 259,949 | -21,550 |
Eliminations | ' | ' |
Sales | -103,432 | -95,688 |
Cost of product sold | -103,432 | -95,688 |
Gross profit | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Operating income | 0 | 0 |
Interest expense, net | 0 | 0 |
Other (expense)/income, net | 0 | 0 |
(Loss)/income before income taxes | 0 | 0 |
Equity in earnings of subsidiaries | -683,785 | -312,804 |
Provision for/(benefit from) income taxes | 0 | 0 |
Income from continuing operations | ' | -312,804 |
Loss from discontinued operations, net of tax | ' | 0 |
Net income | -683,785 | -312,804 |
Less: Net income attributable to noncontrolling interest | 0 | 0 |
Net income | -683,785 | -312,804 |
Total comprehensive income | ($796,911) | ($81,641) |
Supplemental_Financial_Informa4
Supplemental Financial Information (Condensed Consolidating Balance Sheet) (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 24, 2013 | Dec. 23, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $2,515,232 | $2,458,992 | $2,042,475 | $2,282,420 |
Trade receivables | 1,106,304 | 1,099,655 | ' | ' |
Other receivables | 317,956 | 244,528 | ' | ' |
Receivables due from affiliates | 0 | 0 | ' | ' |
Inventories: | ' | ' | ' | ' |
Finished goods and work-in-process | 1,187,473 | 1,138,373 | ' | ' |
Packaging material and ingredients | 283,274 | 297,023 | ' | ' |
Total inventories | 1,470,747 | 1,435,396 | ' | ' |
Prepaid expenses | 140,626 | 145,096 | ' | ' |
Short-term lending due from affiliates | 0 | 0 | ' | ' |
Other current assets | 61,058 | 60,458 | ' | ' |
Total current assets | 5,611,923 | 5,444,125 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Property, plant and equipment, gross | 2,936,649 | 2,829,491 | ' | ' |
Less accumulated depreciation | 363,945 | 165,999 | ' | ' |
Total property, plant and equipment, net | 2,572,704 | 2,663,492 | ' | ' |
Other non-current assets: | ' | ' | ' | ' |
Goodwill | 15,060,424 | 15,070,062 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Trademarks, net | 12,161,220 | 12,130,873 | ' | ' |
Other intangibles, net | 2,341,257 | 2,358,781 | ' | ' |
Long-term lending due from affiliates | 0 | 0 | ' | ' |
Other non-current assets | 1,214,147 | 1,305,015 | ' | ' |
Total other non-current assets | 30,777,048 | 30,864,731 | ' | ' |
Total assets | 38,961,675 | 38,972,348 | ' | ' |
Short-term Debt | 130,729 | 143,689 | ' | ' |
Due to Affiliate, Current | 0 | 0 | ' | ' |
Long-term Debt and Capital Lease Obligations, Current | 107,211 | 107,765 | ' | ' |
Accounts Payable, Trade, Current | 1,294,512 | 1,192,074 | ' | ' |
Accounts Payable, Related Parties, Current | 0 | 0 | ' | ' |
Accounts Payable, Other, Current | 117,429 | 148,193 | ' | ' |
Accrued marketing | 339,398 | 370,329 | ' | ' |
Other Liabilities, Current | 681,089 | 760,621 | ' | ' |
Taxes Payable, Current | 288,939 | 202,188 | ' | ' |
Liabilities, Current | 2,959,307 | 2,924,859 | ' | ' |
Long-term Debt and Capital Lease Obligations | 14,593,434 | 14,617,646 | ' | ' |
Due to Affiliate, Noncurrent | 0 | 0 | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 4,024,405 | 4,160,903 | ' | ' |
Other Postretirement Defined Benefit Plan, Liabilities, Noncurrent | 195,383 | 196,372 | ' | ' |
Other Liabilities, Noncurrent | 688,649 | 529,425 | ' | ' |
Total long-term liabilities | 19,501,871 | 19,504,346 | ' | ' |
Redeemable noncontrolling interest | 30,067 | 29,885 | ' | ' |
Sum of capital stock, additional capital and retained earnings | 16,246,163 | 16,297,416 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 224,267 | 215,842 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 16,470,430 | 16,513,258 | ' | ' |
Liabilities and Equity | 38,961,675 | 38,972,348 | ' | ' |
Parent | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Trade receivables | 0 | 0 | ' | ' |
Other receivables | 0 | 0 | ' | ' |
Receivables due from affiliates | 0 | 0 | ' | ' |
Inventories: | ' | ' | ' | ' |
Finished goods and work-in-process | 0 | 0 | ' | ' |
Packaging material and ingredients | 0 | 0 | ' | ' |
Total inventories | 0 | 0 | ' | ' |
Prepaid expenses | 0 | 0 | ' | ' |
Short-term lending due from affiliates | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Property, plant and equipment, gross | 0 | 0 | ' | ' |
Less accumulated depreciation | 0 | 0 | ' | ' |
Total property, plant and equipment, net | 0 | 0 | ' | ' |
Other non-current assets: | ' | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Investments in subsidiaries | 16,246,163 | 16,297,416 | ' | ' |
Trademarks, net | 0 | 0 | ' | ' |
Other intangibles, net | 0 | 0 | ' | ' |
Long-term lending due from affiliates | 0 | 0 | ' | ' |
Other non-current assets | 0 | 0 | ' | ' |
Total other non-current assets | 16,246,163 | 16,297,416 | ' | ' |
Total assets | 16,246,163 | 16,297,416 | ' | ' |
Short-term Debt | 0 | 0 | ' | ' |
Due to Affiliate, Current | 0 | 0 | ' | ' |
Long-term Debt and Capital Lease Obligations, Current | 0 | 0 | ' | ' |
Accounts Payable, Trade, Current | 0 | 0 | ' | ' |
Accounts Payable, Related Parties, Current | 0 | 0 | ' | ' |
Accounts Payable, Other, Current | 0 | 0 | ' | ' |
Accrued marketing | 0 | 0 | ' | ' |
Other Liabilities, Current | 0 | 0 | ' | ' |
Taxes Payable, Current | 0 | 0 | ' | ' |
Liabilities, Current | 0 | 0 | ' | ' |
Long-term Debt and Capital Lease Obligations | 0 | 0 | ' | ' |
Due to Affiliate, Noncurrent | 0 | 0 | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ' | ' |
Other Postretirement Defined Benefit Plan, Liabilities, Noncurrent | 0 | 0 | ' | ' |
Other Liabilities, Noncurrent | 0 | 0 | ' | ' |
Total long-term liabilities | 0 | 0 | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' |
Sum of capital stock, additional capital and retained earnings | 16,246,163 | 16,297,416 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 16,246,163 | 16,297,416 | ' | ' |
Liabilities and Equity | 16,246,163 | 16,297,416 | ' | ' |
Issuer | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 12,140 | 48,396 | 5 | 0 |
Trade receivables | 0 | 0 | ' | ' |
Other receivables | 129,400 | 39,816 | ' | ' |
Receivables due from affiliates | 116,651 | 83,618 | ' | ' |
Inventories: | ' | ' | ' | ' |
Finished goods and work-in-process | 0 | 0 | ' | ' |
Packaging material and ingredients | 0 | 0 | ' | ' |
Total inventories | 0 | 0 | ' | ' |
Prepaid expenses | 8,486 | 12,784 | ' | ' |
Short-term lending due from affiliates | 1,520,041 | 1,807,502 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Total current assets | 1,786,718 | 1,992,116 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Property, plant and equipment, gross | 243,767 | 238,618 | ' | ' |
Less accumulated depreciation | 19,632 | 15,064 | ' | ' |
Total property, plant and equipment, net | 224,135 | 223,554 | ' | ' |
Other non-current assets: | ' | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Investments in subsidiaries | 26,439,369 | 26,033,700 | ' | ' |
Trademarks, net | 4,659,800 | 4,659,800 | ' | ' |
Other intangibles, net | 804,210 | 804,370 | ' | ' |
Long-term lending due from affiliates | 0 | 0 | ' | ' |
Other non-current assets | 489,628 | 687,059 | ' | ' |
Total other non-current assets | 32,393,007 | 32,184,929 | ' | ' |
Total assets | 34,403,860 | 34,400,599 | ' | ' |
Short-term Debt | 0 | 0 | ' | ' |
Due to Affiliate, Current | 7,671 | 9,589 | ' | ' |
Long-term Debt and Capital Lease Obligations, Current | 95,000 | 95,000 | ' | ' |
Accounts Payable, Trade, Current | 5,154 | 13,389 | ' | ' |
Accounts Payable, Related Parties, Current | 38,652 | 49,265 | ' | ' |
Accounts Payable, Other, Current | 28,530 | 16,349 | ' | ' |
Accrued marketing | 0 | 0 | ' | ' |
Other Liabilities, Current | 219,984 | 217,074 | ' | ' |
Taxes Payable, Current | 257,365 | 192,282 | ' | ' |
Liabilities, Current | 652,356 | 592,948 | ' | ' |
Long-term Debt and Capital Lease Obligations | 12,546,268 | 12,568,819 | ' | ' |
Due to Affiliate, Noncurrent | 2,000,000 | 2,000,000 | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 2,448,786 | 2,569,192 | ' | ' |
Other Postretirement Defined Benefit Plan, Liabilities, Noncurrent | 4,640 | 0 | ' | ' |
Other Liabilities, Noncurrent | 505,647 | 372,224 | ' | ' |
Total long-term liabilities | 17,505,341 | 17,510,235 | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' |
Sum of capital stock, additional capital and retained earnings | 16,246,163 | 16,297,416 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 16,246,163 | 16,297,416 | ' | ' |
Liabilities and Equity | 34,403,860 | 34,400,599 | ' | ' |
Guarantors | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 607,229 | 943,741 | 124,574 | 198,288 |
Trade receivables | 0 | 0 | ' | ' |
Other receivables | 12,600 | 15,406 | ' | ' |
Receivables due from affiliates | 34,726 | 21,752 | ' | ' |
Inventories: | ' | ' | ' | ' |
Finished goods and work-in-process | 417,653 | 452,230 | ' | ' |
Packaging material and ingredients | 89,013 | 101,332 | ' | ' |
Total inventories | 506,666 | 553,562 | ' | ' |
Prepaid expenses | 26,433 | 25,560 | ' | ' |
Short-term lending due from affiliates | 32,090 | 32,777 | ' | ' |
Other current assets | 21,872 | 50,720 | ' | ' |
Total current assets | 1,241,616 | 1,643,518 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Property, plant and equipment, gross | 856,746 | 804,277 | ' | ' |
Less accumulated depreciation | 148,585 | 54,016 | ' | ' |
Total property, plant and equipment, net | 708,161 | 750,261 | ' | ' |
Other non-current assets: | ' | ' | ' | ' |
Goodwill | 8,537,074 | 8,554,726 | ' | ' |
Investments in subsidiaries | 15,737,520 | 15,500,336 | ' | ' |
Trademarks, net | 624,300 | 624,300 | ' | ' |
Other intangibles, net | 650,585 | 666,472 | ' | ' |
Long-term lending due from affiliates | 3,381,006 | 3,305,383 | ' | ' |
Other non-current assets | 107,594 | 107,682 | ' | ' |
Total other non-current assets | 29,038,079 | 28,758,899 | ' | ' |
Total assets | 30,987,856 | 31,152,678 | ' | ' |
Short-term Debt | 0 | 0 | ' | ' |
Due to Affiliate, Current | 1,945,307 | 2,408,903 | ' | ' |
Long-term Debt and Capital Lease Obligations, Current | 433 | 430 | ' | ' |
Accounts Payable, Trade, Current | 327,861 | 326,636 | ' | ' |
Accounts Payable, Related Parties, Current | 76,451 | 60,488 | ' | ' |
Accounts Payable, Other, Current | 2,175 | 2,569 | ' | ' |
Accrued marketing | 64,816 | 80,892 | ' | ' |
Other Liabilities, Current | 99,555 | 157,824 | ' | ' |
Taxes Payable, Current | 2,944 | 2,120 | ' | ' |
Liabilities, Current | 2,519,542 | 3,039,862 | ' | ' |
Long-term Debt and Capital Lease Obligations | 1,770,252 | 1,772,244 | ' | ' |
Due to Affiliate, Noncurrent | 204,660 | 202,766 | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 166,355 | 171,737 | ' | ' |
Other Postretirement Defined Benefit Plan, Liabilities, Noncurrent | 137,460 | 169,664 | ' | ' |
Other Liabilities, Noncurrent | 36,659 | 35,989 | ' | ' |
Total long-term liabilities | 2,315,386 | 2,352,400 | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' |
Sum of capital stock, additional capital and retained earnings | 26,152,928 | 25,760,416 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 26,152,928 | 25,760,416 | ' | ' |
Liabilities and Equity | 30,987,856 | 31,152,678 | ' | ' |
Non-Guarantors | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 1,895,863 | 1,466,855 | 1,917,896 | 2,084,132 |
Trade receivables | 1,106,304 | 1,099,655 | ' | ' |
Other receivables | 175,956 | 189,306 | ' | ' |
Receivables due from affiliates | 53,082 | 60,974 | ' | ' |
Inventories: | ' | ' | ' | ' |
Finished goods and work-in-process | 769,820 | 686,143 | ' | ' |
Packaging material and ingredients | 194,261 | 195,691 | ' | ' |
Total inventories | 964,081 | 881,834 | ' | ' |
Prepaid expenses | 111,161 | 127,870 | ' | ' |
Short-term lending due from affiliates | 401,814 | 602,059 | ' | ' |
Other current assets | 54,827 | 51,239 | ' | ' |
Total current assets | 4,763,088 | 4,479,792 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Property, plant and equipment, gross | 1,836,136 | 1,786,596 | ' | ' |
Less accumulated depreciation | 195,728 | 96,919 | ' | ' |
Total property, plant and equipment, net | 1,640,408 | 1,689,677 | ' | ' |
Other non-current assets: | ' | ' | ' | ' |
Goodwill | 6,523,350 | 6,515,336 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Trademarks, net | 6,877,120 | 6,846,773 | ' | ' |
Other intangibles, net | 886,462 | 887,939 | ' | ' |
Long-term lending due from affiliates | 204,660 | 202,767 | ' | ' |
Other non-current assets | 616,925 | 538,070 | ' | ' |
Total other non-current assets | 15,108,517 | 14,990,885 | ' | ' |
Total assets | 21,512,013 | 21,160,354 | ' | ' |
Short-term Debt | 130,729 | 143,689 | ' | ' |
Due to Affiliate, Current | 967 | 23,846 | ' | ' |
Long-term Debt and Capital Lease Obligations, Current | 11,778 | 12,335 | ' | ' |
Accounts Payable, Trade, Current | 961,497 | 852,049 | ' | ' |
Accounts Payable, Related Parties, Current | 89,356 | 56,591 | ' | ' |
Accounts Payable, Other, Current | 86,724 | 129,275 | ' | ' |
Accrued marketing | 274,582 | 289,437 | ' | ' |
Other Liabilities, Current | 367,004 | 406,841 | ' | ' |
Taxes Payable, Current | 44,271 | 49,287 | ' | ' |
Liabilities, Current | 1,966,908 | 1,963,350 | ' | ' |
Long-term Debt and Capital Lease Obligations | 276,914 | 276,583 | ' | ' |
Due to Affiliate, Noncurrent | 1,640,847 | 1,554,633 | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 1,409,264 | 1,419,974 | ' | ' |
Other Postretirement Defined Benefit Plan, Liabilities, Noncurrent | 53,283 | 54,504 | ' | ' |
Other Liabilities, Noncurrent | 146,343 | 121,212 | ' | ' |
Total long-term liabilities | 3,526,651 | 3,426,906 | ' | ' |
Redeemable noncontrolling interest | 30,067 | 29,885 | ' | ' |
Sum of capital stock, additional capital and retained earnings | 15,764,120 | 15,524,371 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 224,267 | 215,842 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 15,988,387 | 15,740,213 | ' | ' |
Liabilities and Equity | 21,512,013 | 21,160,354 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Trade receivables | 0 | 0 | ' | ' |
Other receivables | 0 | 0 | ' | ' |
Receivables due from affiliates | -204,459 | -166,344 | ' | ' |
Inventories: | ' | ' | ' | ' |
Finished goods and work-in-process | 0 | 0 | ' | ' |
Packaging material and ingredients | 0 | 0 | ' | ' |
Total inventories | 0 | 0 | ' | ' |
Prepaid expenses | -5,454 | -21,118 | ' | ' |
Short-term lending due from affiliates | -1,953,945 | -2,442,338 | ' | ' |
Other current assets | -15,641 | -41,501 | ' | ' |
Total current assets | -2,179,499 | -2,671,301 | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' |
Property, plant and equipment, gross | 0 | 0 | ' | ' |
Less accumulated depreciation | 0 | 0 | ' | ' |
Total property, plant and equipment, net | 0 | 0 | ' | ' |
Other non-current assets: | ' | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Investments in subsidiaries | -58,423,052 | -57,831,452 | ' | ' |
Trademarks, net | 0 | 0 | ' | ' |
Other intangibles, net | 0 | 0 | ' | ' |
Long-term lending due from affiliates | -3,585,666 | -3,508,150 | ' | ' |
Other non-current assets | 0 | -27,796 | ' | ' |
Total other non-current assets | -62,008,718 | -61,367,398 | ' | ' |
Total assets | -64,188,217 | -64,038,699 | ' | ' |
Short-term Debt | 0 | 0 | ' | ' |
Due to Affiliate, Current | -1,953,945 | -2,442,338 | ' | ' |
Long-term Debt and Capital Lease Obligations, Current | 0 | 0 | ' | ' |
Accounts Payable, Trade, Current | 0 | 0 | ' | ' |
Accounts Payable, Related Parties, Current | -204,459 | -166,344 | ' | ' |
Accounts Payable, Other, Current | 0 | 0 | ' | ' |
Accrued marketing | 0 | 0 | ' | ' |
Other Liabilities, Current | -5,454 | -21,118 | ' | ' |
Taxes Payable, Current | -15,641 | -41,501 | ' | ' |
Liabilities, Current | -2,179,499 | -2,671,301 | ' | ' |
Long-term Debt and Capital Lease Obligations | 0 | 0 | ' | ' |
Due to Affiliate, Noncurrent | -3,845,507 | -3,757,399 | ' | ' |
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | ' | ' |
Other Postretirement Defined Benefit Plan, Liabilities, Noncurrent | 0 | -27,796 | ' | ' |
Other Liabilities, Noncurrent | 0 | 0 | ' | ' |
Total long-term liabilities | -3,845,507 | -3,785,195 | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' |
Sum of capital stock, additional capital and retained earnings | -58,163,211 | -57,582,203 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -58,163,211 | -57,582,203 | ' | ' |
Liabilities and Equity | ($64,188,217) | ($64,038,699) | ' | ' |
Supplemental_Financial_Informa5
Supplemental Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 24, 2013 |
Net Cash Provided by (Used in) Operating Activities | $301,370 | $490,428 |
Payments to Acquire Property, Plant, and Equipment | -61,583 | -99,699 |
Payments for (Proceeds from) Loans and Leases | 0 | 0 |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 0 | ' |
Payments to Acquire Additional Interest in Subsidiaries | ' | 0 |
Payments for (Proceeds from) Other Investing Activities | 18,616 | 3,510 |
Net Cash Provided by (Used in) Investing Activities | -42,967 | -96,189 |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | -24,648 | -7,129 |
Proceeds from (Repayments of) Related Party Debt | 0 | 0 |
Net Proceeds Payments On Commercial Paper And Short Term Debt | -12,565 | -309,831 |
Payments of Dividends | -180,000 | -165,601 |
Proceeds from (Payments for) Other Financing Activities | 466 | -46,087 |
Net Cash Provided by (Used in) Financing Activities | -216,747 | -524,800 |
Effect of Exchange Rate on Cash and Cash Equivalents | 14,584 | -109,384 |
Cash and Cash Equivalents, Period Increase (Decrease) | 56,240 | -239,945 |
Cash and cash equivalents | 2,515,232 | 2,042,475 |
Proceeds from Issuance of Long-term Debt | ' | 3,221 |
Proceeds from Stock Options Exercised | ' | 18,389 |
Payments for Repurchase of Common Stock | ' | -17,762 |
Proceeds from (Repurchase of) Equity | ' | 0 |
Parent | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 0 | ' |
Payments to Acquire Property, Plant, and Equipment | 0 | ' |
Payments for (Proceeds from) Loans and Leases | 0 | ' |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 180,000 | ' |
Payments for (Proceeds from) Other Investing Activities | 0 | ' |
Net Cash Provided by (Used in) Investing Activities | 180,000 | ' |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 0 | ' |
Proceeds from (Repayments of) Related Party Debt | 0 | ' |
Net Proceeds Payments On Commercial Paper And Short Term Debt | 0 | ' |
Payments of Dividends | -180,000 | ' |
Proceeds from (Payments for) Other Financing Activities | 0 | ' |
Net Cash Provided by (Used in) Financing Activities | -180,000 | ' |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | ' |
Cash and cash equivalents | 0 | ' |
Issuer | ' | ' |
Net Cash Provided by (Used in) Operating Activities | -116,072 | -36,636 |
Payments to Acquire Property, Plant, and Equipment | -16,442 | -20,587 |
Payments for (Proceeds from) Loans and Leases | 287,461 | 0 |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 0 | ' |
Payments to Acquire Additional Interest in Subsidiaries | ' | -124,142 |
Payments for (Proceeds from) Other Investing Activities | 13,999 | 0 |
Net Cash Provided by (Used in) Investing Activities | 285,018 | -144,729 |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | -23,750 | 0 |
Proceeds from (Repayments of) Related Party Debt | -1,918 | 347,957 |
Net Proceeds Payments On Commercial Paper And Short Term Debt | 0 | 0 |
Payments of Dividends | -180,000 | -165,601 |
Proceeds from (Payments for) Other Financing Activities | 466 | -1,613 |
Net Cash Provided by (Used in) Financing Activities | -205,202 | 181,370 |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | -36,256 | 5 |
Cash and cash equivalents | 12,140 | 5 |
Proceeds from Issuance of Long-term Debt | ' | 0 |
Proceeds from Stock Options Exercised | ' | 18,389 |
Payments for Repurchase of Common Stock | ' | -17,762 |
Proceeds from (Repurchase of) Equity | ' | 0 |
Guarantors | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 219,658 | 239,950 |
Payments to Acquire Property, Plant, and Equipment | -21,198 | -17,332 |
Payments for (Proceeds from) Loans and Leases | -74,936 | -314,979 |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 0 | ' |
Payments to Acquire Additional Interest in Subsidiaries | ' | -132 |
Payments for (Proceeds from) Other Investing Activities | 4,426 | -790 |
Net Cash Provided by (Used in) Investing Activities | -91,708 | -333,233 |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | -38 | -3,464 |
Proceeds from (Repayments of) Related Party Debt | -464,424 | 223,933 |
Net Proceeds Payments On Commercial Paper And Short Term Debt | 0 | -275,737 |
Payments of Dividends | 0 | 0 |
Proceeds from (Payments for) Other Financing Activities | 0 | -44,474 |
Net Cash Provided by (Used in) Financing Activities | -464,462 | 19,569 |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | -336,512 | -73,714 |
Cash and cash equivalents | 607,229 | 124,574 |
Proceeds from Issuance of Long-term Debt | ' | 0 |
Proceeds from Stock Options Exercised | ' | 0 |
Payments for Repurchase of Common Stock | ' | 0 |
Proceeds from (Repurchase of) Equity | ' | 119,311 |
Non-Guarantors | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 197,784 | 335,207 |
Payments to Acquire Property, Plant, and Equipment | -23,943 | -61,780 |
Payments for (Proceeds from) Loans and Leases | 201,072 | -221,374 |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 0 | ' |
Payments to Acquire Additional Interest in Subsidiaries | ' | 0 |
Payments for (Proceeds from) Other Investing Activities | 191 | 4,300 |
Net Cash Provided by (Used in) Investing Activities | 177,320 | -278,854 |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | -860 | -3,665 |
Proceeds from (Repayments of) Related Party Debt | 52,745 | -35,537 |
Net Proceeds Payments On Commercial Paper And Short Term Debt | -12,565 | -34,094 |
Payments of Dividends | 0 | -48,093 |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 39,320 | -113,205 |
Effect of Exchange Rate on Cash and Cash Equivalents | 14,584 | -109,384 |
Cash and Cash Equivalents, Period Increase (Decrease) | 429,008 | -166,236 |
Cash and cash equivalents | 1,895,863 | 1,917,896 |
Proceeds from Issuance of Long-term Debt | ' | 3,221 |
Proceeds from Stock Options Exercised | ' | 0 |
Payments for Repurchase of Common Stock | ' | 0 |
Proceeds from (Repurchase of) Equity | ' | 4,963 |
Eliminations | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 0 | -48,093 |
Payments to Acquire Property, Plant, and Equipment | 0 | 0 |
Payments for (Proceeds from) Loans and Leases | -413,597 | 536,353 |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | -180,000 | ' |
Payments to Acquire Additional Interest in Subsidiaries | ' | 124,274 |
Payments for (Proceeds from) Other Investing Activities | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities | -593,597 | 660,627 |
Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities | 0 | 0 |
Proceeds from (Repayments of) Related Party Debt | 413,597 | -536,353 |
Net Proceeds Payments On Commercial Paper And Short Term Debt | 0 | 0 |
Payments of Dividends | 180,000 | 48,093 |
Proceeds from (Payments for) Other Financing Activities | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 593,597 | -612,534 |
Effect of Exchange Rate on Cash and Cash Equivalents | 0 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 |
Cash and cash equivalents | 0 | 0 |
Proceeds from Issuance of Long-term Debt | ' | 0 |
Proceeds from Stock Options Exercised | ' | 0 |
Payments for Repurchase of Common Stock | ' | 0 |
Proceeds from (Repurchase of) Equity | ' | ($124,274) |