Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 28, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'H. J. Heinz Corp II |
Entity Central Index Key | '0001600508 |
Document Type | '10-Q |
Document Period End Date | 28-Sep-14 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
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 | 7 Months Ended | 9 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | ||||
Successor | Successor | Successor | Successor | Predecessor | |||||
Sales | $2,593,885 | $2,646,577 | $3,150,003 | $8,122,481 | $5,203,698 | ||||
Cost of products sold | 1,677,862 | 1,986,414 | 2,437,138 | 5,368,258 | 3,316,896 | ||||
Gross profit | 916,023 | 660,163 | 712,865 | 2,754,223 | 1,886,802 | ||||
Selling, general and administrative expenses | 506,896 | 571,859 | 680,598 | 1,539,209 | 1,125,466 | ||||
Merger related costs | 0 | [1] | 97,798 | [1] | 153,791 | 0 | [1] | 157,002 | [1] |
Operating (loss)/income | 409,127 | -9,494 | -121,524 | 1,215,014 | 604,334 | ||||
Interest income | 9,198 | 6,250 | 7,260 | 21,665 | 10,213 | ||||
Interest expense | 166,667 | 167,161 | 227,230 | 503,601 | 130,413 | ||||
Unrealized gain on derivative instruments | 0 | 0 | 117,934 | 0 | 0 | ||||
Other expense, net | -37,450 | -9,819 | -8,928 | -101,241 | -182,618 | ||||
(Loss)/income from continuing operations before income taxes | 214,208 | -180,224 | -232,488 | 631,837 | 301,516 | ||||
(Benefit from)/provision for income taxes | 40,227 | -175,729 | -186,856 | 124,851 | 160,166 | ||||
Income/(loss) from continuing operations | 173,981 | -4,495 | -45,632 | 506,986 | 141,350 | ||||
Loss from discontinued operations, net of tax | 0 | -4,909 | -4,909 | 0 | -39,663 | ||||
Net (loss)/income | 173,981 | -9,404 | -50,541 | 506,986 | 101,687 | ||||
Net income/(loss) | 171,618 | -11,767 | -52,911 | 493,537 | 95,002 | ||||
Amounts attributable to the H.J. Heinz Company shareholders: | ' | ' | ' | ' | ' | ||||
(Loss)/income from continuing operations, net of tax | 171,618 | -6,858 | -48,002 | 493,537 | 134,665 | ||||
Loss from discontinued operations, net of tax | 0 | -4,909 | -4,909 | 0 | -39,663 | ||||
Net income/(loss) | $171,618 | ($11,767) | ($52,911) | $493,537 | $95,002 | ||||
[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 | 6 Months Ended | 7 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 22, 2013 | Jun. 07, 2013 | Sep. 22, 2013 | Sep. 28, 2014 |
Net income/(loss) | $173,981 | ($9,404) | $101,687 | ($50,541) | $506,986 |
Other comprehensive (loss)/income, net of tax: | ' | ' | ' | ' | ' |
Comprehensive (loss)/income attributable to H. J. Heinz Corporation II | -267,981 | 281,846 | -281,174 | 186,191 | -6,977 |
Successor | ' | ' | ' | ' | ' |
Net income/(loss) | 173,981 | -9,404 | ' | -50,541 | 506,986 |
Other comprehensive (loss)/income, net of tax: | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | -444,255 | 288,007 | ' | 120,521 | -309,312 |
Net pension and post retirement benefit losses | -25,481 | 0 | ' | 0 | -53,366 |
Reclassification of net pension and post-retirement benefit gains to net income | -986 | 0 | ' | 0 | -2,965 |
Net deferred gains/(losses) on derivatives from periodic revaluations | 23,099 | -3,323 | ' | 103,979 | -136,221 |
Net deferred losses/(gains) on derivatives reclassified to earnings | 3,865 | -1,219 | ' | -1,219 | -193 |
Total comprehensive (loss)/income | -269,777 | 274,061 | ' | 172,740 | 4,929 |
Comprehensive income attributable to the noncontrolling interest | 1,796 | 7,785 | ' | 13,451 | -11,906 |
Comprehensive (loss)/income attributable to H. J. Heinz Corporation II | -267,981 | 281,846 | ' | 186,191 | -6,977 |
Predecessor | ' | ' | ' | ' | ' |
Net income/(loss) | ' | ' | 101,687 | ' | ' |
Other comprehensive (loss)/income, net of tax: | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | ' | -236,495 | ' | ' |
Net pension and post retirement benefit losses | ' | ' | -189,294 | ' | ' |
Reclassification of net pension and post-retirement benefit gains to net income | ' | ' | 26,867 | ' | ' |
Net deferred gains/(losses) on derivatives from periodic revaluations | ' | ' | -4,978 | ' | ' |
Net deferred losses/(gains) on derivatives reclassified to earnings | ' | ' | 22,674 | ' | ' |
Total comprehensive (loss)/income | ' | ' | -279,539 | ' | ' |
Comprehensive income attributable to the noncontrolling interest | ' | ' | -1,635 | ' | ' |
Comprehensive (loss)/income attributable to H. J. Heinz Corporation II | ' | ' | ($281,174) | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $2,854,109 | $2,458,992 |
Trade receivables, net | 812,038 | 1,099,655 |
Other receivables | 320,513 | 244,528 |
Inventories: | ' | ' |
Finished goods and work-in-process | 1,185,658 | 1,138,373 |
Packaging material and ingredients | 226,652 | 297,023 |
Total inventories | 1,412,310 | 1,435,396 |
Prepaid expenses | 150,743 | 145,096 |
Other current assets | 86,265 | 60,458 |
Total current assets | 5,635,978 | 5,444,125 |
Property, plant and equipment | 2,833,856 | 2,829,491 |
Less accumulated depreciation | 432,154 | 165,999 |
Total property, plant and equipment, net | 2,401,702 | 2,663,492 |
Goodwill | 15,167,591 | 15,070,062 |
Trademarks, net | 11,776,307 | 12,130,873 |
Other intangibles, net | 1,906,351 | 2,358,781 |
Other non-current assets | 1,167,487 | 1,305,015 |
Total other non-current assets | 30,017,736 | 30,864,731 |
Total assets | 38,055,416 | 38,972,348 |
Current Liabilities: | ' | ' |
Short-term debt | 904 | 143,689 |
Portion of long-term debt due within one year | 108,538 | 107,765 |
Trade payables | 1,394,231 | 1,192,074 |
Other payables | 117,446 | 148,193 |
Accrued trade promotions and marketing | 329,673 | 370,329 |
Other accrued liabilities | 688,543 | 760,621 |
Income taxes | 265,987 | 202,188 |
Total current liabilities | 2,905,322 | 2,924,859 |
Long-term debt | 14,530,430 | 14,617,646 |
Deferred income taxes | 3,954,374 | 4,160,903 |
Non-pension postretirement benefits | 191,386 | 196,372 |
Other non-current liabilities | 457,321 | 529,425 |
Total long-term liabilities | 19,133,511 | 19,504,346 |
Redeemable noncontrolling interest | 29,315 | 29,885 |
Equity: | ' | ' |
Total H. J. Heinz Corporation II shareholder equity | 15,760,962 | 16,297,416 |
Noncontrolling interest | 226,306 | 215,842 |
Total equity | 15,987,268 | 16,513,258 |
Total liabilities and equity | 38,055,416 | 38,972,348 |
Successor | ' | ' |
Current Assets: | ' | ' |
Cash and cash equivalents | 2,854,109 | 2,458,992 |
Trade receivables, net | 812,038 | 1,099,655 |
Other receivables | 320,513 | 244,528 |
Inventories: | ' | ' |
Finished goods and work-in-process | 1,185,658 | 1,138,373 |
Packaging material and ingredients | 226,652 | 297,023 |
Total inventories | 1,412,310 | 1,435,396 |
Prepaid expenses | 150,743 | 145,096 |
Other current assets | 86,265 | 60,458 |
Total current assets | 5,635,978 | 5,444,125 |
Property, plant and equipment | 2,833,856 | 2,829,491 |
Less accumulated depreciation | 432,154 | 165,999 |
Total property, plant and equipment, net | 2,401,702 | 2,663,492 |
Goodwill | 15,167,591 | 15,070,062 |
Trademarks, net | 11,776,307 | 12,130,873 |
Other intangibles, net | 1,906,351 | 2,358,781 |
Other non-current assets | 1,167,487 | 1,305,015 |
Total other non-current assets | 30,017,736 | 30,864,731 |
Total assets | 38,055,416 | 38,972,348 |
Current Liabilities: | ' | ' |
Short-term debt | 904 | 143,689 |
Portion of long-term debt due within one year | 108,538 | 107,765 |
Trade payables | 1,394,231 | 1,192,074 |
Other payables | 117,446 | 148,193 |
Accrued interest | 173,981 | 172,340 |
Accrued trade promotions and marketing | 329,673 | 370,329 |
Other accrued liabilities | 514,562 | 588,281 |
Income taxes | 265,987 | 202,188 |
Total current liabilities | 2,905,322 | 2,924,859 |
Long-term debt | 14,530,430 | 14,617,646 |
Deferred income taxes | 3,954,374 | 4,160,903 |
Non-pension postretirement benefits | 191,386 | 196,372 |
Other non-current liabilities | 457,321 | 529,425 |
Total long-term liabilities | 19,133,511 | 19,504,346 |
Redeemable noncontrolling interest | 29,315 | 29,885 |
Equity: | ' | ' |
Capital stock | 16,016,516 | 16,140,000 |
Additional capital | 11,950 | 1,427 |
Accumulated deficit | 0 | -77,021 |
Accumulated other comprehensive (loss)/income | -267,504 | 233,010 |
Total H. J. Heinz Corporation II shareholder equity | 15,760,962 | 16,297,416 |
Noncontrolling interest | 226,306 | 215,842 |
Total equity | 15,987,268 | 16,513,258 |
Total liabilities and equity | $38,055,416 | $38,972,348 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 7 Months Ended | 9 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 |
Successor | Successor | Predecessor | |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ($50,541) | $506,986 | $101,687 |
Adjustments to reconcile net income to cash provided by/ (used for) operating activities: | ' | ' | ' |
Depreciation | 85,110 | 354,298 | 143,516 |
Amortization | 22,256 | 74,324 | 21,044 |
Amortization of deferred debt related costs | 14,831 | 33,976 | 18,494 |
Inventory fair value step-up charged to cost of products sold | 383,300 | 0 | 0 |
Deferred taxes | -166,666 | -139,607 | -47,655 |
Net loss on divestitures | 1,955 | 0 | 34,616 |
Pension contributions | -93,095 | -59,418 | -28,281 |
Impairment loss on indefinite-lived trademarks | 0 | 61,774 | 0 |
Unrealized gain on derivative instruments | -117,934 | 0 | 0 |
Other items, net | -4,746 | 113,284 | 71,496 |
Changes in current assets and liabilities, excluding effects of acquisitions and divestitures: | ' | ' | ' |
Receivables (includes proceeds from securitization) | -6,209 | 103,351 | 83,062 |
Inventories | 71,552 | -26,697 | 46,306 |
Prepaid expenses and other current assets | 21,085 | -7,512 | 16,368 |
Accounts payable | -166,055 | 185,175 | 65,310 |
Accrued liabilities | -55,692 | -87,890 | 124,006 |
Income taxes | -131,453 | 220,237 | 17,582 |
Cash provided by/(used for) operating activities | -192,302 | 1,332,281 | 667,551 |
Cash Flows from Investing Activities: | ' | ' | ' |
Capital expenditures | -71,135 | -247,450 | -291,417 |
Proceeds from disposals of property, plant and equipment | 292 | 42,066 | 2,579 |
Proceeds from divestitures | 25,987 | 0 | 0 |
Acquisitions, net of cash received | -21,494,287 | 0 | 0 |
Other items, net | -29,568 | -3,835 | 30,683 |
Cash used for investing activities | -21,568,711 | -209,219 | -258,155 |
Cash Flows from Financing Activities: | ' | ' | ' |
Payments on long-term debt | -2,645,906 | -74,597 | -449,847 |
Proceeds from long-term debt | 12,573,734 | 1,586 | 4,968 |
Debt issuance costs | -320,824 | 0 | 0 |
Net (payments)/proceeds on commercial paper and short-term debt | -1,656,924 | -11,338 | 297,215 |
Dividends | -180,000 | -540,000 | -331,654 |
Exercise of stock options | 0 | 0 | 19,387 |
Purchase of treasury stock | 0 | 0 | -17,762 |
Capital contributions | 16,500,000 | 0 | 0 |
Other items, net | 26,073 | 13,794 | -3,673 |
Cash (used for)/provided by financing activities | 24,296,153 | -610,555 | -481,366 |
Effect of exchange rate changes on cash and cash equivalents | -3,630 | -117,390 | -140,483 |
Net increase/(decrease) in cash and cash equivalents | 2,531,510 | 395,117 | -212,453 |
Cash and cash equivalents at beginning of year | 0 | 2,458,992 | 2,282,420 |
Cash and cash equivalents at end of period | $2,531,510 | $2,854,109 | $2,069,967 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 28, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Organization | |
On August 1, 2014, the Company's Board of Directors approved a change to the Company's name from Hawk Acquisition Intermediate Corporation II to H. J. Heinz Corporation II. | |
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 H. J. Heinz Corporation II (formerly 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 Holdings, Heinz, 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 are 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 13 and 18). As a result of the Registration Statement becoming effective on May 7, 2014, Holdings became the registrant within which Heinz is consolidated. Holdings has no operations and its Balance Sheet is comprised solely of its investment in Heinz and share capital owned by its parent, Hawk Acquisition Intermediate Corporation I. | |
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 condensed 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 condensed 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. The accompanying prior year condensed consolidated statement of operations has been revised to conform to the current year presentation and to correctly classify amortization of debt issue costs in interest expense resulting in an increase in interest expense and a corresponding decrease in other expense, net in the amount of $12.3 million for the quarter ended September 22, 2013 and $14.8 million for the period from February 8, 2013 to September 22, 2013. | |
Successor - the condensed consolidated financial statements as of September 28, 2014, and for the period from February 8, 2013 through September 28, 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 from June 8, 2013 to December 29, 2013 as presented in the Registration Statement on Form S-4 which became effective May 7, 2014. The activity in Merger Subsidiary for the period from February 8, 2013 to June 7, 2013 related primarily to the issuance of the Exchange Notes and recognition of associated issuance costs and interest expense. The cash from the Exchange Notes was invested in a money market account until the completion of the Merger on June 7, 2013. | |
Predecessor - the condensed consolidated financial statements of the Company prior to the Merger on June 7, 2013. | |
Change In Fiscal Year | |
On October 21, 2013, the Company's Board of Directors approved a change in the Company's 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 interim filings on Form 10-Q are now reported in accordance with the new fiscal year ending December 28, 2014. | |
The interim condensed consolidated financial statements of the Company are unaudited and have been prepared following the rules and regulations of the United States Securities and Exchange Commission ("SEC"). 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 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. | |
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 | 9 Months Ended | |||
Sep. 28, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Merger 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. | ||||
The total consideration paid in connection with the Merger was approximately $28.75 billion, including the assumption of Heinz's outstanding debt. The allocation of consideration to the net tangible and intangible assets acquired and liabilities assumed in the Merger reflects fair value estimates based on management analysis, including work performed by third-party valuation specialists. | ||||
The following is a summary of the final 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 | 2,685,880 | |||
Trademark and other intangibles | 13,914,059 | |||
Other non-current assets | 675,998 | |||
Trade and other payables | (2,741,809 | ) | ||
Long term debt | (3,021,656 | ) | ||
Deferred income tax liabilities | (4,055,544 | ) | ||
Non-pension postretirement benefits and other noncurrent liabilities | (670,822 | ) | ||
Redeemable non controlling interest and non controlling interest | (258,008 | ) | ||
Net assets acquired | 13,486,244 | |||
Goodwill on acquisition | 15,266,720 | |||
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 measurement period adjustments to the preliminary purchase price allocation primarily reflecting (1) a decrease in indefinite-lived trademarks of approximately $492.9 million, (2) an increase in long term deferred income tax assets of $24.0 million, (3) a decrease in long term deferred tax liabilities of $165.8 million, (4) a reduction in current income taxes payable of $58.6 million and (5) an increase in goodwill of approximately $249.9 million. These measurement period adjustments were made to reflect facts and circumstances existing as of the acquisition date, and did not result from intervening events subsequent to the acquisition date. These adjustments did not have a significant impact on the Company’s previously reported consolidated financial statements and, therefore, the Company has not retrospectively adjusted those financial statements. | ||||
The total non tax deductible goodwill relating to the Merger is $15.27 billion. The goodwill recognized relates principally to Heinz's established global organization, reputation and strategic positioning. | ||||
In the Successor period from February 8, 2013 to September 22, 2013, the Company incurred $153.8 million of Merger related costs, consisting mostly of professional fees. These amounts are separately reflected in Merger related costs in the accompanying condensed consolidated statement of operations. | ||||
In the Predecessor period from December 24, 2012 to June 7, 2013, the Company incurred $157.0 million of Merger related costs, including $48.1 million resulting from the acceleration of expense for stock options, restricted stock units and other compensation plans pursuant to the existing change in control provisions of those plans, and the remainder in professional fees. These amounts are separately reflected in Merger related costs in the accompanying condensed consolidated statements of operations for the Predecessor period. The Company also recorded a loss from the extinguishment of debt in the Predecessor periods presented of approximately $129.4 million for debt required to be repaid upon closing as a result of the change in control which is reflected in other expense, net, in the accompanying condensed consolidated statements of operations. | ||||
The following unaudited pro forma financial data summarizes the Company's results of operations as if the transaction had occurred as of April 30, 2012 (the beginning of the fiscal year ended April 29, 2013). 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. | ||||
Third Quarter Ended | ||||
22-Sep-13 | ||||
(In thousands) | ||||
Revenue | $ | 2,646,577 | ||
Income from continuing operations attributable to H. J. Heinz Corporation II | $ | 241,366 | ||
Nine Months Ended | ||||
22-Sep-13 | ||||
(In thousands) | ||||
Revenue | $ | 8,353,701 | ||
Income from continuing operations attributable to H. J. Heinz Corporation II | $ | 464,840 | ||
The most significant of the pro forma adjustments were to reflect the impact of Merger related costs, the unrealized gain on derivative instruments, higher cost of products sold associated with the purchase accounting adjustments related to the step-up in inventory, amortization of intangible assets and depreciation of property, plant and equipment, and higher interest expense associated with increased debt. |
Segments
Segments | 9 Months Ended | ||||||||||
Sep. 28, 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 runs 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, frozen potatoes, entrées, 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. 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 condensed consolidated statements of operations 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 tables present information about the Company’s reportable segments: | |||||||||||
Successor | |||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | ||||||||||
(In thousands) | |||||||||||
Net external sales: | |||||||||||
North America | $ | 982,162 | $ | 1,049,205 | |||||||
Europe | 695,991 | 693,632 | |||||||||
Asia/Pacific | 475,674 | 532,185 | |||||||||
Latin America | 265,889 | 211,709 | |||||||||
RIMEA | 174,169 | 159,846 | |||||||||
Consolidated Totals | $ | 2,593,885 | $ | 2,646,577 | |||||||
Segment Adjusted EBITDA: | |||||||||||
North America | $ | 281,313 | $ | 261,238 | |||||||
Europe | 205,408 | 143,656 | |||||||||
Asia/Pacific | 78,097 | 67,914 | |||||||||
Latin America | 69,566 | 29,988 | |||||||||
RIMEA | 29,132 | 19,551 | |||||||||
Non-Operating | (17,067 | ) | (25,383 | ) | |||||||
Adjusted EBITDA | 646,449 | 496,964 | |||||||||
Amortization of inventory step-up | — | 259,195 | |||||||||
Severance related costs(a) | 29,059 | 64,915 | |||||||||
Other restructuring costs(a) | 10,617 | 2,444 | |||||||||
Asset write-offs(a) | 38,429 | — | |||||||||
Other special items(b) | 59,987 | (10,937 | ) | ||||||||
Merger related costs(c) | — | 97,798 | |||||||||
Depreciation, including accelerated depreciation for restructuring | 70,571 | 72,272 | |||||||||
Amortization | 24,681 | 20,771 | |||||||||
Interest expense, net | 157,469 | 160,911 | |||||||||
Stock based compensation | 3,978 | — | |||||||||
Other expense, net | 37,450 | 9,819 | |||||||||
Income/(loss) from continuing operations before income tax | $ | 214,208 | $ | (180,224 | ) | ||||||
______________________________________ | |||||||||||
(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 U.S. SAP go-live, which was launched in the second quarter of 2014, along with equipment relocation charges, severance and consulting and advisory charges not specifically related to restructuring activities and other items that management believes do not directly reflect our core operations. | ||||||||||
(c) | See Note 2 for further details on Merger related costs. | ||||||||||
Successor | Predecessor | ||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | |||||||||
(In thousands) | |||||||||||
Net external sales: | |||||||||||
North America | $ | 3,116,979 | $ | 1,222,895 | $ | 2,090,049 | |||||
Europe | 2,224,828 | 815,483 | 1,365,438 | ||||||||
Asia/Pacific | 1,551,039 | 652,785 | 1,023,379 | ||||||||
Latin America | 664,875 | 250,948 | 389,561 | ||||||||
RIMEA | 564,760 | 207,892 | 335,271 | ||||||||
Consolidated Totals | $ | 8,122,481 | $ | 3,150,003 | $ | 5,203,698 | |||||
Segment Adjusted EBITDA: | |||||||||||
North America | $ | 936,681 | $ | 294,634 | $ | 516,633 | |||||
Europe | 657,131 | 170,176 | 291,990 | ||||||||
Asia/Pacific | 258,078 | 84,372 | 137,292 | ||||||||
Latin America | 131,942 | 34,563 | 38,464 | ||||||||
RIMEA | 102,545 | 27,146 | 48,114 | ||||||||
Non-Operating | (58,317 | ) | (29,459 | ) | (86,184 | ) | |||||
Adjusted EBITDA | 2,028,060 | 581,432 | 946,309 | ||||||||
Amortization of inventory step-up | — | 383,300 | — | ||||||||
Severance related costs(a) | 112,756 | 67,500 | 1,866 | ||||||||
Other restructuring costs(a) | 48,985 | 2,444 | 3,659 | ||||||||
Asset write-offs(a) | 48,718 | — | — | ||||||||
Other special items(b) | 106,029 | (11,445 | ) | (11,908 | ) | ||||||
Merger related costs(c) | — | 153,791 | 157,002 | ||||||||
Unrealized gain on derivative instruments | — | (117,934 | ) | — | |||||||
Loss from extinguishment of debt | — | — | 129,367 | ||||||||
Foodstar earn-out(d) | — | — | 12,081 | ||||||||
Depreciation, including accelerated depreciation for restructuring | 354,298 | 85,110 | 143,516 | ||||||||
Amortization | 74,324 | 22,256 | 21,044 | ||||||||
Stock based compensation | 6,162 | — | 18,520 | ||||||||
Interest expense, net | 481,936 | 219,970 | 120,200 | ||||||||
Other expense, net | 101,241 | 8,928 | 49,446 | ||||||||
Impairment loss on indefinite-lived trademarks(e) | 61,774 | — | — | ||||||||
Income/(loss) from continuing operations before income tax | $ | 631,837 | $ | (232,488 | ) | $ | 301,516 | ||||
______________________________________ | |||||||||||
(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 U.S. SAP go-live, which was launched in the second quarter of 2014, along with equipment relocation charges, severance and consulting and advisory charges not specifically related to restructuring activities and other items that management believes do not directly reflect our core operations. | ||||||||||
(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. | ||||||||||
(e) | See Note 7 for further details on the impairment loss on indefinite-lived trademarks. | ||||||||||
The Company’s revenues are generated via the sale of products in the following categories: | |||||||||||
Successor | |||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | ||||||||||
(In thousands) | |||||||||||
Ketchup and Sauces | $ | 1,344,804 | $ | 1,319,400 | |||||||
Meals and Snacks | 887,417 | 932,927 | |||||||||
Infant/Nutrition | 273,018 | 280,141 | |||||||||
Other | 88,646 | 114,109 | |||||||||
Total | $ | 2,593,885 | $ | 2,646,577 | |||||||
Successor | Predecessor | ||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | |||||||||
(In thousands) | |||||||||||
Ketchup and Sauces | $ | 4,087,500 | $ | 1,577,483 | $ | 2,433,468 | |||||
Meals and Snacks | 2,737,328 | 1,089,553 | 1,863,421 | ||||||||
Infant/Nutrition | 859,368 | 333,784 | 546,873 | ||||||||
Other | 438,285 | 149,183 | 359,936 | ||||||||
Total | $ | 8,122,481 | $ | 3,150,003 | $ | 5,203,698 | |||||
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 28, 2014 | |
Accounting Policies [Abstract] | ' |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
In May 2014, the FASB announced the issuance of ASU 2014-09, which provides guidance for recognizing revenue from contracts with customers. The new guidance establishes a five-step model for recognizing revenue, which will supersede a number of existing revenue recognition requirements under U.S. GAAP, providing consistency across industries. The Company is required to adopt this standard for annual reporting periods beginning after December 15, 2016, and for interim and annual reporting periods thereafter. Earlier adoption is not permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. | |
In April 2014, the 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. | |
In July 2013, the FASB issued ASU 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 | 9 Months Ended | |||||||||||
Sep. 28, 2014 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Restructuring and Productivity Initiatives | ' | |||||||||||
Restructuring and Productivity Initiatives | ||||||||||||
During the transition period and the first nine months 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 September 28, 2014, these initiatives have resulted in the reduction of approximately 4,050 corporate and field positions across the Company's global business segments (excluding the factory closures noted below). With respect to these restructuring and productivity initiatives, the Company currently estimates it will incur total charges of approximately $300 million related to severance benefits and other severance-related expenses, of which $289 million has been incurred from project inception through September 28, 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 1,600, of which 1,450 had left the Company as of September 28, 2014. With respect to these factory closures, the Company currently estimates it will incur charges of approximately $91 million related to severance benefits and other severance-related expenses, of which $86 million has been incurred from project inception through September 28, 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. | ||||||||||||
Furthermore, the Company announced the planned closure of an additional factory in Europe in the first half of 2015 due to the expiration of a license to manufacture a non-core product. The number of employees expected to be impacted by this plant closure is approximately 200. With respect to this factory closure, the Company expects to incur charges of approximately $12 million related to severance benefits and other severance-related expenses which it recorded in the quarter ended September 28, 2014. In addition, the Company recognized $33 million in non-cash asset write-downs for impairment of long-lived assets to be disposed. | ||||||||||||
In the three and nine months ended September 28, 2014, the Company recorded pre-tax costs related to these initiatives of $80.9 million and $338.2 million, respectively, which were comprised of the following: | ||||||||||||
• | $29.1 million and $112.8 million, respectively, for severance and employee benefit costs relating to the reduction of corporate and field positions across the Company. | |||||||||||
• | $10.6 million and $49.0 million, respectively, associated with other implementation costs, primarily for professional fees, and contract and lease termination costs. | |||||||||||
• | $41.2 million and $176.4 million, respectively, relating to non-cash asset write-downs and accelerated depreciation for the planned closure and consolidation of 6 factories across the U.S., Canada and Europe. | |||||||||||
Of the $80.9 million and $338.2 million total pre-tax charges for the three and nine months ended September 28, 2014, $67.6 million and $292.9 million was recorded in cost of products sold and $13.3 million and $45.3 million in selling, general and administrative expenses ("SG&A"), respectively. | ||||||||||||
The Company recorded pre-tax costs related to these initiatives of $67.3 million in the three months ended September 22, 2013 (the Three Month Successor period) and $69.9 million in the Successor period from February 8, 2013 to September 22, 2013 (the Year-to-Date Successor period), respectively, which were comprised of the following: | ||||||||||||
• | $64.9 million for the Three Month Successor period and $67.5 million for the Year-to-Date Successor period, respectively, for severance and employee benefit costs relating to the reduction of corporate and field positions across the Company. | |||||||||||
• | $2.4 million for the Three Month Successor period and Year-to-Date Successor period associated with other implementation costs, primarily for professional fees, and contract and lease termination costs. | |||||||||||
Of the $67.3 million total pre-tax charges in the Three Month Successor period ended September 22, 2013, $20.8 million was recorded in cost of products sold and $46.5 million in SG&A, respectively. Of the $69.9 million total pre-tax charges in the Year-to-Date Successor period ended September 22, 2013, $23.2 million was recorded in Cost of products sold and $46.7 million in SG&A, respectively. | ||||||||||||
The Company does not include productivity charges in the results of its reportable segments. The pre-tax impact of allocating such charges to segment results would have been as follows: | ||||||||||||
Successor | ||||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | |||||||||||
(In millions) | ||||||||||||
North America | $ | 5.2 | $ | 39.2 | ||||||||
Europe | 63.1 | 1.4 | ||||||||||
Asia/Pacific | 8 | 3.5 | ||||||||||
Latin America | 3.5 | 15.3 | ||||||||||
RIMEA | 0.9 | 1 | ||||||||||
Non-Operating | 0.2 | 6.9 | ||||||||||
Total productivity charges | $ | 80.9 | $ | 67.3 | ||||||||
Successor | Predecessor | |||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | ||||||||||
(In millions) | ||||||||||||
North America | $ | 161.1 | $ | 39.2 | $ | — | ||||||
Europe | 126.4 | 1.4 | 3.6 | |||||||||
Asia/Pacific | 26.5 | 6.1 | 2.4 | |||||||||
Latin America | 3.7 | 15.3 | — | |||||||||
RIMEA | 2.5 | 1 | — | |||||||||
Non-Operating | 18 | 6.9 | — | |||||||||
Total productivity charges | $ | 338.2 | $ | 69.9 | $ | 6 | ||||||
Activity in other accrued liability balances for restructuring and productivity charges incurred by the Successor were as follows: | ||||||||||||
Severance and other severance related costs (a) | Other exit costs (b) | Total | ||||||||||
(In millions) | ||||||||||||
Accrual balance at December 29, 2013 | $ | 66.3 | $ | 41.6 | $ | 107.9 | ||||||
2014 Restructuring and productivity initiatives | 112.8 | 49 | 161.8 | |||||||||
Cash payments | (120.5 | ) | (59.8 | ) | (180.3 | ) | ||||||
Accrual balance at September 28, 2014 | $ | 58.6 | $ | 30.8 | $ | 89.4 | ||||||
______________________________________ | ||||||||||||
(a) The accrual balance for severance and other severance related costs at December 29, 2013 shown in the above table has been revised to correct the prior period disclosure, decreasing the balance by $27.0 million. The revision impacted only the disclosed amount and had no impact on the Company's condensed consolidated financial statements. | ||||||||||||
(b) Other exit costs primarily represent professional fees, and contract and lease termination costs. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||
Sep. 28, 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 condensed consolidated statements of operations for all periods presented. The following table presents summarized operating results for this discontinued operation: | |||||||||||
Successor | |||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | ||||||||||
(In millions) | |||||||||||
Sales | $ | — | $ | 3 | |||||||
Net loss | $ | — | $ | (4.9 | ) | ||||||
Successor | Predecessor | ||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | |||||||||
(In millions) | |||||||||||
Sales | $ | — | $ | 3 | $ | 26.5 | |||||
Net loss | $ | — | $ | (4.9 | ) | $ | (3.7 | ) | |||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Sep. 28, 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 September 28, 2014, by reportable segment, are as follows: | ||||||||||||||||||||||||
North America | Europe | Asia/Pacific | Latin America | RIMEA | Total | |||||||||||||||||||
Successor | (In thousands) | |||||||||||||||||||||||
Balance at December 29, 2013 | $ | 9,853,578 | $ | 3,704,658 | $ | 1,026,979 | $ | 210,916 | $ | 273,931 | $ | 15,070,062 | ||||||||||||
Purchase accounting adjustments | 215,034 | (56,853 | ) | 46,293 | 48,738 | (3,299 | ) | 249,913 | ||||||||||||||||
Translation adjustments | (45,770 | ) | (85,294 | ) | (11,231 | ) | (11,091 | ) | 1,002 | (152,384 | ) | |||||||||||||
Balance at September 28, 2014 | $ | 10,022,842 | $ | 3,562,511 | $ | 1,062,041 | $ | 248,563 | $ | 271,634 | $ | 15,167,591 | ||||||||||||
The Company revised its changes in the carrying amount of goodwill table presented herein to correct the allocation of balance at December 29, 2013 and purchase accounting adjustments by reportable segment having the following impacts: | ||||||||||||||||||||||||
• | Increasing North America purchase accounting adjustments by $96 million. | |||||||||||||||||||||||
• | Decreasing Europe balance at December 29, 2013 by $5 million and decreasing purchase accounting adjustments by $143 million. | |||||||||||||||||||||||
• | Decreasing Asia/Pacific balance at December 29, 2013 by $21 million and increasing purchase accounting adjustments by $29 million. | |||||||||||||||||||||||
• | Increasing LATAM purchase accounting adjustments by $44 million. | |||||||||||||||||||||||
• | Increasing RIMEA balance at December 29, 2013 by $26 million and decreasing purchase accounting adjustments by $26 million. | |||||||||||||||||||||||
The revisions had no impact on the Company's condensed consolidated financial statements as of December 29, 2013 or for the transition period then ended. The revisions also had no impact on the condensed consolidated financial statements as of September 28, 2014 or for the period then ended. | ||||||||||||||||||||||||
The Company is required to perform an impairment assessment for goodwill and other indefinite lived intangible assets within one year of their acquisition date (June 7, 2013). As such, the Company performed an impairment assessment of goodwill and other indefinite lived intangible assets as of the first day of the second quarter of 2014. As a result, the Company took a non-cash impairment charge of $62 million classified as cost of products sold in the Successor period from March 31 to June 29, 2014, on its indefinite lived trademarks, primarily in its North American frozen meals and snacks business due to continued category softness driving lower than anticipated sales. Because the indefinite-lived intangible assets were adjusted to their estimated fair values in connection with the Merger, there is not a significant excess of fair value over the carrying values as of September 28, 2014. If current expectations of future growth rates are not met or specific valuation factors outside of our control, such as discount rates, change significantly, then one or more trademarks might become impaired in the future. There was no impairment of goodwill as a result of this assessment and there are no accumulated impairment losses to goodwill as of September 28, 2014. | ||||||||||||||||||||||||
Intangible assets not subject to amortization at September 28, 2014 totaled $12.3 billion and consisted of $11.8 billion of trademarks, $484.8 million of licenses, and $46.2 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 decrease in intangible assets not subject to amortization since December 29, 2013 is due to final purchase accounting adjustments to trademarks, the non-cash impairment noted above and foreign currency translation adjustments. | ||||||||||||||||||||||||
Other intangible assets at September 28, 2014 and December 29, 2013 subject to amortization expense are as follows: | ||||||||||||||||||||||||
September 28, 2014 | December 29, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Customer-related assets | $ | 1,351,001 | $ | (85,301 | ) | $ | 1,265,700 | $ | 1,375,876 | $ | (35,773 | ) | $ | 1,340,103 | ||||||||||
Licenses | 119,325 | (24,547 | ) | 94,778 | 119,714 | (10,030 | ) | 109,684 | ||||||||||||||||
Other | 16,369 | (1,494 | ) | 14,875 | 24,665 | (1,118 | ) | 23,547 | ||||||||||||||||
$ | 1,486,695 | $ | (111,342 | ) | $ | 1,375,353 | $ | 1,520,255 | $ | (46,921 | ) | $ | 1,473,334 | |||||||||||
The following tables summarize amortization expense for customer-related and other intangible assets for the periods presented: | ||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Amortization of customer-related and other intangible assets | $ | 22,632 | $ | 19,254 | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Amortization of customer-related and other intangible assets | $ | 68,327 | $ | 20,259 | $ | 13,673 | ||||||||||||||||||
Based upon the amortizable intangible assets recorded on the balance sheet as of September 28, 2014, average annual amortization expense for each of the next five years is estimated to be approximately $82.4 million. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 28, 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., through Fiscal 2009 for Australia and Canada, and through Fiscal 2008 for Italy. | |
Tax expense was $124.9 million or 19.8% of pretax income for the nine months ended September 28, 2014, compared with a tax benefit of $186.9 million or 80.4% of pretax loss for the Successor period from February 8 to September 22, 2013, and tax expense of $160.2 million or 53.1% of pretax income for the Predecessor period from December 24, 2012 to June 7, 2013. The Predecessor period effective tax rate is higher than the current and prior year Successor periods' effective tax rates primarily due to significant repatriation costs incurred as a result of distributions of foreign earnings during the Predecessor period. The prior year Successor period included a $106.7 million benefit related to the impact on deferred taxes of a 300 basis point statutory tax rate reduction in the United Kingdom which was enacted during July 2013. Both the Predecessor and prior year Successor periods included nondeductible transaction costs which increased the effective tax rate in comparison with the current period. The Company's effective tax rate in 2014 is lower than the federal statutory rate of 35% primarily due to lower tax rates on earnings in certain foreign jurisdictions and the effects of tax free interest. | |
The total amount of gross unrecognized tax benefits for uncertain tax positions, including positions impacting only the timing of tax benefits, was $68.3 million and $53.1 million on September 28, 2014 and December 29, 2013, respectively. The amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $54.9 million and $44.9 million on September 28, 2014 and December 29, 2013, respectively. It is reasonably possible that the amount of unrecognized tax benefits will decrease by as much as $23.4 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 September 28, 2014 and December 29, 2013 were $13.3 million and $10.7 million, respectively. The corresponding amounts of accrued penalties at September 28, 2014 and December 29, 2013 were $8.3 million and $8.5 million, respectively. |
Employees_Stock_Incentive_Plan
Employees' Stock Incentive Plans and Management Incentive Plans | 9 Months Ended | |||||||||||
Sep. 28, 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. | ||||||||||||
On February 14, 2014 and May 21, 2014, Parent granted non-qualified stock options under the 2013 Omnibus Plan to purchase up to 3,878,805 and 4,700,000 shares respectively 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. The February 14, 2014 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. | ||||||||||||
Of the options granted on October 16, 2013, February 14, 2014 and May 21, 2014 there were 11,925,000, 3,561,875 and 4,675,000, respectively, of such options outstanding as of September 28, 2014. The change in number of options from the initial grant was due to new options granted or forfeitures. With respect to the shares underlying the options granted on these dates, the exercise price is $10.00 per share. For options granted on October 16, 2013, February 14, 2014 and May 21, 2014, the weighted-average grant date fair value of the options granted was $2.43, $2.43 and $2.46 per share, respectively. | ||||||||||||
The weighted average assumptions used to estimate the fair values are as follows: | ||||||||||||
Successor | ||||||||||||
Nine Months Ended | ||||||||||||
Stock Options Granted October 16, 2013 | Stock Options Granted February 14, 2014 | Stock Options Granted May 21, 2014 | ||||||||||
Exercise price | $ | 10 | $ | 10 | $ | 10 | ||||||
Risk-free interest rate | 1.41 | % | 1.41 | % | 1.55 | % | ||||||
Expected term (in years) | 5 | 5 | 5 | |||||||||
Expected volatility | 24.3 | % | 24.3 | % | 24.3 | % | ||||||
Expected forfeiture rate | 5 | % | 5 | % | 5 | % | ||||||
Expected dividend yield | — | % | — | % | — | % | ||||||
The compensation cost related to equity plans primarily recognized in SG&A and Merger related costs, and the related tax benefit, are as follows: | ||||||||||||
Successor | ||||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | |||||||||||
(In millions) | ||||||||||||
Pre-tax compensation cost | $ | 2.6 | $ | 1.9 | ||||||||
Tax benefit | 0.9 | 0.6 | ||||||||||
After-tax compensation cost | $ | 1.7 | $ | 1.3 | ||||||||
Successor | Predecessor | |||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | ||||||||||
(In millions) | ||||||||||||
Pre-tax compensation cost | $ | 6.2 | $ | 1.9 | $ | 36.4 | ||||||
Tax benefit | 2.1 | 0.6 | 11.2 | |||||||||
After-tax compensation cost | $ | 4.1 | $ | 1.3 | $ | 25.2 | ||||||
Unrecognized compensation cost related to unvested stock option awards under the 2013 Omnibus Plan was $41.5 million as of September 28, 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. | ||||||||||||
In the predecessor period ended June 7, 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 periods presented are as follows (there was no compensation cost related to LTPP awards in the Successor periods): | ||||||||||||
Predecessor | ||||||||||||
December 24, 2012 - June 7, 2013 | ||||||||||||
(In millions) | ||||||||||||
Pre-tax compensation cost | $ | 8.1 | ||||||||||
Tax benefit | 2.8 | |||||||||||
After-tax compensation cost | $ | 5.3 | ||||||||||
Pensions_and_Other_Postretirem
Pensions and Other Postretirement Benefits | 9 Months Ended | |||||||||||||||||||||
Sep. 28, 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: | ||||||||||||||||||||||
Successor | Successor | |||||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | June 30 - September 28, 2014 | June 24 - September 22, 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Service cost | $ | 7,303 | $ | 9,555 | $ | 1,430 | $ | 1,640 | ||||||||||||||
Interest cost | 34,959 | 33,190 | 2,209 | 2,334 | ||||||||||||||||||
Expected return on plan assets | (56,206 | ) | (53,720 | ) | — | — | ||||||||||||||||
Amortization of prior service cost/(credit) | — | — | (1,577 | ) | — | |||||||||||||||||
Amortization of unrecognized (gain)/loss | (16 | ) | — | — | ||||||||||||||||||
Special Termination Benefits | 1,784 | — | — | — | ||||||||||||||||||
Curtailment (gains) and settlement losses | (1,494 | ) | — | (6,868 | ) | — | ||||||||||||||||
Net periodic benefit (income)/expense | $ | (13,670 | ) | $ | (10,975 | ) | $ | (4,806 | ) | $ | 3,974 | |||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | |||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Service cost | $ | 22,353 | $ | 10,950 | $ | 14,673 | $ | 4,256 | $ | 1,905 | $ | 2,909 | ||||||||||
Interest cost | 105,320 | 38,342 | 57,912 | 6,591 | 2,705 | 4,260 | ||||||||||||||||
Expected return on plan assets | (166,631 | ) | (63,750 | ) | (111,162 | ) | — | — | — | |||||||||||||
Amortization of prior service cost/(credit) | — | — | 1,077 | (4,731 | ) | — | (2,736 | ) | ||||||||||||||
Amortization of unrecognized (gain)/loss | (47 | ) | — | 35,759 | — | — | 823 | |||||||||||||||
Special Termination Benefits | 1,784 | — | 17,230 | — | — | — | ||||||||||||||||
Curtailment (gains) and settlement losses | (2,289 | ) | — | 3,177 | (6,868 | ) | — | — | ||||||||||||||
Net periodic benefit (income)/expense | $ | (39,510 | ) | $ | (14,458 | ) | $ | 18,666 | $ | (752 | ) | $ | 4,610 | $ | 5,256 | |||||||
The Company realized a curtailment gain of $1.5 million and $6.9 million on the Canadian defined benefit and post retirement medical plans, respectively, and as a result remeasured the projected benefit obligation which resulted in an adjustment of $25.5 million to accumulated other comprehensive income, net of tax for three months ended September 28, 2014. | ||||||||||||||||||||||
The Company realized a curtailment gain of $0.8 million on the United Kingdom defined benefit plans and as a result remeasured the projected benefit obligation which resulted in an adjustment of $27.9 million to accumulated other comprehensive income, net of tax for six months ended June 29, 2014. | ||||||||||||||||||||||
The Company elected to accelerate vesting of benefits under certain supplemental retirement plans upon consummation of the Merger. The expense associated with the accelerated vesting of $17.2 million was recognized in the Predecessor periods ended June 7, 2013. | ||||||||||||||||||||||
The amounts recognized for pension benefits as Other non-current assets on the Company's condensed consolidated balance sheets were $549.5 million as of September 28, 2014 and $502.2 million as of December 29, 2013. | ||||||||||||||||||||||
During the first nine months of 2014, the Company contributed $60 million to these defined benefit plans. The Company expects to make combined cash contributions of approximately $94 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 intention to terminate the salaried and non-union US defined benefit plan effective April 30, 2014. The Company wound 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 condensed consolidated statements of operations, condensed consolidated balance sheet or condensed consolidated statement of cash flows as at and for the three and nine months ended September 28, 2014. |
Comprehensive_Income
Comprehensive Income | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||||||
The following tables summarize the allocation of total comprehensive income between H. J. Heinz Corporation II and the noncontrolling interest for the third quarters ended September 28, 2014 and September 22, 2013, respectively: | |||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | ||||||||||||||||||||||||||||
H. J. Heinz Corporation II | Non-controlling | Total | H. J. Heinz Corporation II | Non-controlling | Total | ||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Net income/(loss) | $ | 171,618 | $ | 2,363 | $ | 173,981 | $ | (11,767 | ) | $ | 2,363 | $ | (9,404 | ) | |||||||||||||||
Other comprehensive (loss)/income, net of tax: | |||||||||||||||||||||||||||||
Foreign currency translation adjustments (losses)/gains | (708,453 | ) | (4,177 | ) | (712,630 | ) | 298,402 | (10,395 | ) | 288,007 | |||||||||||||||||||
Net deferred gains on net investment hedges from periodic revaluations | 268,375 | — | 268,375 | — | — | — | |||||||||||||||||||||||
Net pension and post-retirement benefit losses | (25,481 | ) | — | (25,481 | ) | — | — | — | |||||||||||||||||||||
Net pension and post-retirement benefit gains reclassified to earnings | (986 | ) | — | (986 | ) | — | — | — | |||||||||||||||||||||
Net deferred gains/(losses) on derivatives from periodic revaluations | 23,164 | (65 | ) | 23,099 | (3,609 | ) | 286 | (3,323 | ) | ||||||||||||||||||||
Net deferred losses/(gains) on derivatives reclassified to earnings | 3,782 | 83 | 3,865 | (1,180 | ) | (39 | ) | (1,219 | ) | ||||||||||||||||||||
Total comprehensive (loss)/income | $ | (267,981 | ) | $ | (1,796 | ) | $ | (269,777 | ) | $ | 281,846 | $ | (7,785 | ) | $ | 274,061 | |||||||||||||
Successor | Predecessor | ||||||||||||||||||||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | |||||||||||||||||||||||||||
H. J. Heinz Corporation II | Non-controlling | Total | H. J. Heinz Corporation II | Non-controlling | Total | H. J. Heinz Corporation II | Non-controlling | Total | |||||||||||||||||||||
Interest | Interest | Interest | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Net income/(loss) | $ | 493,537 | $ | 13,449 | $ | 506,986 | $ | (52,911 | ) | $ | 2,370 | $ | (50,541 | ) | $ | 95,002 | $ | 6,685 | $ | 101,687 | |||||||||
Other comprehensive (loss)/income, net of tax: | |||||||||||||||||||||||||||||
Foreign currency translation adjustments (losses)/gains | (416,748 | ) | (1,105 | ) | (417,853 | ) | 136,589 | (16,068 | ) | 120,521 | (231,442 | ) | (5,053 | ) | (236,495 | ) | |||||||||||||
Net deferred gains on net investment hedges from periodic revaluations | 108,541 | — | 108,541 | — | — | — | — | — | — | ||||||||||||||||||||
Net pension and post-retirement benefit losses | (53,366 | ) | — | (53,366 | ) | — | — | — | (189,294 | ) | — | (189,294 | ) | ||||||||||||||||
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | (2,965 | ) | — | (2,965 | ) | — | — | — | 26,908 | (41 | ) | 26,867 | |||||||||||||||||
Net deferred (losses)/gains on derivatives from periodic revaluations | (135,800 | ) | (421 | ) | (136,221 | ) | 103,693 | 286 | 103,979 | (5,018 | ) | 40 | (4,978 | ) | |||||||||||||||
Net deferred (gains)/losses on derivatives reclassified to earnings | (176 | ) | (17 | ) | (193 | ) | (1,180 | ) | (39 | ) | (1,219 | ) | 22,670 | 4 | 22,674 | ||||||||||||||
Total comprehensive (loss)/income | $ | (6,977 | ) | $ | 11,906 | $ | 4,929 | $ | 186,191 | $ | (13,451 | ) | $ | 172,740 | $ | (281,174 | ) | $ | 1,635 | $ | (279,539 | ) | |||||||
The tax (expense)/benefit associated with each component of other comprehensive income/(loss) is as follows: | |||||||||||||||||||||||||||||
H. J. Heinz Corporation II | Noncontrolling | Total | |||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||
June 24 - September 22, 2013 | |||||||||||||||||||||||||||||
Net pension and post-retirement benefit (losses)/gains | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Net deferred (losses)/gains on derivatives from periodic revaluations | $ | (722 | ) | $ | (95 | ) | $ | (817 | ) | ||||||||||||||||||||
Net deferred (gains)/losses on derivatives reclassified to earnings | $ | (288 | ) | $ | (13 | ) | $ | (301 | ) | ||||||||||||||||||||
June 30 - September 28, 2014 | |||||||||||||||||||||||||||||
Net deferred gains on net investment hedges from periodic revaluations | $ | (165,920 | ) | $ | — | $ | (165,920 | ) | |||||||||||||||||||||
Net pension and post-retirement benefit (losses)/gains | $ | 8,809 | $ | — | $ | 8,809 | |||||||||||||||||||||||
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | $ | (607 | ) | $ | — | $ | (607 | ) | |||||||||||||||||||||
Net deferred (losses)/gains on derivatives from periodic revaluations | $ | (14,597 | ) | $ | 22 | $ | (14,575 | ) | |||||||||||||||||||||
Net deferred (gains)/losses on derivatives reclassified to earnings | $ | (1,748 | ) | $ | 28 | $ | (1,720 | ) | |||||||||||||||||||||
H. J. Heinz Corporation II | Noncontrolling | Total | |||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Predecessor | |||||||||||||||||||||||||||||
December 24, 2012 - June 7, 2013 | |||||||||||||||||||||||||||||
Net pension and post-retirement benefit (losses)/gains | $ | 75,526 | $ | — | $ | 75,526 | |||||||||||||||||||||||
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | $ | 11,191 | $ | — | $ | 11,191 | |||||||||||||||||||||||
Net deferred (losses)/gains on derivatives from periodic revaluations | $ | 13,484 | $ | (13 | ) | $ | 13,471 | ||||||||||||||||||||||
Net deferred losses on derivatives reclassified to earnings | $ | 22,118 | $ | 1 | $ | 22,119 | |||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||
February 8 - September 22, 2013 | |||||||||||||||||||||||||||||
Net change in fair value of net investment hedges | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Net pension and post-retirement benefit (losses)/gains | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Net deferred (losses)/gains on derivatives from periodic revaluations | $ | (55,735 | ) | $ | (95 | ) | $ | (55,830 | ) | ||||||||||||||||||||
Net deferred gains on derivatives reclassified to earnings | $ | (288 | ) | $ | (13 | ) | $ | (301 | ) | ||||||||||||||||||||
December 30, 2013 - September 28, 2014 | |||||||||||||||||||||||||||||
Net deferred gains on net investment hedges from periodic revaluations | $ | (67,235 | ) | $ | — | $ | (67,235 | ) | |||||||||||||||||||||
Net pension and post-retirement benefit (losses)/gains | $ | 15,780 | $ | — | $ | 15,780 | |||||||||||||||||||||||
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | $ | (1,813 | ) | $ | — | $ | (1,813 | ) | |||||||||||||||||||||
Net deferred (losses)/gains on derivatives from periodic revaluations | $ | 64,099 | $ | 141 | $ | 64,240 | |||||||||||||||||||||||
Net deferred gains on derivatives reclassified to earnings | $ | (6,911 | ) | $ | (6 | ) | $ | (6,917 | ) | ||||||||||||||||||||
The following table provides a summary of the changes in the carrying amount of accumulated other comprehensive (loss)/income, net of tax, by component attributable to H. J. Heinz 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 | (416,748 | ) | — | — | (416,748 | ) | |||||||||||||||||||||||
Net deferred gains on net investment hedges from periodic revaluations | 108,541 | — | — | 108,541 | |||||||||||||||||||||||||
Net pension and post-retirement benefit (losses)/gains | — | (53,366 | ) | — | (53,366 | ) | |||||||||||||||||||||||
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | — | (2,965 | ) | — | (2,965 | ) | |||||||||||||||||||||||
Net deferred losses on derivatives from periodic revaluations | — | — | (135,800 | ) | (135,800 | ) | |||||||||||||||||||||||
Net deferred (gains)/losses on derivatives reclassified to earnings | — | — | (176 | ) | (176 | ) | |||||||||||||||||||||||
Net current-period other comprehensive loss | $ | (308,207 | ) | $ | (56,331 | ) | $ | (135,976 | ) | $ | (500,514 | ) | |||||||||||||||||
Balance as of September 28, 2014 | $ | (285,659 | ) | $ | 46,133 | $ | (27,978 | ) | $ | (267,504 | ) | ||||||||||||||||||
The following table presents the affected earnings line for reclassifications out of accumulated other comprehensive income/(loss), net of tax, by component attributable to H. J. Heinz Corporation II for the third quarters and nine months ended September 28, 2014 and September 22, 2013: | |||||||||||||||||||||||||||||
Accumulated other comprehensive income/(loss) component | Reclassified from accumulated other comprehensive income/(loss) to earnings | Line affected by reclassification | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | ||||||||||||||||||||||||||||
Gains/(losses) on cash flow hedges: | |||||||||||||||||||||||||||||
Foreign exchange contracts | $ | (624 | ) | $ | 125 | Sales | |||||||||||||||||||||||
Foreign exchange contracts | (1,558 | ) | 650 | Cost of products sold | |||||||||||||||||||||||||
Foreign exchange contracts | — | (19 | ) | Selling, general, and administrative expenses | |||||||||||||||||||||||||
Foreign exchange contracts | 148 | 672 | Other expense | ||||||||||||||||||||||||||
Foreign exchange contracts | — | — | Interest expense | ||||||||||||||||||||||||||
Interest rate contracts | — | 40 | Interest expense | ||||||||||||||||||||||||||
Cross-currency interest rate swap contracts | — | — | Other expense | ||||||||||||||||||||||||||
Cross-currency interest rate swap contracts | — | — | Interest expense | ||||||||||||||||||||||||||
$ | (2,034 | ) | $ | 1,468 | Gains/(losses) from continuing operations before income tax | ||||||||||||||||||||||||
(1,748 | ) | (288 | ) | Provision for income taxes | |||||||||||||||||||||||||
$ | (3,782 | ) | $ | 1,180 | Gains/(losses) from continuing operations | ||||||||||||||||||||||||
Gains/(losses) on pension and post retirement benefit: | |||||||||||||||||||||||||||||
Amortization of unrecognized gain/(loss) | $ | 16 | $ | — | (a) | ||||||||||||||||||||||||
Prior service credit/(cost) | 1,577 | — | (a) | ||||||||||||||||||||||||||
Settlement loss | — | — | (a) | ||||||||||||||||||||||||||
$ | 1,593 | $ | — | Gains/(losses) from continuing operations before income tax | |||||||||||||||||||||||||
(607 | ) | — | Provision for income taxes | ||||||||||||||||||||||||||
$ | 986 | $ | — | Gains/(losses) 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. | |||||||||||||||||||||||||||||
Accumulated other comprehensive income/(loss) component | Reclassified from accumulated other comprehensive income/(loss) to earnings | Line affected by reclassification | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | |||||||||||||||||||||||||||
Gains/(losses) on cash flow hedges: | |||||||||||||||||||||||||||||
Foreign exchange contracts | $ | (967 | ) | $ | 125 | $ | 4,836 | Sales | |||||||||||||||||||||
Foreign exchange contracts | 7,207 | 650 | 4,695 | Cost of products sold | |||||||||||||||||||||||||
Foreign exchange contracts | (125 | ) | (19 | ) | — | Selling, general, and administrative expenses | |||||||||||||||||||||||
Foreign exchange contracts | 966 | 672 | 9,761 | Other expense | |||||||||||||||||||||||||
Foreign exchange contracts | 6 | — | 230 | Interest expense | |||||||||||||||||||||||||
Interest rate contracts | — | 40 | (98 | ) | Interest expense | ||||||||||||||||||||||||
Cross-currency interest rate swap contracts | — | — | (52,447 | ) | Other expense | ||||||||||||||||||||||||
Cross-currency interest rate swap contracts | — | — | (11,765 | ) | Interest expense | ||||||||||||||||||||||||
$ | 7,087 | $ | 1,468 | $ | (44,788 | ) | Gains/(losses) from continuing operations before income tax | ||||||||||||||||||||||
(6,911 | ) | (288 | ) | 22,118 | Provision for income taxes | ||||||||||||||||||||||||
$ | 176 | $ | 1,180 | $ | (22,670 | ) | Gains/(losses) from continuing operations | ||||||||||||||||||||||
Gains/(losses) on pension and post retirement benefit: | |||||||||||||||||||||||||||||
Amortization of unrecognized gains/(losses) | $ | 47 | $ | — | $ | (36,582 | ) | (a) | |||||||||||||||||||||
Prior service credit/(cost) | 4,731 | — | 1,659 | (a) | |||||||||||||||||||||||||
Settlement loss | — | — | (3,176 | ) | (a) | ||||||||||||||||||||||||
$ | 4,778 | $ | — | $ | (38,099 | ) | Gains/(losses) from continuing operations before income tax | ||||||||||||||||||||||
(1,813 | ) | — | 11,191 | Provision for income taxes | |||||||||||||||||||||||||
$ | 2,965 | $ | — | $ | (26,908 | ) | Gains/(losses) 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 | 9 Months Ended | |||||||||||||||||||||||
Sep. 28, 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, H. J. Heinz Corporation II shareholder 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) | — | — | 493,537 | (500,514 | ) | 10,464 | 3,487 | |||||||||||||||||
Dividends paid to shareholder | (123,484 | ) | — | (416,516 | ) | — | — | (540,000 | ) | |||||||||||||||
Capital contribution (b) | — | 4,361 | — | — | — | 4,361 | ||||||||||||||||||
Stock option expense | — | 6,162 | — | — | — | 6,162 | ||||||||||||||||||
Balance at September 28, 2014 | $ | 16,016,516 | $ | 11,950 | $ | — | $ | (267,504 | ) | $ | 226,306 | $ | 15,987,268 | |||||||||||
______________________________________ | ||||||||||||||||||||||||
(a) The allocation of the individual components of comprehensive income/(loss) attributable to H. J. Heinz Corporation II and the noncontrolling interest is disclosed in Note 11. Comprehensive income attributable to the redeemable noncontrolling interest is $1.4 million for the nine months ended September 28, 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 | 9 Months Ended | ||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||
Debt | ' | ||||||||||||||||||
Debt | |||||||||||||||||||
The Company's long-term debt consists of the following: | |||||||||||||||||||
Successor | |||||||||||||||||||
28-Sep-14 | 29-Dec-13 | ||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
$2.95 billion Term B-1 Loan | $ | 2,908,932 | $ | 2,929,213 | |||||||||||||||
$6.55 billion Term B-2 Loan | 6,471,153 | 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%) | 9,891 | 10,774 | |||||||||||||||||
Other Non-U.S. Dollar Debt due May 2013 — May 2023 (3.50%—11.00%) | 61,812 | 70,411 | |||||||||||||||||
2.00% U.S. Dollar Notes due September 2016 | 58,308 | 58,308 | |||||||||||||||||
1.50% U.S. Dollar Notes due March 2017 | 17,742 | 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 | 256,902 | 258,075 | |||||||||||||||||
£125 million 6.25% British Pound Notes due February 2030 | 214,845 | 218,507 | |||||||||||||||||
$437 million 6.75% U.S. Dollar Notes due March 2032 | 475,281 | 476,943 | |||||||||||||||||
$931 million 7.125% U.S. Dollar Notes due August 2039 | 1,024,070 | 1,026,881 | |||||||||||||||||
14,638,968 | 14,725,411 | ||||||||||||||||||
Less portion due within one year | (108,538 | ) | (107,765 | ) | |||||||||||||||
Total long-term debt | $ | 14,530,430 | $ | 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, limit or restrict 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 September 28, 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% Exchange Notes to initial purchasers for resale by the Initial Purchasers to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended ("Securities Act") and to persons outside the United States under Regulation S of the Securities Act. The Exchange 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 Exchange 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 September 28, 2014. | |||||||||||||||||||
The Company was required to cause an exchange offer registration statement for the Exchange Notes 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 such Exchange Notes which became effective on May 7, 2014. See Note 18 for more details. | |||||||||||||||||||
Debt issuance costs | |||||||||||||||||||
As of September 28, 2014, unamortized debt issuance costs related to new borrowings under our current Senior Credit Facilities and the Exchange Notes were $255.1 million. The following table summarizes the amortization of debt issuance costs for the periods presented: | |||||||||||||||||||
Successor | Successor | Predecessor | |||||||||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | |||||||||||||||
(In millions) | |||||||||||||||||||
Amortization of debt issuance costs | $ | 12.2 | $ | 12.2 | $ | 36.6 | $ | 14.8 | $ | 18.5 | |||||||||
These costs are amortized using the effective interest method over the respective term of debt to which they specifically relate. |
Financing_Arrangements
Financing Arrangements | 9 Months Ended |
Sep. 28, 2014 | |
Transfers and Servicing [Abstract] | ' |
Financing Arrangements | ' |
Financing Arrangements | |
On May 28, 2014, the Company entered into an amendment of the $175 million accounts receivable securitization program that extended the term until May 27, 2015. As a result of the amendment, the limit has been reduced to $150 million and the Company now accounts for transfers of receivables pursuant to this program as a sale and it removes them from the consolidated balance sheet. For the sale of receivables under the program, the Company receives cash consideration of up to $150 million and a receivable for the remainder of the purchase price (the "Deferred Purchase Price"). The cash consideration and the carrying amount of receivables removed from the condensed consolidated balance sheet was $150.0 million as of September 28, 2014. The fair value of the Deferred Purchase Price was $63.2 million as of September 28, 2014 which is included as a trade receivable on the condensed consolidated balance sheet and has a carrying value which approximates fair value as of September 28, 2014, due to the nature of the short-term underlying financial assets. | |
Prior to this amendment and subsequent to a May 31, 2013 amendment, the Company accounted for transfers of receivables pursuant to this program as secured borrowings, and the receivables sold pursuant to this program were included on the balance sheet as trade receivables, along with the Deferred Purchase price. | |
On August 29, 2014, the Company entered into a new $70 million Australian dollar and $50 million New Zealand dollar accounts receivable factoring program with a bank, replacing an existing arrangement with a different bank. These limits are net of the Deferred Purchase Price. This is a one year agreement that automatically continues after one year until either the Company or the bank decides to terminate it. The Company accounts for transfers of receivables pursuant to this program as a sale, and it removes them from the consolidated balance sheet. For the sale of receivables under the program, the Company receives cash consideration of up to $70 million Australian dollars and $50 million New Zealand dollars and a receivable for the Deferred Purchase Price. The cash consideration and the carrying amount of receivables removed from the condensed consolidated balance sheet was $57.8 million as of September 28, 2014 (and $40.3 million at December 29, 2013 under the prior program). The fair value of the Deferred Purchase Price was $31.8 million as of September 28, 2014 which is included as a trade receivable on the condensed consolidated balance sheet and has a carrying value which approximates fair value as of September 28, 2014, due to the nature of the short-term underlying financial assets. | |
In addition, the Company acted as servicer for approximately $28.4 million and $36.2 million of trade receivables which were sold to unrelated third parties without recourse as of September 28, 2014 and December 29, 2013, respectively. These trade receivables are short-term in nature. The proceeds from these sales are recognized on the condensed consolidated statements of cash flows as a component of operating activities. | |
The Company has not recorded any servicing assets or liabilities as of September 28, 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 | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 28, 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 September 28, 2014 and December 29, 2013, the fair values of the Company’s assets and liabilities measured on a recurring basis are categorized as follows: | ||||||||||||||||||||||||||||||||
28-Sep-14 | December 29, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Derivatives(a) | $ | — | $ | 284,021 | $ | — | $ | 284,021 | $ | — | $ | 346,665 | $ | — | $ | 346,665 | ||||||||||||||||
Total assets at fair value | $ | — | $ | 284,021 | $ | — | $ | 284,021 | $ | — | $ | 346,665 | $ | — | $ | 346,665 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivatives(a) | $ | — | $ | 125,437 | $ | — | $ | 125,437 | $ | — | $ | 237,436 | $ | — | $ | 237,436 | ||||||||||||||||
Total liabilities at fair value | $ | — | $ | 125,437 | $ | — | $ | 125,437 | $ | — | $ | 237,436 | $ | — | $ | 237,436 | ||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||||||
(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 swaps are valued based on observable market spot and swap rates and 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 $14.5 billion as compared with the carrying value of $14.6 billion at September 28, 2014, and $14.7 billion as compared with the carrying value of $14.7 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 third quarters ended September 28, 2014 and September 22, 2013, respectively. |
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging Activities | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 28, 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 September 28, 2014, the Company had outstanding currency exchange, interest rate, and cross-currency swap derivative contracts with notional amounts of $2.7 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 September 28, 2014 and December 29, 2013: | |||||||||||||||||||||||||||||
28-Sep-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 | $ | 24,828 | $ | — | $ | — | $ | 37,072 | $ | — | $ | — | |||||||||||||||||
Other non-current assets | 2,905 | 87,508 | 79,563 | 4,129 | 265,390 | 31,303 | |||||||||||||||||||||||
27,733 | 87,508 | 79,563 | 41,201 | 265,390 | 31,303 | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Other receivables, net | 89,217 | — | — | 8,771 | — | — | |||||||||||||||||||||||
Other non-current assets | — | — | — | — | — | — | |||||||||||||||||||||||
89,217 | — | — | 8,771 | — | — | ||||||||||||||||||||||||
Total assets(1) | $ | 116,950 | $ | 87,508 | $ | 79,563 | $ | 49,972 | $ | 265,390 | $ | 31,303 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Other payables | $ | 25,331 | $ | — | $ | — | $ | 5,251 | $ | — | $ | — | |||||||||||||||||
Other non-current liabilities | 3,553 | — | 94,384 | — | — | 221,899 | |||||||||||||||||||||||
28,884 | — | 94,384 | 5,251 | — | 221,899 | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Other payables | 2,169 | — | — | 10,286 | — | — | |||||||||||||||||||||||
Other non-current liabilities | — | — | — | — | — | — | |||||||||||||||||||||||
Total liabilities(1) | $ | 31,053 | $ | — | $ | 94,384 | $ | 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 condensed consolidated balance sheets. If the derivative financial instruments had been netted in the condensed consolidated balance sheets, the asset and liability positions each would have been reduced by $125.4 million and $237.4 million at September 28, 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 September 28, 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 condensed consolidated statements of operations for the periods presented: | |||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | ||||||||||||||||||||||||||||
Foreign Exchange | Interest Rate | Cross-Currency Swap Contracts | Foreign Exchange | Interest Rate | Cross-Currency Swap Contracts | ||||||||||||||||||||||||
Contracts | Contracts | Contracts | Contracts | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Gains/(losses) recognized in other comprehensive income (effective portion) | $ | 7,836 | $ | 29,925 | $ | — | $ | 10,315 | $ | (13,201 | ) | $ | — | ||||||||||||||||
Net investment hedges: | |||||||||||||||||||||||||||||
Gains/(losses) recognized in other comprehensive income (effective portion) | — | — | 434,616 | — | — | — | |||||||||||||||||||||||
Total gains/(losses) recognized in other comprehensive income (effective portion) | $ | 7,836 | $ | 29,925 | $ | 434,616 | $ | 10,315 | $ | (13,201 | ) | $ | — | ||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Sales | $ | (624 | ) | $ | — | $ | — | $ | 125 | $ | — | $ | — | ||||||||||||||||
Cost of products sold | (1,558 | ) | — | — | 650 | — | — | ||||||||||||||||||||||
Selling, general and administrative expenses | — | — | — | (19 | ) | — | — | ||||||||||||||||||||||
Other expense, net | 148 | — | — | 672 | — | — | |||||||||||||||||||||||
Interest expense | — | — | — | — | 40 | — | |||||||||||||||||||||||
(2,034 | ) | — | — | 1,428 | 40 | — | |||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Gains/(losses) recognized in other expense, net | — | — | — | — | — | — | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Unrealized gains/(losses) on derivative instruments | — | — | — | — | — | — | |||||||||||||||||||||||
Gains/(losses) recognized in other expense, net | 99,411 | — | — | 36,353 | — | — | |||||||||||||||||||||||
Gains/(losses) recognized in interest income | — | — | — | — | — | — | |||||||||||||||||||||||
99,411 | — | — | 36,353 | — | — | ||||||||||||||||||||||||
Total gains/(losses) recognized in statement of operations | $ | 97,377 | $ | — | $ | — | $ | 37,781 | $ | 40 | $ | — | |||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | |||||||||||||||||||||||||||
Foreign Exchange | Interest Rate | Cross-Currency Swap Contracts | Foreign Exchange | Interest Rate | Cross-Currency Swap Contracts | Foreign Exchange | Interest Rate | Cross-Currency | |||||||||||||||||||||
Contracts | Contracts | Contracts | Contracts | Contracts | Contracts | Interest Rate | |||||||||||||||||||||||
Swap Contracts | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Gains/(losses) recognized in other comprehensive income (effective portion) | $ | (22,017 | ) | $ | (177,882 | ) | $ | — | $ | 17,881 | $ | 141,547 | $ | — | $ | 39,351 | $ | — | $ | (57,558 | ) | ||||||||
Net investment hedges: | |||||||||||||||||||||||||||||
Gains/(losses) recognized in other comprehensive income (effective portion) | — | — | 175,776 | — | — | — | — | — | — | ||||||||||||||||||||
Total gains/(losses) recognized in other comprehensive income (effective portion) | $ | (22,017 | ) | $ | (177,882 | ) | $ | 175,776 | $ | 17,881 | $ | 141,547 | $ | — | $ | 39,351 | $ | — | $ | (57,558 | ) | ||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Sales | $ | (967 | ) | $ | — | $ | — | $ | 125 | $ | — | $ | — | $ | 4,836 | $ | — | $ | — | ||||||||||
Cost of products sold | 7,207 | — | — | 650 | — | — | 4,695 | — | — | ||||||||||||||||||||
Selling, general and administrative expenses | (125 | ) | — | — | (19 | ) | — | — | — | — | — | ||||||||||||||||||
Other expense, net | 966 | — | — | 672 | — | — | 9,761 | — | (52,447 | ) | |||||||||||||||||||
Interest expense | 6 | — | — | — | 40 | — | 230 | (98 | ) | (11,765 | ) | ||||||||||||||||||
7,087 | — | — | 1,428 | 40 | — | 19,522 | (98 | ) | (64,212 | ) | |||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Gains/(losses) recognized in other expense, net | — | — | — | — | (180 | ) | — | — | (8,065 | ) | — | ||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Unrealized gains/(losses) on derivative instruments | — | — | — | — | 117,934 | — | — | — | — | ||||||||||||||||||||
Gains/(losses) recognized in other expense, net | 98,815 | — | — | 36,434 | — | — | (2,922 | ) | — | — | |||||||||||||||||||
Gains/(losses) recognized in interest income | — | — | — | — | — | — | — | (10,512 | ) | — | |||||||||||||||||||
98,815 | — | — | 36,434 | 117,934 | — | (2,922 | ) | (10,512 | ) | — | |||||||||||||||||||
Total gains/(losses) recognized in statement of operations | $ | 105,902 | $ | — | $ | — | $ | 37,862 | $ | 117,794 | $ | — | $ | 16,600 | $ | (18,675 | ) | $ | (64,212 | ) | |||||||||
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 $9.0 billion met the criteria for hedge accounting and were designated as hedges of future interest payments. | |||||||||||||||||||||||||||||
Deferred Hedging Gains and Losses: | |||||||||||||||||||||||||||||
As of September 28, 2014, the Company is hedging forecasted transactions for periods not exceeding 2 years. During the next 12 months, the Company expects $8.4 million of net deferred losses 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 third quarters of 2014 and 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 the 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 $4.50 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 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 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 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 expense, net, in the condensed consolidated statements of operations. The Company paid net amounts of $2.7 million and $18.0 million related to cross currency swaps for the three and nine months ended September 28, 2014, respectively. | |||||||||||||||||||||||||||||
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 $1.6 billion and $1.0 billion that did not meet the criteria for hedge accounting as of September 28, 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 $87.0 million and $(1.3) million as of September 28, 2014 and December 29, 2013, respectively. These contracts are scheduled to mature within one year. | |||||||||||||||||||||||||||||
Concentration of Credit Risk: | |||||||||||||||||||||||||||||
Counterparties to currency exchange and interest rate derivatives consist of major international financial institutions. The Company continually monitors its positions and the credit ratings of the counterparties involved and, by policy, limits the amount of credit exposure to any one party. While the Company may be exposed to potential losses due to the credit risk of non-performance by these counterparties, losses are not anticipated. The Company closely monitors the credit risk associated with its counterparties and customers and to date has not experienced material losses. |
Venezuela_Foreign_Currency_and
Venezuela - Foreign Currency and Inflation | 9 Months Ended |
Sep. 28, 2014 | |
Foreign Currency [Abstract] | ' |
Venezuela - Foreign Currency and Inflation | ' |
Venezuela- Foreign Currency and Inflation | |
We apply highly inflationary accounting to our business in Venezuela. Under highly inflationary accounting, the financial statements of our Venezuelan subsidiary are remeasured into our reporting currency (U.S. dollars), based on the exchange rate at which we expect to remit dividends in U.S. dollars, (which we currently determine to be the official exchange rate of 6.30 BsF/US$). 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 $42.9 million pre-tax currency translation loss, which was reflected within other expense, net, on the condensed consolidated statement of operations 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 September 28, 2014 the published weighted average daily exchange rate was between 49.02 bolivars per USD and 51.86 bolivars per USD. The Company has had limited access to the SICAD II market mechanism and has converted 164.3 million bolivars into $3.1 million USD, recognizing a transactional currency loss of $2.0 million and $22.9 million for the three and nine months ended September 28, 2014, respectively, which has been recorded in other expense, net, in the condensed consolidated statements of operations. | |
The Company has also had access to, and had settlements at, the current official rate in this period and has outstanding requests for settlement at the official rate. Management continues to believe the official rate is legally available and appropriate for the Company's operations in Venezuela. While there is considerable uncertainty with respect to the actual rates to be realized in the circumstances, as of September 28, 2014 we continue to believe it is appropriate to remeasure our Venezuelan monetary assets and liabilities at the official rate of 6.30 bolivars per U.S. dollar. The amount of net monetary assets and liabilities included in our Venezuelan subsidiary’s balance sheet was $144.4 million at September 28, 2014. |
Supplemental_Financial_Informa
Supplemental Financial Information (Notes) | 9 Months Ended | |||||||||||||||||||||||
Sep. 28, 2014 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Supplemental Financial Information | ' | |||||||||||||||||||||||
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% Exchange 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 Exchange Notes are jointly and severally, fully 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 ("Heinz"), and guarantor subsidiaries are 100% owned by Holdings. | ||||||||||||||||||||||||
The non-U.S. subsidiaries are identified below as Non-Guarantors. The following represents the condensed consolidating financial information for Holdings, the Issuer, the Guarantors on a combined basis, and the non-U.S. subsidiaries of Heinz (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 Holdings, Heinz, Guarantors and Non-Guarantors operated as independent entities. | ||||||||||||||||||||||||
The Company revised its condensed consolidating balance sheet as of December 29, 2013 presented herein to correct the amount recorded for pension obligations having the following impact on the Guarantor and Issuer columns: | ||||||||||||||||||||||||
• | Decreasing Guarantor non-current assets by approximately $2 million and decreasing current and non-current liabilities by approximately $9 million and $17 million, respectively, with a corresponding increase in Guarantor accumulated other comprehensive income, after tax effect, of approximately $24 million. | |||||||||||||||||||||||
• | Increasing the Issuer investment in affiliates by approximately $24 million offset by a decrease in Issuer non-current assets of $26 million and an increase in Issuer current liabilities by approximately $9 million offset by a decrease in Issuer non-current liabilities by approximately $11 million. | |||||||||||||||||||||||
The revisions had no impact on the Company's condensed consolidated financial statements as of December 29, 2013 or for the transition period then ended. The revisions also had no impact on the condensed consolidated statements of operations and of cash flows for the periods presented. | ||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Third Quarter Ended September 28, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Sales | $ | — | $ | 49,567 | $ | 859,335 | $ | 1,762,114 | $ | (77,131 | ) | $ | 2,593,885 | |||||||||||
Cost of product sold | — | 393 | 601,921 | 1,152,679 | (77,131 | ) | 1,677,862 | |||||||||||||||||
Gross profit | — | 49,174 | 257,414 | 609,435 | — | 916,023 | ||||||||||||||||||
Selling, general and administrative expenses | — | 36,599 | 147,775 | 322,522 | — | 506,896 | ||||||||||||||||||
Operating income | — | 12,575 | 109,639 | 286,913 | — | 409,127 | ||||||||||||||||||
Interest expense/(income), net | — | 153,995 | 6,246 | (2,772 | ) | — | 157,469 | |||||||||||||||||
Other (expense)/income, net | — | (3,522 | ) | 14,690 | (48,618 | ) | — | (37,450 | ) | |||||||||||||||
(Loss)/income before income taxes | — | (144,942 | ) | 118,083 | 241,067 | — | 214,208 | |||||||||||||||||
Equity in earnings of subsidiaries | 171,618 | 303,868 | 170,015 | — | (645,501 | ) | — | |||||||||||||||||
(Benefit from)/provision for income taxes | — | (12,692 | ) | 4,595 | 48,324 | 40,227 | ||||||||||||||||||
Net income | 171,618 | 171,618 | 283,503 | 192,743 | (645,501 | ) | 173,981 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 2,363 | — | 2,363 | ||||||||||||||||||
Net income | $ | 171,618 | $ | 171,618 | $ | 283,503 | $ | 190,380 | $ | (645,501 | ) | $ | 171,618 | |||||||||||
Total comprehensive loss | $ | (267,981 | ) | $ | (267,981 | ) | $ | (376,562 | ) | $ | (537,417 | ) | $ | 1,181,960 | $ | (267,981 | ) | |||||||
Successor | ||||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Third Quarter Ended September 22, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Sales | $ | — | $ | 56,966 | $ | 905,516 | $ | 1,775,685 | $ | (91,590 | ) | $ | 2,646,577 | |||||||||||
Cost of product sold | — | 405 | 728,293 | 1,349,306 | (91,590 | ) | 1,986,414 | |||||||||||||||||
Gross profit | — | 56,561 | 177,223 | 426,379 | — | 660,163 | ||||||||||||||||||
Selling, general and administrative expenses | — | 70,072 | 178,363 | 421,222 | — | 669,657 | ||||||||||||||||||
Operating (loss)/income | — | (13,511 | ) | (1,140 | ) | 5,157 | — | (9,494 | ) | |||||||||||||||
Interest expense, net | — | 152,462 | 2,717 | 5,732 | — | 160,911 | ||||||||||||||||||
Other expense, net | — | (2,246 | ) | (821 | ) | (6,752 | ) | — | (9,819 | ) | ||||||||||||||
Loss from continuing operations before income taxes | — | (168,219 | ) | (4,678 | ) | (7,327 | ) | — | (180,224 | ) | ||||||||||||||
Equity in (losses)/earnings of subsidiaries | (11,767 | ) | 77,551 | 72,228 | — | (138,012 | ) | — | ||||||||||||||||
Benefit from income taxes | — | (78,901 | ) | (11,543 | ) | (85,285 | ) | — | (175,729 | ) | ||||||||||||||
(Loss)/income from continuing operations | (11,767 | ) | (11,767 | ) | 79,093 | 77,958 | (138,012 | ) | (4,495 | ) | ||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (4,909 | ) | — | (4,909 | ) | ||||||||||||||||
Net (loss)/income | (11,767 | ) | (11,767 | ) | 79,093 | 73,049 | (138,012 | ) | (9,404 | ) | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 2,363 | — | 2,363 | ||||||||||||||||||
Net (loss)/income | $ | (11,767 | ) | $ | (11,767 | ) | $ | 79,093 | $ | 70,686 | $ | (138,012 | ) | $ | (11,767 | ) | ||||||||
Total comprehensive income | $ | 281,846 | $ | 281,846 | $ | 372,208 | $ | 381,905 | $ | (1,035,959 | ) | $ | 281,846 | |||||||||||
Successor | ||||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Nine Months Ended September 28, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Sales | $ | — | $ | 164,861 | $ | 2,711,434 | $ | 5,497,793 | $ | (251,607 | ) | $ | 8,122,481 | |||||||||||
Cost of product sold | — | 47,338 | 1,901,663 | 3,670,864 | (251,607 | ) | 5,368,258 | |||||||||||||||||
Gross profit | — | 117,523 | 809,771 | 1,826,929 | — | 2,754,223 | ||||||||||||||||||
Selling, general and administrative expenses | — | 78,041 | 425,522 | 1,035,646 | — | 1,539,209 | ||||||||||||||||||
Operating income | — | 39,482 | 384,249 | 791,283 | — | 1,215,014 | ||||||||||||||||||
Interest expense/(income), net | — | 465,029 | 20,237 | (3,330 | ) | — | 481,936 | |||||||||||||||||
Other (expense)/income, net | — | (20,279 | ) | 8,164 | (89,126 | ) | — | (101,241 | ) | |||||||||||||||
(Loss)/income before income taxes | — | (445,826 | ) | 372,176 | 705,487 | — | 631,837 | |||||||||||||||||
Equity in earnings of subsidiaries | 493,537 | 932,748 | 521,063 | — | (1,947,348 | ) | — | |||||||||||||||||
(Benefit from)/provision for income taxes | — | (6,615 | ) | 10,376 | 121,090 | — | 124,851 | |||||||||||||||||
Net income | 493,537 | 493,537 | 882,863 | 584,397 | (1,947,348 | ) | 506,986 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 13,449 | — | 13,449 | ||||||||||||||||||
Net income | $ | 493,537 | $ | 493,537 | $ | 882,863 | $ | 570,948 | $ | (1,947,348 | ) | $ | 493,537 | |||||||||||
Total comprehensive (loss)/income | $ | (6,977 | ) | $ | (6,977 | ) | $ | 518,232 | $ | 168,740 | $ | (679,995 | ) | $ | (6,977 | ) | ||||||||
Successor | ||||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Period from February 8 - September 22, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Sales | $ | — | $ | 75,818 | $ | 1,062,308 | $ | 2,123,815 | $ | (111,938 | ) | $ | 3,150,003 | |||||||||||
Cost of product sold | — | 405 | 908,986 | 1,639,685 | (111,938 | ) | 2,437,138 | |||||||||||||||||
Gross profit | — | 75,413 | 153,322 | 484,130 | — | 712,865 | ||||||||||||||||||
Selling, general and administrative expenses | — | 69,461 | 229,138 | 535,790 | — | 834,389 | ||||||||||||||||||
Operating income/(loss) | — | 5,952 | (75,816 | ) | (51,660 | ) | — | (121,524 | ) | |||||||||||||||
Interest expense, net | — | 210,615 | 2,952 | 6,403 | — | 219,970 | ||||||||||||||||||
Other income/(expense), net | — | 113,782 | (1,122 | ) | (3,654 | ) | — | 109,006 | ||||||||||||||||
Loss from continuing operations before income taxes | — | (90,881 | ) | (79,890 | ) | (61,717 | ) | — | (232,488 | ) | ||||||||||||||
Equity in (losses)/earnings of subsidiaries | (52,911 | ) | (12,893 | ) | 64,939 | — | 865 | — | ||||||||||||||||
Benefit from income taxes | — | (50,863 | ) | (11,465 | ) | (124,528 | ) | — | (186,856 | ) | ||||||||||||||
(Loss)/income from continuing operations | (52,911 | ) | (52,911 | ) | (3,486 | ) | 62,811 | 865 | (45,632 | ) | ||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (4,909 | ) | — | (4,909 | ) | ||||||||||||||||
Net (loss)/income | (52,911 | ) | (52,911 | ) | (3,486 | ) | 57,902 | 865 | (50,541 | ) | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 2,370 | — | 2,370 | ||||||||||||||||||
Net (loss)/income | $ | (52,911 | ) | $ | (52,911 | ) | $ | (3,486 | ) | $ | 55,532 | $ | 865 | $ | (52,911 | ) | ||||||||
Total comprehensive income | $ | 186,191 | $ | 186,191 | $ | 125,626 | $ | 195,887 | $ | (507,704 | ) | $ | 186,191 | |||||||||||
Predecessor | ||||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Period from December 24, 2012 - June 7, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Sales | NA | $ | 110,590 | $ | 1,797,869 | $ | 3,449,189 | $ | (153,950 | ) | $ | 5,203,698 | ||||||||||||
Cost of product sold | NA | 2,066 | 1,225,167 | 2,243,613 | (153,950 | ) | 3,316,896 | |||||||||||||||||
Gross profit | NA | 108,524 | 572,702 | 1,205,576 | — | 1,886,802 | ||||||||||||||||||
Selling, general and administrative expenses | NA | 205,701 | 306,083 | 770,684 | — | 1,282,468 | ||||||||||||||||||
Operating (loss)/income | NA | (97,177 | ) | 266,619 | 434,892 | — | 604,334 | |||||||||||||||||
Interest expense, net | NA | 74,849 | 38,805 | 6,546 | — | 120,200 | ||||||||||||||||||
Other expense, net | NA | (36,264 | ) | (107,867 | ) | (38,487 | ) | — | (182,618 | ) | ||||||||||||||
(Loss)/income from continuing operations before income taxes | NA | (208,290 | ) | 119,947 | 389,859 | — | 301,516 | |||||||||||||||||
Equity in earnings of subsidiaries | NA | 372,871 | 256,604 | — | (629,475 | ) | — | |||||||||||||||||
Provision for income taxes | NA | 69,579 | 28,906 | 61,681 | — | 160,166 | ||||||||||||||||||
Income from continuing operations | NA | 95,002 | 347,645 | 328,178 | (629,475 | ) | 141,350 | |||||||||||||||||
Loss from discontinued operations, net of tax | NA | — | — | (39,663 | ) | — | (39,663 | ) | ||||||||||||||||
Net income | NA | 95,002 | 347,645 | 288,515 | (629,475 | ) | 101,687 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | NA | — | — | 6,685 | — | 6,685 | ||||||||||||||||||
Net income | NA | $ | 95,002 | $ | 347,645 | $ | 281,830 | $ | (629,475 | ) | $ | 95,002 | ||||||||||||
Total comprehensive (loss)/income | NA | $ | (281,174 | ) | $ | 40,726 | $ | 28,192 | $ | (68,918 | ) | $ | (281,174 | ) | ||||||||||
Successor | ||||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
As of September 28, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
ASSETS | (In thousands) | |||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,240 | $ | 594,029 | $ | 2,258,840 | $ | — | $ | 2,854,109 | ||||||||||||
Trade receivables | — | — | — | 812,038 | — | 812,038 | ||||||||||||||||||
Other receivables | — | 209,073 | 6,413 | 105,027 | — | 320,513 | ||||||||||||||||||
Receivables due from affiliates | — | 77,881 | 40,392 | 224,025 | (342,298 | ) | — | |||||||||||||||||
Inventories: | ||||||||||||||||||||||||
Finished goods and work-in-process | — | — | 500,855 | 684,803 | — | 1,185,658 | ||||||||||||||||||
Packaging material and ingredients | — | — | 59,473 | 167,179 | — | 226,652 | ||||||||||||||||||
Total inventories | — | — | 560,328 | 851,982 | — | 1,412,310 | ||||||||||||||||||
Prepaid expenses | — | 16,385 | 29,180 | 109,579 | (4,401 | ) | 150,743 | |||||||||||||||||
Short-term lending due from affiliates | — | 205,529 | 496,431 | 678,905 | (1,380,865 | ) | — | |||||||||||||||||
Other current assets | — | 1,144 | 27,180 | 122,321 | (64,380 | ) | 86,265 | |||||||||||||||||
Total current assets | — | 511,252 | 1,753,953 | 5,162,717 | (1,791,944 | ) | 5,635,978 | |||||||||||||||||
Property, plant and equipment: | ||||||||||||||||||||||||
Property, plant and equipment, gross | — | 271,642 | 897,627 | 1,664,587 | — | 2,833,856 | ||||||||||||||||||
Less accumulated depreciation | — | 34,505 | 184,384 | 213,265 | — | 432,154 | ||||||||||||||||||
Total property, plant and equipment, net | — | 237,137 | 713,243 | 1,451,322 | — | 2,401,702 | ||||||||||||||||||
Other non-current assets: | ||||||||||||||||||||||||
Goodwill | — | — | 8,718,583 | 6,449,008 | — | 15,167,591 | ||||||||||||||||||
Investments in subsidiaries | 15,760,962 | 27,892,497 | 14,437,353 | — | (58,090,812 | ) | — | |||||||||||||||||
Trademarks, net | — | 4,691,000 | 478,500 | 6,606,807 | — | 11,776,307 | ||||||||||||||||||
Other intangibles, net | — | 455,573 | 632,587 | 818,191 | — | 1,906,351 | ||||||||||||||||||
Long-term lending due from affiliates | — | — | 4,278,686 | 199,875 | (4,478,561 | ) | — | |||||||||||||||||
Other non-current assets | — | 559,535 | 112,819 | 495,133 | — | 1,167,487 | ||||||||||||||||||
Total other non-current assets | 15,760,962 | 33,598,605 | 28,658,528 | 14,569,014 | (62,569,373 | ) | 30,017,736 | |||||||||||||||||
Total assets | $ | 15,760,962 | $ | 34,346,994 | $ | 31,125,724 | $ | 21,183,053 | $ | (64,361,317 | ) | $ | 38,055,416 | |||||||||||
Successor | ||||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
As of September 28, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS EQUITY | (In thousands) | |||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | — | $ | 904 | $ | — | $ | 904 | ||||||||||||
Short-term lending due to affiliates | — | 658,117 | 447,561 | 275,187 | (1,380,865 | ) | — | |||||||||||||||||
Portion of long-term debt due within one year | — | 95,000 | 335 | 13,203 | — | 108,538 | ||||||||||||||||||
Trade payables | — | 15,830 | 458,891 | 919,510 | — | 1,394,231 | ||||||||||||||||||
Payables due to affiliates | — | 128,360 | 53,214 | 160,724 | (342,298 | ) | — | |||||||||||||||||
Other payables | — | 24,501 | 22,321 | 70,624 | — | 117,446 | ||||||||||||||||||
Accrued trade promotions and marketing | — | — | 45,982 | 283,691 | — | 329,673 | ||||||||||||||||||
Other accrued liabilities | — | 207,760 | 106,410 | 378,774 | (4,401 | ) | 688,543 | |||||||||||||||||
Income taxes | — | 317,554 | 12,603 | 210 | (64,380 | ) | 265,987 | |||||||||||||||||
Total current liabilities | — | 1,447,122 | 1,147,317 | 2,102,827 | (1,791,944 | ) | 2,905,322 | |||||||||||||||||
Long-term debt and other non-current liabilities: | ||||||||||||||||||||||||
Long-term debt | — | 12,501,167 | 1,765,809 | 263,454 | — | 14,530,430 | ||||||||||||||||||
Long-term borrowings due to affiliates | — | 2,000,000 | 199,875 | 2,524,982 | (4,724,857 | ) | — | |||||||||||||||||
Deferred income taxes | — | 2,421,510 | 169,116 | 1,363,748 | 3,954,374 | |||||||||||||||||||
Non-pension post-retirement benefits | — | 5,078 | 137,088 | 49,220 | — | 191,386 | ||||||||||||||||||
Other non-current liabilities | — | 211,155 | 31,976 | 214,190 | — | 457,321 | ||||||||||||||||||
Total long-term debt and other non-current liabilities | — | 17,138,910 | 2,303,864 | 4,415,594 | (4,724,857 | ) | 19,133,511 | |||||||||||||||||
Redeemable noncontrolling interest | — | — | — | 29,315 | — | 29,315 | ||||||||||||||||||
Total shareholder equity | 15,760,962 | 15,760,962 | 27,674,543 | 14,409,011 | (57,844,516 | ) | 15,760,962 | |||||||||||||||||
Noncontrolling interest | — | — | — | 226,306 | — | 226,306 | ||||||||||||||||||
Total equity | 15,760,962 | 15,760,962 | 27,674,543 | 14,635,317 | (57,844,516 | ) | 15,987,268 | |||||||||||||||||
Total liabilities and equity | $ | 15,760,962 | $ | 34,346,994 | $ | 31,125,724 | $ | 21,183,053 | $ | (64,361,317 | ) | $ | 38,055,416 | |||||||||||
Successor | ||||||||||||||||||||||||
H. J. Heinz 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 | 26,057,892 | 15,500,336 | — | (57,855,644 | ) | — | |||||||||||||||||
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 | — | 660,829 | 106,116 | 538,070 | — | 1,305,015 | ||||||||||||||||||
Total other non-current assets | 16,297,416 | 32,182,891 | 28,757,333 | 14,990,885 | (61,363,794 | ) | 30,864,731 | |||||||||||||||||
Total assets | $ | 16,297,416 | $ | 34,398,561 | $ | 31,151,112 | $ | 21,160,354 | $ | (64,035,095 | ) | $ | 38,972,348 | |||||||||||
Successor | ||||||||||||||||||||||||
H. J. Heinz 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 trade promotions and marketing | — | — | 80,892 | 289,437 | — | 370,329 | ||||||||||||||||||
Other accrued liabilities | — | 226,289 | 148,609 | 406,841 | (21,118 | ) | 760,621 | |||||||||||||||||
Income taxes | — | 192,282 | 2,120 | 49,287 | (41,501 | ) | 202,188 | |||||||||||||||||
Total current liabilities | — | 602,163 | 3,030,647 | 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 | — | 2,554,207 | 186,722 | 1,419,974 | — | 4,160,903 | ||||||||||||||||||
Non-pension post-retirement benefits | — | 3,732 | 138,136 | 54,504 | — | 196,372 | ||||||||||||||||||
Other non-current liabilities | — | 372,224 | 35,989 | 121,212 | — | 529,425 | ||||||||||||||||||
Total long-term debt and other non-current liabilities | — | 17,498,982 | 2,335,857 | 3,426,906 | (3,757,399 | ) | 19,504,346 | |||||||||||||||||
Redeemable noncontrolling interest | — | — | — | 29,885 | — | 29,885 | ||||||||||||||||||
Total shareholder equity | 16,297,416 | 16,297,416 | 25,784,608 | 15,524,371 | (57,606,395 | ) | 16,297,416 | |||||||||||||||||
Noncontrolling interest | — | — | — | 215,842 | — | 215,842 | ||||||||||||||||||
Total equity | 16,297,416 | 16,297,416 | 25,784,608 | 15,740,213 | (57,606,395 | ) | 16,513,258 | |||||||||||||||||
Total liabilities and equity | $ | 16,297,416 | $ | 34,398,561 | $ | 31,151,112 | $ | 21,160,354 | $ | (64,035,095 | ) | $ | 38,972,348 | |||||||||||
Successor | ||||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 28, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
Operating Activities: | (In thousands) | |||||||||||||||||||||||
Cash provided by operating activities | $ | 416,516 | $ | 205,608 | $ | 572,502 | $ | 1,030,123 | $ | (892,468 | ) | $ | 1,332,281 | |||||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (44,885 | ) | (108,303 | ) | (94,262 | ) | — | (247,450 | ) | ||||||||||||||
Net payments on intercompany lending activities | — | (273,027 | ) | (240,300 | ) | (44,333 | ) | 557,660 | — | |||||||||||||||
Return of capital | 123,484 | — | — | — | (123,484 | ) | — | |||||||||||||||||
Other items, net | — | 14,072 | 18,533 | 5,626 | — | 38,231 | ||||||||||||||||||
Cash provided by/(used for) investing activities | 123,484 | (303,840 | ) | (330,070 | ) | (132,969 | ) | 434,176 | (209,219 | ) | ||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Payments on long-term debt | — | (71,250 | ) | (674 | ) | (2,673 | ) | — | (74,597 | ) | ||||||||||||||
Proceeds from long-term debt | — | — | — | 1,586 | — | 1,586 | ||||||||||||||||||
Net proceeds/(payments) on intercompany borrowing activities | — | 648,532 | (115,518 | ) | 24,646 | (557,660 | ) | — | ||||||||||||||||
Net payments on commercial paper and short-term debt | — | — | — | (11,338 | ) | — | (11,338 | ) | ||||||||||||||||
Dividends | (540,000 | ) | (540,000 | ) | (475,952 | ) | — | 1,015,952 | (540,000 | ) | ||||||||||||||
Other items, net | — | 13,794 | — | — | — | 13,794 | ||||||||||||||||||
Cash (used for)/provided by financing activities | (540,000 | ) | 51,076 | (592,144 | ) | 12,221 | 458,292 | (610,555 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (117,390 | ) | — | (117,390 | ) | ||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | — | (47,156 | ) | (349,712 | ) | 791,985 | — | 395,117 | ||||||||||||||||
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 | $ | — | $ | 1,240 | $ | 594,029 | $ | 2,258,840 | $ | — | $ | 2,854,109 | ||||||||||||
Successor | ||||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Period February 8 - September 22, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
Operating Activities: | (In thousands) | |||||||||||||||||||||||
Cash (used for)/provided by operating activities | $ | — | $ | (201,763 | ) | $ | 196 | $ | 233,187 | $ | (223,922 | ) | $ | (192,302 | ) | |||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (14,698 | ) | (12,381 | ) | (44,056 | ) | — | (71,135 | ) | ||||||||||||||
Net proceeds/(payments) on intercompany lending activities | — | 284,606 | (5,161 | ) | 149,030 | (428,475 | ) | — | ||||||||||||||||
Additional investments in subsidiaries | (16,500,000 | ) | — | — | — | 16,500,000 | — | |||||||||||||||||
Acquisition of business, net of cash on hand | — | (23,564,251 | ) | 407,067 | 1,662,897 | — | (21,494,287 | ) | ||||||||||||||||
Return of capital | 180,000 | — | — | — | (180,000 | ) | — | |||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | ||||||||||||||||||
Other items, net | — | — | (3,126 | ) | (163 | ) | — | (3,289 | ) | |||||||||||||||
Cash (used for)/provided by investing activities | (16,320,000 | ) | (23,294,343 | ) | 386,399 | 1,767,708 | 15,891,525 | (21,568,711 | ) | |||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Payments on long-term debt | — | (1,683,918 | ) | (950,037 | ) | (11,951 | ) | — | (2,645,906 | ) | ||||||||||||||
Proceeds from long-term debt | — | 12,568,875 | — | 4,859 | — | 12,573,734 | ||||||||||||||||||
Debt issuance costs | — | (320,824 | ) | — | — | — | (320,824 | ) | ||||||||||||||||
Net (payments)/proceeds on intercompany borrowing activities | — | (1,809,129 | ) | 1,449,730 | (69,076 | ) | 428,475 | — | ||||||||||||||||
Net payments on commercial paper and short-term debt | — | (1,600,000 | ) | — | (56,924 | ) | — | (1,656,924 | ) | |||||||||||||||
Dividends | (180,000 | ) | (180,000 | ) | (114,461 | ) | (109,461 | ) | 403,922 | (180,000 | ) | |||||||||||||
Capital contribution | 16,500,000 | 16,500,000 | — | — | (16,500,000 | ) | 16,500,000 | |||||||||||||||||
Other items, net | — | 22,214 | 3,570 | 289 | — | 26,073 | ||||||||||||||||||
Cash provided by/(used for) financing activities | 16,320,000 | 23,497,218 | 388,802 | (242,264 | ) | (15,667,603 | ) | 24,296,153 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (3,630 | ) | — | (3,630 | ) | ||||||||||||||||
Net increase in cash and cash equivalents | — | 1,112 | 775,397 | 1,755,001 | — | 2,531,510 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 1,112 | $ | 775,397 | $ | 1,755,001 | $ | — | $ | 2,531,510 | ||||||||||||
Predecessor | ||||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Period December 24, 2012 - June 7, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
Operating Activities: | (In thousands) | |||||||||||||||||||||||
Cash provided by operating activities | NA | $ | 403,272 | $ | 379,863 | $ | 440,752 | $ | (556,336 | ) | $ | 667,551 | ||||||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | NA | (2,764 | ) | (123,740 | ) | (164,913 | ) | — | (291,417 | ) | ||||||||||||||
Net payments on intercompany lending activities | NA | (859,093 | ) | (586,335 | ) | (558,875 | ) | 2,004,303 | — | |||||||||||||||
Other intercompany investing transactions | NA | (282,572 | ) | 261,544 | — | 21,028 | — | |||||||||||||||||
Other items, net | NA | (1,475 | ) | 31,992 | 2,745 | — | 33,262 | |||||||||||||||||
Cash used for investing activities | NA | (1,145,904 | ) | (416,539 | ) | (721,043 | ) | 2,025,331 | (258,155 | ) | ||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Payments on long-term debt | NA | (306,354 | ) | (137,674 | ) | (5,819 | ) | — | (449,847 | ) | ||||||||||||||
Proceeds from long-term debt | NA | — | — | 4,968 | — | 4,968 | ||||||||||||||||||
Net (payments)/proceeds on intercompany borrowing activities | NA | (263,991 | ) | 1,856,899 | 411,395 | (2,004,303 | ) | — | ||||||||||||||||
Net proceeds/(payments) on commercial paper and short-term debt | NA | 1,600,000 | (1,269,101 | ) | (33,684 | ) | — | 297,215 | ||||||||||||||||
Dividends | NA | (331,654 | ) | (446,065 | ) | (110,271 | ) | 556,336 | (331,654 | ) | ||||||||||||||
Exercise of stock options | NA | 19,387 | — | — | — | 19,387 | ||||||||||||||||||
Purchase of treasury stock | NA | (17,762 | ) | — | — | — | (17,762 | ) | ||||||||||||||||
Other intercompany capital stock transactions | NA | (4,000 | ) | 285,739 | (260,711 | ) | (21,028 | ) | — | |||||||||||||||
Other items, net | NA | 47,010 | (44,343 | ) | (6,340 | ) | — | (3,673 | ) | |||||||||||||||
Cash provided by/(used for) financing activities | NA | 742,636 | 245,455 | (462 | ) | (1,468,995 | ) | (481,366 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | NA | — | — | (140,483 | ) | — | (140,483 | ) | ||||||||||||||||
Net increase/(decrease) in cash and cash equivalents | NA | 4 | 208,779 | (421,236 | ) | — | (212,453 | ) | ||||||||||||||||
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 | $ | 4 | $ | 407,067 | $ | 1,662,896 | $ | — | $ | 2,069,967 | |||||||||||||
Merger_and_Acquisition_Tables
Merger and Acquisition (Tables) | 9 Months Ended | |||
Sep. 28, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||
The following is a summary of the final 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 | 2,685,880 | |||
Trademark and other intangibles | 13,914,059 | |||
Other non-current assets | 675,998 | |||
Trade and other payables | (2,741,809 | ) | ||
Long term debt | (3,021,656 | ) | ||
Deferred income tax liabilities | (4,055,544 | ) | ||
Non-pension postretirement benefits and other noncurrent liabilities | (670,822 | ) | ||
Redeemable non controlling interest and non controlling interest | (258,008 | ) | ||
Net assets acquired | 13,486,244 | |||
Goodwill on acquisition | 15,266,720 | |||
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 April 30, 2012 (the beginning of the fiscal year ended April 29, 2013). 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. | ||||
Third Quarter Ended | ||||
22-Sep-13 | ||||
(In thousands) | ||||
Revenue | $ | 2,646,577 | ||
Income from continuing operations attributable to H. J. Heinz Corporation II | $ | 241,366 | ||
Nine Months Ended | ||||
22-Sep-13 | ||||
(In thousands) | ||||
Revenue | $ | 8,353,701 | ||
Income from continuing operations attributable to H. J. Heinz Corporation II | $ | 464,840 | ||
Segments_Tables
Segments (Tables) | 9 Months Ended | ||||||||||
Sep. 28, 2014 | |||||||||||
Segment Reporting [Abstract] | ' | ||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||
The following tables present information about the Company’s reportable segments: | |||||||||||
Successor | |||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | ||||||||||
(In thousands) | |||||||||||
Net external sales: | |||||||||||
North America | $ | 982,162 | $ | 1,049,205 | |||||||
Europe | 695,991 | 693,632 | |||||||||
Asia/Pacific | 475,674 | 532,185 | |||||||||
Latin America | 265,889 | 211,709 | |||||||||
RIMEA | 174,169 | 159,846 | |||||||||
Consolidated Totals | $ | 2,593,885 | $ | 2,646,577 | |||||||
Segment Adjusted EBITDA: | |||||||||||
North America | $ | 281,313 | $ | 261,238 | |||||||
Europe | 205,408 | 143,656 | |||||||||
Asia/Pacific | 78,097 | 67,914 | |||||||||
Latin America | 69,566 | 29,988 | |||||||||
RIMEA | 29,132 | 19,551 | |||||||||
Non-Operating | (17,067 | ) | (25,383 | ) | |||||||
Adjusted EBITDA | 646,449 | 496,964 | |||||||||
Amortization of inventory step-up | — | 259,195 | |||||||||
Severance related costs(a) | 29,059 | 64,915 | |||||||||
Other restructuring costs(a) | 10,617 | 2,444 | |||||||||
Asset write-offs(a) | 38,429 | — | |||||||||
Other special items(b) | 59,987 | (10,937 | ) | ||||||||
Merger related costs(c) | — | 97,798 | |||||||||
Depreciation, including accelerated depreciation for restructuring | 70,571 | 72,272 | |||||||||
Amortization | 24,681 | 20,771 | |||||||||
Interest expense, net | 157,469 | 160,911 | |||||||||
Stock based compensation | 3,978 | — | |||||||||
Other expense, net | 37,450 | 9,819 | |||||||||
Income/(loss) from continuing operations before income tax | $ | 214,208 | $ | (180,224 | ) | ||||||
______________________________________ | |||||||||||
(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 U.S. SAP go-live, which was launched in the second quarter of 2014, along with equipment relocation charges, severance and consulting and advisory charges not specifically related to restructuring activities and other items that management believes do not directly reflect our core operations. | ||||||||||
(c) | See Note 2 for further details on Merger related costs. | ||||||||||
Successor | Predecessor | ||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | |||||||||
(In thousands) | |||||||||||
Net external sales: | |||||||||||
North America | $ | 3,116,979 | $ | 1,222,895 | $ | 2,090,049 | |||||
Europe | 2,224,828 | 815,483 | 1,365,438 | ||||||||
Asia/Pacific | 1,551,039 | 652,785 | 1,023,379 | ||||||||
Latin America | 664,875 | 250,948 | 389,561 | ||||||||
RIMEA | 564,760 | 207,892 | 335,271 | ||||||||
Consolidated Totals | $ | 8,122,481 | $ | 3,150,003 | $ | 5,203,698 | |||||
Segment Adjusted EBITDA: | |||||||||||
North America | $ | 936,681 | $ | 294,634 | $ | 516,633 | |||||
Europe | 657,131 | 170,176 | 291,990 | ||||||||
Asia/Pacific | 258,078 | 84,372 | 137,292 | ||||||||
Latin America | 131,942 | 34,563 | 38,464 | ||||||||
RIMEA | 102,545 | 27,146 | 48,114 | ||||||||
Non-Operating | (58,317 | ) | (29,459 | ) | (86,184 | ) | |||||
Adjusted EBITDA | 2,028,060 | 581,432 | 946,309 | ||||||||
Amortization of inventory step-up | — | 383,300 | — | ||||||||
Severance related costs(a) | 112,756 | 67,500 | 1,866 | ||||||||
Other restructuring costs(a) | 48,985 | 2,444 | 3,659 | ||||||||
Asset write-offs(a) | 48,718 | — | — | ||||||||
Other special items(b) | 106,029 | (11,445 | ) | (11,908 | ) | ||||||
Merger related costs(c) | — | 153,791 | 157,002 | ||||||||
Unrealized gain on derivative instruments | — | (117,934 | ) | — | |||||||
Loss from extinguishment of debt | — | — | 129,367 | ||||||||
Foodstar earn-out(d) | — | — | 12,081 | ||||||||
Depreciation, including accelerated depreciation for restructuring | 354,298 | 85,110 | 143,516 | ||||||||
Amortization | 74,324 | 22,256 | 21,044 | ||||||||
Stock based compensation | 6,162 | — | 18,520 | ||||||||
Interest expense, net | 481,936 | 219,970 | 120,200 | ||||||||
Other expense, net | 101,241 | 8,928 | 49,446 | ||||||||
Impairment loss on indefinite-lived trademarks(e) | 61,774 | — | — | ||||||||
Income/(loss) from continuing operations before income tax | $ | 631,837 | $ | (232,488 | ) | $ | 301,516 | ||||
______________________________________ | |||||||||||
(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 U.S. SAP go-live, which was launched in the second quarter of 2014, along with equipment relocation charges, severance and consulting and advisory charges not specifically related to restructuring activities and other items that management believes do not directly reflect our core operations. | ||||||||||
(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. | ||||||||||
(e) | See Note 7 for further details on the impairment loss on indefinite-lived trademarks. | ||||||||||
Revenue from External Customers by Products and Services | ' | ||||||||||
The Company’s revenues are generated via the sale of products in the following categories: | |||||||||||
Successor | |||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | ||||||||||
(In thousands) | |||||||||||
Ketchup and Sauces | $ | 1,344,804 | $ | 1,319,400 | |||||||
Meals and Snacks | 887,417 | 932,927 | |||||||||
Infant/Nutrition | 273,018 | 280,141 | |||||||||
Other | 88,646 | 114,109 | |||||||||
Total | $ | 2,593,885 | $ | 2,646,577 | |||||||
Successor | Predecessor | ||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | |||||||||
(In thousands) | |||||||||||
Ketchup and Sauces | $ | 4,087,500 | $ | 1,577,483 | $ | 2,433,468 | |||||
Meals and Snacks | 2,737,328 | 1,089,553 | 1,863,421 | ||||||||
Infant/Nutrition | 859,368 | 333,784 | 546,873 | ||||||||
Other | 438,285 | 149,183 | 359,936 | ||||||||
Total | $ | 8,122,481 | $ | 3,150,003 | $ | 5,203,698 | |||||
Restructuring_and_Productivity1
Restructuring and Productivity Initiatives (Tables) | 9 Months Ended | |||||||||||
Sep. 28, 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: | ||||||||||||
Successor | ||||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | |||||||||||
(In millions) | ||||||||||||
North America | $ | 5.2 | $ | 39.2 | ||||||||
Europe | 63.1 | 1.4 | ||||||||||
Asia/Pacific | 8 | 3.5 | ||||||||||
Latin America | 3.5 | 15.3 | ||||||||||
RIMEA | 0.9 | 1 | ||||||||||
Non-Operating | 0.2 | 6.9 | ||||||||||
Total productivity charges | $ | 80.9 | $ | 67.3 | ||||||||
Successor | Predecessor | |||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | ||||||||||
(In millions) | ||||||||||||
North America | $ | 161.1 | $ | 39.2 | $ | — | ||||||
Europe | 126.4 | 1.4 | 3.6 | |||||||||
Asia/Pacific | 26.5 | 6.1 | 2.4 | |||||||||
Latin America | 3.7 | 15.3 | — | |||||||||
RIMEA | 2.5 | 1 | — | |||||||||
Non-Operating | 18 | 6.9 | — | |||||||||
Total productivity charges | $ | 338.2 | $ | 69.9 | $ | 6 | ||||||
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 (a) | Other exit costs (b) | Total | ||||||||||
(In millions) | ||||||||||||
Accrual balance at December 29, 2013 | $ | 66.3 | $ | 41.6 | $ | 107.9 | ||||||
2014 Restructuring and productivity initiatives | 112.8 | 49 | 161.8 | |||||||||
Cash payments | (120.5 | ) | (59.8 | ) | (180.3 | ) | ||||||
Accrual balance at September 28, 2014 | $ | 58.6 | $ | 30.8 | $ | 89.4 | ||||||
______________________________________ | ||||||||||||
(a) The accrual balance for severance and other severance related costs at December 29, 2013 shown in the above table has been revised to correct the prior period disclosure, decreasing the balance by $27.0 million. The revision impacted only the disclosed amount and had no impact on the Company's condensed consolidated financial statements. | ||||||||||||
(b) Other exit costs primarily represent professional fees, and contract and lease termination costs. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||
Sep. 28, 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: | |||||||||||
Successor | |||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | ||||||||||
(In millions) | |||||||||||
Sales | $ | — | $ | 3 | |||||||
Net loss | $ | — | $ | (4.9 | ) | ||||||
Successor | Predecessor | ||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | |||||||||
(In millions) | |||||||||||
Sales | $ | — | $ | 3 | $ | 26.5 | |||||
Net loss | $ | — | $ | (4.9 | ) | $ | (3.7 | ) | |||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 28, 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 September 28, 2014, by reportable segment, are as follows: | ||||||||||||||||||||||||
North America | Europe | Asia/Pacific | Latin America | RIMEA | Total | |||||||||||||||||||
Successor | (In thousands) | |||||||||||||||||||||||
Balance at December 29, 2013 | $ | 9,853,578 | $ | 3,704,658 | $ | 1,026,979 | $ | 210,916 | $ | 273,931 | $ | 15,070,062 | ||||||||||||
Purchase accounting adjustments | 215,034 | (56,853 | ) | 46,293 | 48,738 | (3,299 | ) | 249,913 | ||||||||||||||||
Translation adjustments | (45,770 | ) | (85,294 | ) | (11,231 | ) | (11,091 | ) | 1,002 | (152,384 | ) | |||||||||||||
Balance at September 28, 2014 | $ | 10,022,842 | $ | 3,562,511 | $ | 1,062,041 | $ | 248,563 | $ | 271,634 | $ | 15,167,591 | ||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | ' | |||||||||||||||||||||||
Other intangible assets at September 28, 2014 and December 29, 2013 subject to amortization expense are as follows: | ||||||||||||||||||||||||
September 28, 2014 | December 29, 2013 | |||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Customer-related assets | $ | 1,351,001 | $ | (85,301 | ) | $ | 1,265,700 | $ | 1,375,876 | $ | (35,773 | ) | $ | 1,340,103 | ||||||||||
Licenses | 119,325 | (24,547 | ) | 94,778 | 119,714 | (10,030 | ) | 109,684 | ||||||||||||||||
Other | 16,369 | (1,494 | ) | 14,875 | 24,665 | (1,118 | ) | 23,547 | ||||||||||||||||
$ | 1,486,695 | $ | (111,342 | ) | $ | 1,375,353 | $ | 1,520,255 | $ | (46,921 | ) | $ | 1,473,334 | |||||||||||
Summarized Amortization Expense | ' | |||||||||||||||||||||||
The following tables summarize amortization expense for customer-related and other intangible assets for the periods presented: | ||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Amortization of customer-related and other intangible assets | $ | 22,632 | $ | 19,254 | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Amortization of customer-related and other intangible assets | $ | 68,327 | $ | 20,259 | $ | 13,673 | ||||||||||||||||||
Employees_Stock_Incentive_Plan1
Employees' Stock Incentive Plans and Management Incentive Plans (Tables) | 9 Months Ended | |||||||||||
Sep. 28, 2014 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||
The weighted average assumptions used to estimate the fair values are as follows: | ||||||||||||
Successor | ||||||||||||
Nine Months Ended | ||||||||||||
Stock Options Granted October 16, 2013 | Stock Options Granted February 14, 2014 | Stock Options Granted May 21, 2014 | ||||||||||
Exercise price | $ | 10 | $ | 10 | $ | 10 | ||||||
Risk-free interest rate | 1.41 | % | 1.41 | % | 1.55 | % | ||||||
Expected term (in years) | 5 | 5 | 5 | |||||||||
Expected volatility | 24.3 | % | 24.3 | % | 24.3 | % | ||||||
Expected forfeiture rate | 5 | % | 5 | % | 5 | % | ||||||
Expected dividend yield | — | % | — | % | — | % | ||||||
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 primarily recognized in SG&A and Merger related costs, and the related tax benefit, are as follows: | ||||||||||||
Successor | ||||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | |||||||||||
(In millions) | ||||||||||||
Pre-tax compensation cost | $ | 2.6 | $ | 1.9 | ||||||||
Tax benefit | 0.9 | 0.6 | ||||||||||
After-tax compensation cost | $ | 1.7 | $ | 1.3 | ||||||||
Successor | Predecessor | |||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | ||||||||||
(In millions) | ||||||||||||
Pre-tax compensation cost | $ | 6.2 | $ | 1.9 | $ | 36.4 | ||||||
Tax benefit | 2.1 | 0.6 | 11.2 | |||||||||
After-tax compensation cost | $ | 4.1 | $ | 1.3 | $ | 25.2 | ||||||
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 periods presented are as follows (there was no compensation cost related to LTPP awards in the Successor periods): | ||||||||||||
Predecessor | ||||||||||||
December 24, 2012 - June 7, 2013 | ||||||||||||
(In millions) | ||||||||||||
Pre-tax compensation cost | $ | 8.1 | ||||||||||
Tax benefit | 2.8 | |||||||||||
After-tax compensation cost | $ | 5.3 | ||||||||||
Pensions_and_Other_Postretirem1
Pensions and Other Postretirement Benefits (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 28, 2014 | ||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||
Components of net periodic benefit cost | ' | |||||||||||||||||||||
The components of net periodic benefit (income)/expense are as follows: | ||||||||||||||||||||||
Successor | Successor | |||||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | June 30 - September 28, 2014 | June 24 - September 22, 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Service cost | $ | 7,303 | $ | 9,555 | $ | 1,430 | $ | 1,640 | ||||||||||||||
Interest cost | 34,959 | 33,190 | 2,209 | 2,334 | ||||||||||||||||||
Expected return on plan assets | (56,206 | ) | (53,720 | ) | — | — | ||||||||||||||||
Amortization of prior service cost/(credit) | — | — | (1,577 | ) | — | |||||||||||||||||
Amortization of unrecognized (gain)/loss | (16 | ) | — | — | ||||||||||||||||||
Special Termination Benefits | 1,784 | — | — | — | ||||||||||||||||||
Curtailment (gains) and settlement losses | (1,494 | ) | — | (6,868 | ) | — | ||||||||||||||||
Net periodic benefit (income)/expense | $ | (13,670 | ) | $ | (10,975 | ) | $ | (4,806 | ) | $ | 3,974 | |||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||
Pension Benefits | Other Retiree Benefits | |||||||||||||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | |||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Service cost | $ | 22,353 | $ | 10,950 | $ | 14,673 | $ | 4,256 | $ | 1,905 | $ | 2,909 | ||||||||||
Interest cost | 105,320 | 38,342 | 57,912 | 6,591 | 2,705 | 4,260 | ||||||||||||||||
Expected return on plan assets | (166,631 | ) | (63,750 | ) | (111,162 | ) | — | — | — | |||||||||||||
Amortization of prior service cost/(credit) | — | — | 1,077 | (4,731 | ) | — | (2,736 | ) | ||||||||||||||
Amortization of unrecognized (gain)/loss | (47 | ) | — | 35,759 | — | — | 823 | |||||||||||||||
Special Termination Benefits | 1,784 | — | 17,230 | — | — | — | ||||||||||||||||
Curtailment (gains) and settlement losses | (2,289 | ) | — | 3,177 | (6,868 | ) | — | — | ||||||||||||||
Net periodic benefit (income)/expense | $ | (39,510 | ) | $ | (14,458 | ) | $ | 18,666 | $ | (752 | ) | $ | 4,610 | $ | 5,256 | |||||||
Comprehensive_IncomeLoss_Table
Comprehensive Income/(Loss) (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||||||
Summary of comprehensive income | ' | ||||||||||||||||||||||||||||
The following tables summarize the allocation of total comprehensive income between H. J. Heinz Corporation II and the noncontrolling interest for the third quarters ended September 28, 2014 and September 22, 2013, respectively: | |||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | ||||||||||||||||||||||||||||
H. J. Heinz Corporation II | Non-controlling | Total | H. J. Heinz Corporation II | Non-controlling | Total | ||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Net income/(loss) | $ | 171,618 | $ | 2,363 | $ | 173,981 | $ | (11,767 | ) | $ | 2,363 | $ | (9,404 | ) | |||||||||||||||
Other comprehensive (loss)/income, net of tax: | |||||||||||||||||||||||||||||
Foreign currency translation adjustments (losses)/gains | (708,453 | ) | (4,177 | ) | (712,630 | ) | 298,402 | (10,395 | ) | 288,007 | |||||||||||||||||||
Net deferred gains on net investment hedges from periodic revaluations | 268,375 | — | 268,375 | — | — | — | |||||||||||||||||||||||
Net pension and post-retirement benefit losses | (25,481 | ) | — | (25,481 | ) | — | — | — | |||||||||||||||||||||
Net pension and post-retirement benefit gains reclassified to earnings | (986 | ) | — | (986 | ) | — | — | — | |||||||||||||||||||||
Net deferred gains/(losses) on derivatives from periodic revaluations | 23,164 | (65 | ) | 23,099 | (3,609 | ) | 286 | (3,323 | ) | ||||||||||||||||||||
Net deferred losses/(gains) on derivatives reclassified to earnings | 3,782 | 83 | 3,865 | (1,180 | ) | (39 | ) | (1,219 | ) | ||||||||||||||||||||
Total comprehensive (loss)/income | $ | (267,981 | ) | $ | (1,796 | ) | $ | (269,777 | ) | $ | 281,846 | $ | (7,785 | ) | $ | 274,061 | |||||||||||||
Successor | Predecessor | ||||||||||||||||||||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | |||||||||||||||||||||||||||
H. J. Heinz Corporation II | Non-controlling | Total | H. J. Heinz Corporation II | Non-controlling | Total | H. J. Heinz Corporation II | Non-controlling | Total | |||||||||||||||||||||
Interest | Interest | Interest | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Net income/(loss) | $ | 493,537 | $ | 13,449 | $ | 506,986 | $ | (52,911 | ) | $ | 2,370 | $ | (50,541 | ) | $ | 95,002 | $ | 6,685 | $ | 101,687 | |||||||||
Other comprehensive (loss)/income, net of tax: | |||||||||||||||||||||||||||||
Foreign currency translation adjustments (losses)/gains | (416,748 | ) | (1,105 | ) | (417,853 | ) | 136,589 | (16,068 | ) | 120,521 | (231,442 | ) | (5,053 | ) | (236,495 | ) | |||||||||||||
Net deferred gains on net investment hedges from periodic revaluations | 108,541 | — | 108,541 | — | — | — | — | — | — | ||||||||||||||||||||
Net pension and post-retirement benefit losses | (53,366 | ) | — | (53,366 | ) | — | — | — | (189,294 | ) | — | (189,294 | ) | ||||||||||||||||
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | (2,965 | ) | — | (2,965 | ) | — | — | — | 26,908 | (41 | ) | 26,867 | |||||||||||||||||
Net deferred (losses)/gains on derivatives from periodic revaluations | (135,800 | ) | (421 | ) | (136,221 | ) | 103,693 | 286 | 103,979 | (5,018 | ) | 40 | (4,978 | ) | |||||||||||||||
Net deferred (gains)/losses on derivatives reclassified to earnings | (176 | ) | (17 | ) | (193 | ) | (1,180 | ) | (39 | ) | (1,219 | ) | 22,670 | 4 | 22,674 | ||||||||||||||
Total comprehensive (loss)/income | $ | (6,977 | ) | $ | 11,906 | $ | 4,929 | $ | 186,191 | $ | (13,451 | ) | $ | 172,740 | $ | (281,174 | ) | $ | 1,635 | $ | (279,539 | ) | |||||||
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: | |||||||||||||||||||||||||||||
H. J. Heinz Corporation II | Noncontrolling | Total | |||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||
June 24 - September 22, 2013 | |||||||||||||||||||||||||||||
Net pension and post-retirement benefit (losses)/gains | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Net deferred (losses)/gains on derivatives from periodic revaluations | $ | (722 | ) | $ | (95 | ) | $ | (817 | ) | ||||||||||||||||||||
Net deferred (gains)/losses on derivatives reclassified to earnings | $ | (288 | ) | $ | (13 | ) | $ | (301 | ) | ||||||||||||||||||||
June 30 - September 28, 2014 | |||||||||||||||||||||||||||||
Net deferred gains on net investment hedges from periodic revaluations | $ | (165,920 | ) | $ | — | $ | (165,920 | ) | |||||||||||||||||||||
Net pension and post-retirement benefit (losses)/gains | $ | 8,809 | $ | — | $ | 8,809 | |||||||||||||||||||||||
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | $ | (607 | ) | $ | — | $ | (607 | ) | |||||||||||||||||||||
Net deferred (losses)/gains on derivatives from periodic revaluations | $ | (14,597 | ) | $ | 22 | $ | (14,575 | ) | |||||||||||||||||||||
Net deferred (gains)/losses on derivatives reclassified to earnings | $ | (1,748 | ) | $ | 28 | $ | (1,720 | ) | |||||||||||||||||||||
H. J. Heinz Corporation II | Noncontrolling | Total | |||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Predecessor | |||||||||||||||||||||||||||||
December 24, 2012 - June 7, 2013 | |||||||||||||||||||||||||||||
Net pension and post-retirement benefit (losses)/gains | $ | 75,526 | $ | — | $ | 75,526 | |||||||||||||||||||||||
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | $ | 11,191 | $ | — | $ | 11,191 | |||||||||||||||||||||||
Net deferred (losses)/gains on derivatives from periodic revaluations | $ | 13,484 | $ | (13 | ) | $ | 13,471 | ||||||||||||||||||||||
Net deferred losses on derivatives reclassified to earnings | $ | 22,118 | $ | 1 | $ | 22,119 | |||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||
February 8 - September 22, 2013 | |||||||||||||||||||||||||||||
Net change in fair value of net investment hedges | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Net pension and post-retirement benefit (losses)/gains | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Net deferred (losses)/gains on derivatives from periodic revaluations | $ | (55,735 | ) | $ | (95 | ) | $ | (55,830 | ) | ||||||||||||||||||||
Net deferred gains on derivatives reclassified to earnings | $ | (288 | ) | $ | (13 | ) | $ | (301 | ) | ||||||||||||||||||||
December 30, 2013 - September 28, 2014 | |||||||||||||||||||||||||||||
Net deferred gains on net investment hedges from periodic revaluations | $ | (67,235 | ) | $ | — | $ | (67,235 | ) | |||||||||||||||||||||
Net pension and post-retirement benefit (losses)/gains | $ | 15,780 | $ | — | $ | 15,780 | |||||||||||||||||||||||
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | $ | (1,813 | ) | $ | — | $ | (1,813 | ) | |||||||||||||||||||||
Net deferred (losses)/gains on derivatives from periodic revaluations | $ | 64,099 | $ | 141 | $ | 64,240 | |||||||||||||||||||||||
Net deferred gains on derivatives reclassified to earnings | $ | (6,911 | ) | $ | (6 | ) | $ | (6,917 | ) | ||||||||||||||||||||
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 H. J. Heinz 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 | (416,748 | ) | — | — | (416,748 | ) | |||||||||||||||||||||||
Net deferred gains on net investment hedges from periodic revaluations | 108,541 | — | — | 108,541 | |||||||||||||||||||||||||
Net pension and post-retirement benefit (losses)/gains | — | (53,366 | ) | — | (53,366 | ) | |||||||||||||||||||||||
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | — | (2,965 | ) | — | (2,965 | ) | |||||||||||||||||||||||
Net deferred losses on derivatives from periodic revaluations | — | — | (135,800 | ) | (135,800 | ) | |||||||||||||||||||||||
Net deferred (gains)/losses on derivatives reclassified to earnings | — | — | (176 | ) | (176 | ) | |||||||||||||||||||||||
Net current-period other comprehensive loss | $ | (308,207 | ) | $ | (56,331 | ) | $ | (135,976 | ) | $ | (500,514 | ) | |||||||||||||||||
Balance as of September 28, 2014 | $ | (285,659 | ) | $ | 46,133 | $ | (27,978 | ) | $ | (267,504 | ) | ||||||||||||||||||
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 H. J. Heinz Corporation II for the third quarters and nine months ended September 28, 2014 and September 22, 2013: | |||||||||||||||||||||||||||||
Accumulated other comprehensive income/(loss) component | Reclassified from accumulated other comprehensive income/(loss) to earnings | Line affected by reclassification | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | ||||||||||||||||||||||||||||
Gains/(losses) on cash flow hedges: | |||||||||||||||||||||||||||||
Foreign exchange contracts | $ | (624 | ) | $ | 125 | Sales | |||||||||||||||||||||||
Foreign exchange contracts | (1,558 | ) | 650 | Cost of products sold | |||||||||||||||||||||||||
Foreign exchange contracts | — | (19 | ) | Selling, general, and administrative expenses | |||||||||||||||||||||||||
Foreign exchange contracts | 148 | 672 | Other expense | ||||||||||||||||||||||||||
Foreign exchange contracts | — | — | Interest expense | ||||||||||||||||||||||||||
Interest rate contracts | — | 40 | Interest expense | ||||||||||||||||||||||||||
Cross-currency interest rate swap contracts | — | — | Other expense | ||||||||||||||||||||||||||
Cross-currency interest rate swap contracts | — | — | Interest expense | ||||||||||||||||||||||||||
$ | (2,034 | ) | $ | 1,468 | Gains/(losses) from continuing operations before income tax | ||||||||||||||||||||||||
(1,748 | ) | (288 | ) | Provision for income taxes | |||||||||||||||||||||||||
$ | (3,782 | ) | $ | 1,180 | Gains/(losses) from continuing operations | ||||||||||||||||||||||||
Gains/(losses) on pension and post retirement benefit: | |||||||||||||||||||||||||||||
Amortization of unrecognized gain/(loss) | $ | 16 | $ | — | (a) | ||||||||||||||||||||||||
Prior service credit/(cost) | 1,577 | — | (a) | ||||||||||||||||||||||||||
Settlement loss | — | — | (a) | ||||||||||||||||||||||||||
$ | 1,593 | $ | — | Gains/(losses) from continuing operations before income tax | |||||||||||||||||||||||||
(607 | ) | — | Provision for income taxes | ||||||||||||||||||||||||||
$ | 986 | $ | — | Gains/(losses) 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. | |||||||||||||||||||||||||||||
Accumulated other comprehensive income/(loss) component | Reclassified from accumulated other comprehensive income/(loss) to earnings | Line affected by reclassification | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | |||||||||||||||||||||||||||
Gains/(losses) on cash flow hedges: | |||||||||||||||||||||||||||||
Foreign exchange contracts | $ | (967 | ) | $ | 125 | $ | 4,836 | Sales | |||||||||||||||||||||
Foreign exchange contracts | 7,207 | 650 | 4,695 | Cost of products sold | |||||||||||||||||||||||||
Foreign exchange contracts | (125 | ) | (19 | ) | — | Selling, general, and administrative expenses | |||||||||||||||||||||||
Foreign exchange contracts | 966 | 672 | 9,761 | Other expense | |||||||||||||||||||||||||
Foreign exchange contracts | 6 | — | 230 | Interest expense | |||||||||||||||||||||||||
Interest rate contracts | — | 40 | (98 | ) | Interest expense | ||||||||||||||||||||||||
Cross-currency interest rate swap contracts | — | — | (52,447 | ) | Other expense | ||||||||||||||||||||||||
Cross-currency interest rate swap contracts | — | — | (11,765 | ) | Interest expense | ||||||||||||||||||||||||
$ | 7,087 | $ | 1,468 | $ | (44,788 | ) | Gains/(losses) from continuing operations before income tax | ||||||||||||||||||||||
(6,911 | ) | (288 | ) | 22,118 | Provision for income taxes | ||||||||||||||||||||||||
$ | 176 | $ | 1,180 | $ | (22,670 | ) | Gains/(losses) from continuing operations | ||||||||||||||||||||||
Gains/(losses) on pension and post retirement benefit: | |||||||||||||||||||||||||||||
Amortization of unrecognized gains/(losses) | $ | 47 | $ | — | $ | (36,582 | ) | (a) | |||||||||||||||||||||
Prior service credit/(cost) | 4,731 | — | 1,659 | (a) | |||||||||||||||||||||||||
Settlement loss | — | — | (3,176 | ) | (a) | ||||||||||||||||||||||||
$ | 4,778 | $ | — | $ | (38,099 | ) | Gains/(losses) from continuing operations before income tax | ||||||||||||||||||||||
(1,813 | ) | — | 11,191 | Provision for income taxes | |||||||||||||||||||||||||
$ | 2,965 | $ | — | $ | (26,908 | ) | Gains/(losses) 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) | 9 Months Ended | |||||||||||||||||||||||
Sep. 28, 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, H. J. Heinz Corporation II shareholder 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) | — | — | 493,537 | (500,514 | ) | 10,464 | 3,487 | |||||||||||||||||
Dividends paid to shareholder | (123,484 | ) | — | (416,516 | ) | — | — | (540,000 | ) | |||||||||||||||
Capital contribution (b) | — | 4,361 | — | — | — | 4,361 | ||||||||||||||||||
Stock option expense | — | 6,162 | — | — | — | 6,162 | ||||||||||||||||||
Balance at September 28, 2014 | $ | 16,016,516 | $ | 11,950 | $ | — | $ | (267,504 | ) | $ | 226,306 | $ | 15,987,268 | |||||||||||
______________________________________ | ||||||||||||||||||||||||
(a) The allocation of the individual components of comprehensive income/(loss) attributable to H. J. Heinz Corporation II and the noncontrolling interest is disclosed in Note 11. Comprehensive income attributable to the redeemable noncontrolling interest is $1.4 million for the nine months ended September 28, 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) | 9 Months Ended | ||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Debt | ' | ||||||||||||||||||
The Company's long-term debt consists of the following: | |||||||||||||||||||
Successor | |||||||||||||||||||
28-Sep-14 | 29-Dec-13 | ||||||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
$2.95 billion Term B-1 Loan | $ | 2,908,932 | $ | 2,929,213 | |||||||||||||||
$6.55 billion Term B-2 Loan | 6,471,153 | 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%) | 9,891 | 10,774 | |||||||||||||||||
Other Non-U.S. Dollar Debt due May 2013 — May 2023 (3.50%—11.00%) | 61,812 | 70,411 | |||||||||||||||||
2.00% U.S. Dollar Notes due September 2016 | 58,308 | 58,308 | |||||||||||||||||
1.50% U.S. Dollar Notes due March 2017 | 17,742 | 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 | 256,902 | 258,075 | |||||||||||||||||
£125 million 6.25% British Pound Notes due February 2030 | 214,845 | 218,507 | |||||||||||||||||
$437 million 6.75% U.S. Dollar Notes due March 2032 | 475,281 | 476,943 | |||||||||||||||||
$931 million 7.125% U.S. Dollar Notes due August 2039 | 1,024,070 | 1,026,881 | |||||||||||||||||
14,638,968 | 14,725,411 | ||||||||||||||||||
Less portion due within one year | (108,538 | ) | (107,765 | ) | |||||||||||||||
Total long-term debt | $ | 14,530,430 | $ | 14,617,646 | |||||||||||||||
Weighted-average interest rate on long-term debt, including the impact of applicable interest rate swaps | 4.02 | % | 4.01 | % | |||||||||||||||
Schedule of Amortization of Debt Issuance Costs | ' | ||||||||||||||||||
The following table summarizes the amortization of debt issuance costs for the periods presented: | |||||||||||||||||||
Successor | Successor | Predecessor | |||||||||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | |||||||||||||||
(In millions) | |||||||||||||||||||
Amortization of debt issuance costs | $ | 12.2 | $ | 12.2 | $ | 36.6 | $ | 14.8 | $ | 18.5 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 28, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair value assets and liabilities measured on recurring basis | ' | |||||||||||||||||||||||||||||||
As of September 28, 2014 and December 29, 2013, the fair values of the Company’s assets and liabilities measured on a recurring basis are categorized as follows: | ||||||||||||||||||||||||||||||||
28-Sep-14 | December 29, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Derivatives(a) | $ | — | $ | 284,021 | $ | — | $ | 284,021 | $ | — | $ | 346,665 | $ | — | $ | 346,665 | ||||||||||||||||
Total assets at fair value | $ | — | $ | 284,021 | $ | — | $ | 284,021 | $ | — | $ | 346,665 | $ | — | $ | 346,665 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Derivatives(a) | $ | — | $ | 125,437 | $ | — | $ | 125,437 | $ | — | $ | 237,436 | $ | — | $ | 237,436 | ||||||||||||||||
Total liabilities at fair value | $ | — | $ | 125,437 | $ | — | $ | 125,437 | $ | — | $ | 237,436 | $ | — | $ | 237,436 | ||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||||||
(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 swaps are valued based on observable market spot and swap rates and classified within Level 2 of the fair value hierarchy. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 28, 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 September 28, 2014 and December 29, 2013: | |||||||||||||||||||||||||||||
28-Sep-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 | $ | 24,828 | $ | — | $ | — | $ | 37,072 | $ | — | $ | — | |||||||||||||||||
Other non-current assets | 2,905 | 87,508 | 79,563 | 4,129 | 265,390 | 31,303 | |||||||||||||||||||||||
27,733 | 87,508 | 79,563 | 41,201 | 265,390 | 31,303 | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Other receivables, net | 89,217 | — | — | 8,771 | — | — | |||||||||||||||||||||||
Other non-current assets | — | — | — | — | — | — | |||||||||||||||||||||||
89,217 | — | — | 8,771 | — | — | ||||||||||||||||||||||||
Total assets(1) | $ | 116,950 | $ | 87,508 | $ | 79,563 | $ | 49,972 | $ | 265,390 | $ | 31,303 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Other payables | $ | 25,331 | $ | — | $ | — | $ | 5,251 | $ | — | $ | — | |||||||||||||||||
Other non-current liabilities | 3,553 | — | 94,384 | — | — | 221,899 | |||||||||||||||||||||||
28,884 | — | 94,384 | 5,251 | — | 221,899 | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Other payables | 2,169 | — | — | 10,286 | — | — | |||||||||||||||||||||||
Other non-current liabilities | — | — | — | — | — | — | |||||||||||||||||||||||
Total liabilities(1) | $ | 31,053 | $ | — | $ | 94,384 | $ | 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 condensed consolidated balance sheets. If the derivative financial instruments had been netted in the condensed consolidated balance sheets, the asset and liability positions each would have been reduced by $125.4 million and $237.4 million at September 28, 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 September 28, 2014. | ||||||||||||||||||||||||||||
Effect of derivative instruments on the statement of income | ' | ||||||||||||||||||||||||||||
The following table presents the pre-tax effect of derivative instruments on the condensed consolidated statements of operations for the periods presented: | |||||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||||
June 30 - September 28, 2014 | June 24 - September 22, 2013 | ||||||||||||||||||||||||||||
Foreign Exchange | Interest Rate | Cross-Currency Swap Contracts | Foreign Exchange | Interest Rate | Cross-Currency Swap Contracts | ||||||||||||||||||||||||
Contracts | Contracts | Contracts | Contracts | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Gains/(losses) recognized in other comprehensive income (effective portion) | $ | 7,836 | $ | 29,925 | $ | — | $ | 10,315 | $ | (13,201 | ) | $ | — | ||||||||||||||||
Net investment hedges: | |||||||||||||||||||||||||||||
Gains/(losses) recognized in other comprehensive income (effective portion) | — | — | 434,616 | — | — | — | |||||||||||||||||||||||
Total gains/(losses) recognized in other comprehensive income (effective portion) | $ | 7,836 | $ | 29,925 | $ | 434,616 | $ | 10,315 | $ | (13,201 | ) | $ | — | ||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Sales | $ | (624 | ) | $ | — | $ | — | $ | 125 | $ | — | $ | — | ||||||||||||||||
Cost of products sold | (1,558 | ) | — | — | 650 | — | — | ||||||||||||||||||||||
Selling, general and administrative expenses | — | — | — | (19 | ) | — | — | ||||||||||||||||||||||
Other expense, net | 148 | — | — | 672 | — | — | |||||||||||||||||||||||
Interest expense | — | — | — | — | 40 | — | |||||||||||||||||||||||
(2,034 | ) | — | — | 1,428 | 40 | — | |||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Gains/(losses) recognized in other expense, net | — | — | — | — | — | — | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Unrealized gains/(losses) on derivative instruments | — | — | — | — | — | — | |||||||||||||||||||||||
Gains/(losses) recognized in other expense, net | 99,411 | — | — | 36,353 | — | — | |||||||||||||||||||||||
Gains/(losses) recognized in interest income | — | — | — | — | — | — | |||||||||||||||||||||||
99,411 | — | — | 36,353 | — | — | ||||||||||||||||||||||||
Total gains/(losses) recognized in statement of operations | $ | 97,377 | $ | — | $ | — | $ | 37,781 | $ | 40 | $ | — | |||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||||||||||
December 30, 2013 - September 28, 2014 | February 8 - September 22, 2013 | December 24, 2012 - June 7, 2013 | |||||||||||||||||||||||||||
Foreign Exchange | Interest Rate | Cross-Currency Swap Contracts | Foreign Exchange | Interest Rate | Cross-Currency Swap Contracts | Foreign Exchange | Interest Rate | Cross-Currency | |||||||||||||||||||||
Contracts | Contracts | Contracts | Contracts | Contracts | Contracts | Interest Rate | |||||||||||||||||||||||
Swap Contracts | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Gains/(losses) recognized in other comprehensive income (effective portion) | $ | (22,017 | ) | $ | (177,882 | ) | $ | — | $ | 17,881 | $ | 141,547 | $ | — | $ | 39,351 | $ | — | $ | (57,558 | ) | ||||||||
Net investment hedges: | |||||||||||||||||||||||||||||
Gains/(losses) recognized in other comprehensive income (effective portion) | — | — | 175,776 | — | — | — | — | — | — | ||||||||||||||||||||
Total gains/(losses) recognized in other comprehensive income (effective portion) | $ | (22,017 | ) | $ | (177,882 | ) | $ | 175,776 | $ | 17,881 | $ | 141,547 | $ | — | $ | 39,351 | $ | — | $ | (57,558 | ) | ||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Sales | $ | (967 | ) | $ | — | $ | — | $ | 125 | $ | — | $ | — | $ | 4,836 | $ | — | $ | — | ||||||||||
Cost of products sold | 7,207 | — | — | 650 | — | — | 4,695 | — | — | ||||||||||||||||||||
Selling, general and administrative expenses | (125 | ) | — | — | (19 | ) | — | — | — | — | — | ||||||||||||||||||
Other expense, net | 966 | — | — | 672 | — | — | 9,761 | — | (52,447 | ) | |||||||||||||||||||
Interest expense | 6 | — | — | — | 40 | — | 230 | (98 | ) | (11,765 | ) | ||||||||||||||||||
7,087 | — | — | 1,428 | 40 | — | 19,522 | (98 | ) | (64,212 | ) | |||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||
Gains/(losses) recognized in other expense, net | — | — | — | — | (180 | ) | — | — | (8,065 | ) | — | ||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Unrealized gains/(losses) on derivative instruments | — | — | — | — | 117,934 | — | — | — | — | ||||||||||||||||||||
Gains/(losses) recognized in other expense, net | 98,815 | — | — | 36,434 | — | — | (2,922 | ) | — | — | |||||||||||||||||||
Gains/(losses) recognized in interest income | — | — | — | — | — | — | — | (10,512 | ) | — | |||||||||||||||||||
98,815 | — | — | 36,434 | 117,934 | — | (2,922 | ) | (10,512 | ) | — | |||||||||||||||||||
Total gains/(losses) recognized in statement of operations | $ | 105,902 | $ | — | $ | — | $ | 37,862 | $ | 117,794 | $ | — | $ | 16,600 | $ | (18,675 | ) | $ | (64,212 | ) | |||||||||
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 28, 2014 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Condensed Income Statement | ' | |||||||||||||||||||||||
and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Third Quarter Ended September 28, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Sales | $ | — | $ | 49,567 | $ | 859,335 | $ | 1,762,114 | $ | (77,131 | ) | $ | 2,593,885 | |||||||||||
Cost of product sold | — | 393 | 601,921 | 1,152,679 | (77,131 | ) | 1,677,862 | |||||||||||||||||
Gross profit | — | 49,174 | 257,414 | 609,435 | — | 916,023 | ||||||||||||||||||
Selling, general and administrative expenses | — | 36,599 | 147,775 | 322,522 | — | 506,896 | ||||||||||||||||||
Operating income | — | 12,575 | 109,639 | 286,913 | — | 409,127 | ||||||||||||||||||
Interest expense/(income), net | — | 153,995 | 6,246 | (2,772 | ) | — | 157,469 | |||||||||||||||||
Other (expense)/income, net | — | (3,522 | ) | 14,690 | (48,618 | ) | — | (37,450 | ) | |||||||||||||||
(Loss)/income before income taxes | — | (144,942 | ) | 118,083 | 241,067 | — | 214,208 | |||||||||||||||||
Equity in earnings of subsidiaries | 171,618 | 303,868 | 170,015 | — | (645,501 | ) | — | |||||||||||||||||
(Benefit from)/provision for income taxes | — | (12,692 | ) | 4,595 | 48,324 | 40,227 | ||||||||||||||||||
Net income | 171,618 | 171,618 | 283,503 | 192,743 | (645,501 | ) | 173,981 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 2,363 | — | 2,363 | ||||||||||||||||||
Net income | $ | 171,618 | $ | 171,618 | $ | 283,503 | $ | 190,380 | $ | (645,501 | ) | $ | 171,618 | |||||||||||
Total comprehensive loss | $ | (267,981 | ) | $ | (267,981 | ) | $ | (376,562 | ) | $ | (537,417 | ) | $ | 1,181,960 | $ | (267,981 | ) | |||||||
Successor | ||||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Third Quarter Ended September 22, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Sales | $ | — | $ | 56,966 | $ | 905,516 | $ | 1,775,685 | $ | (91,590 | ) | $ | 2,646,577 | |||||||||||
Cost of product sold | — | 405 | 728,293 | 1,349,306 | (91,590 | ) | 1,986,414 | |||||||||||||||||
Gross profit | — | 56,561 | 177,223 | 426,379 | — | 660,163 | ||||||||||||||||||
Selling, general and administrative expenses | — | 70,072 | 178,363 | 421,222 | — | 669,657 | ||||||||||||||||||
Operating (loss)/income | — | (13,511 | ) | (1,140 | ) | 5,157 | — | (9,494 | ) | |||||||||||||||
Interest expense, net | — | 152,462 | 2,717 | 5,732 | — | 160,911 | ||||||||||||||||||
Other expense, net | — | (2,246 | ) | (821 | ) | (6,752 | ) | — | (9,819 | ) | ||||||||||||||
Loss from continuing operations before income taxes | — | (168,219 | ) | (4,678 | ) | (7,327 | ) | — | (180,224 | ) | ||||||||||||||
Equity in (losses)/earnings of subsidiaries | (11,767 | ) | 77,551 | 72,228 | — | (138,012 | ) | — | ||||||||||||||||
Benefit from income taxes | — | (78,901 | ) | (11,543 | ) | (85,285 | ) | — | (175,729 | ) | ||||||||||||||
(Loss)/income from continuing operations | (11,767 | ) | (11,767 | ) | 79,093 | 77,958 | (138,012 | ) | (4,495 | ) | ||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (4,909 | ) | — | (4,909 | ) | ||||||||||||||||
Net (loss)/income | (11,767 | ) | (11,767 | ) | 79,093 | 73,049 | (138,012 | ) | (9,404 | ) | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 2,363 | — | 2,363 | ||||||||||||||||||
Net (loss)/income | $ | (11,767 | ) | $ | (11,767 | ) | $ | 79,093 | $ | 70,686 | $ | (138,012 | ) | $ | (11,767 | ) | ||||||||
Total comprehensive income | $ | 281,846 | $ | 281,846 | $ | 372,208 | $ | 381,905 | $ | (1,035,959 | ) | $ | 281,846 | |||||||||||
Successor | ||||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Nine Months Ended September 28, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Sales | $ | — | $ | 164,861 | $ | 2,711,434 | $ | 5,497,793 | $ | (251,607 | ) | $ | 8,122,481 | |||||||||||
Cost of product sold | — | 47,338 | 1,901,663 | 3,670,864 | (251,607 | ) | 5,368,258 | |||||||||||||||||
Gross profit | — | 117,523 | 809,771 | 1,826,929 | — | 2,754,223 | ||||||||||||||||||
Selling, general and administrative expenses | — | 78,041 | 425,522 | 1,035,646 | — | 1,539,209 | ||||||||||||||||||
Operating income | — | 39,482 | 384,249 | 791,283 | — | 1,215,014 | ||||||||||||||||||
Interest expense/(income), net | — | 465,029 | 20,237 | (3,330 | ) | — | 481,936 | |||||||||||||||||
Other (expense)/income, net | — | (20,279 | ) | 8,164 | (89,126 | ) | — | (101,241 | ) | |||||||||||||||
(Loss)/income before income taxes | — | (445,826 | ) | 372,176 | 705,487 | — | 631,837 | |||||||||||||||||
Equity in earnings of subsidiaries | 493,537 | 932,748 | 521,063 | — | (1,947,348 | ) | — | |||||||||||||||||
(Benefit from)/provision for income taxes | — | (6,615 | ) | 10,376 | 121,090 | — | 124,851 | |||||||||||||||||
Net income | 493,537 | 493,537 | 882,863 | 584,397 | (1,947,348 | ) | 506,986 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 13,449 | — | 13,449 | ||||||||||||||||||
Net income | $ | 493,537 | $ | 493,537 | $ | 882,863 | $ | 570,948 | $ | (1,947,348 | ) | $ | 493,537 | |||||||||||
Total comprehensive (loss)/income | $ | (6,977 | ) | $ | (6,977 | ) | $ | 518,232 | $ | 168,740 | $ | (679,995 | ) | $ | (6,977 | ) | ||||||||
Successor | ||||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Period from February 8 - September 22, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Sales | $ | — | $ | 75,818 | $ | 1,062,308 | $ | 2,123,815 | $ | (111,938 | ) | $ | 3,150,003 | |||||||||||
Cost of product sold | — | 405 | 908,986 | 1,639,685 | (111,938 | ) | 2,437,138 | |||||||||||||||||
Gross profit | — | 75,413 | 153,322 | 484,130 | — | 712,865 | ||||||||||||||||||
Selling, general and administrative expenses | — | 69,461 | 229,138 | 535,790 | — | 834,389 | ||||||||||||||||||
Operating income/(loss) | — | 5,952 | (75,816 | ) | (51,660 | ) | — | (121,524 | ) | |||||||||||||||
Interest expense, net | — | 210,615 | 2,952 | 6,403 | — | 219,970 | ||||||||||||||||||
Other income/(expense), net | — | 113,782 | (1,122 | ) | (3,654 | ) | — | 109,006 | ||||||||||||||||
Loss from continuing operations before income taxes | — | (90,881 | ) | (79,890 | ) | (61,717 | ) | — | (232,488 | ) | ||||||||||||||
Equity in (losses)/earnings of subsidiaries | (52,911 | ) | (12,893 | ) | 64,939 | — | 865 | — | ||||||||||||||||
Benefit from income taxes | — | (50,863 | ) | (11,465 | ) | (124,528 | ) | — | (186,856 | ) | ||||||||||||||
(Loss)/income from continuing operations | (52,911 | ) | (52,911 | ) | (3,486 | ) | 62,811 | 865 | (45,632 | ) | ||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | (4,909 | ) | — | (4,909 | ) | ||||||||||||||||
Net (loss)/income | (52,911 | ) | (52,911 | ) | (3,486 | ) | 57,902 | 865 | (50,541 | ) | ||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | — | 2,370 | — | 2,370 | ||||||||||||||||||
Net (loss)/income | $ | (52,911 | ) | $ | (52,911 | ) | $ | (3,486 | ) | $ | 55,532 | $ | 865 | $ | (52,911 | ) | ||||||||
Total comprehensive income | $ | 186,191 | $ | 186,191 | $ | 125,626 | $ | 195,887 | $ | (507,704 | ) | $ | 186,191 | |||||||||||
Predecessor | ||||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
Period from December 24, 2012 - June 7, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Sales | NA | $ | 110,590 | $ | 1,797,869 | $ | 3,449,189 | $ | (153,950 | ) | $ | 5,203,698 | ||||||||||||
Cost of product sold | NA | 2,066 | 1,225,167 | 2,243,613 | (153,950 | ) | 3,316,896 | |||||||||||||||||
Gross profit | NA | 108,524 | 572,702 | 1,205,576 | — | 1,886,802 | ||||||||||||||||||
Selling, general and administrative expenses | NA | 205,701 | 306,083 | 770,684 | — | 1,282,468 | ||||||||||||||||||
Operating (loss)/income | NA | (97,177 | ) | 266,619 | 434,892 | — | 604,334 | |||||||||||||||||
Interest expense, net | NA | 74,849 | 38,805 | 6,546 | — | 120,200 | ||||||||||||||||||
Other expense, net | NA | (36,264 | ) | (107,867 | ) | (38,487 | ) | — | (182,618 | ) | ||||||||||||||
(Loss)/income from continuing operations before income taxes | NA | (208,290 | ) | 119,947 | 389,859 | — | 301,516 | |||||||||||||||||
Equity in earnings of subsidiaries | NA | 372,871 | 256,604 | — | (629,475 | ) | — | |||||||||||||||||
Provision for income taxes | NA | 69,579 | 28,906 | 61,681 | — | 160,166 | ||||||||||||||||||
Income from continuing operations | NA | 95,002 | 347,645 | 328,178 | (629,475 | ) | 141,350 | |||||||||||||||||
Loss from discontinued operations, net of tax | NA | — | — | (39,663 | ) | — | (39,663 | ) | ||||||||||||||||
Net income | NA | 95,002 | 347,645 | 288,515 | (629,475 | ) | 101,687 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | NA | — | — | 6,685 | — | 6,685 | ||||||||||||||||||
Net income | NA | $ | 95,002 | $ | 347,645 | $ | 281,830 | $ | (629,475 | ) | $ | 95,002 | ||||||||||||
Total comprehensive (loss)/income | NA | $ | (281,174 | ) | $ | 40,726 | $ | 28,192 | $ | (68,918 | ) | $ | (281,174 | ) | ||||||||||
Condensed Balance Sheet | ' | |||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
As of September 28, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
ASSETS | (In thousands) | |||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1,240 | $ | 594,029 | $ | 2,258,840 | $ | — | $ | 2,854,109 | ||||||||||||
Trade receivables | — | — | — | 812,038 | — | 812,038 | ||||||||||||||||||
Other receivables | — | 209,073 | 6,413 | 105,027 | — | 320,513 | ||||||||||||||||||
Receivables due from affiliates | — | 77,881 | 40,392 | 224,025 | (342,298 | ) | — | |||||||||||||||||
Inventories: | ||||||||||||||||||||||||
Finished goods and work-in-process | — | — | 500,855 | 684,803 | — | 1,185,658 | ||||||||||||||||||
Packaging material and ingredients | — | — | 59,473 | 167,179 | — | 226,652 | ||||||||||||||||||
Total inventories | — | — | 560,328 | 851,982 | — | 1,412,310 | ||||||||||||||||||
Prepaid expenses | — | 16,385 | 29,180 | 109,579 | (4,401 | ) | 150,743 | |||||||||||||||||
Short-term lending due from affiliates | — | 205,529 | 496,431 | 678,905 | (1,380,865 | ) | — | |||||||||||||||||
Other current assets | — | 1,144 | 27,180 | 122,321 | (64,380 | ) | 86,265 | |||||||||||||||||
Total current assets | — | 511,252 | 1,753,953 | 5,162,717 | (1,791,944 | ) | 5,635,978 | |||||||||||||||||
Property, plant and equipment: | ||||||||||||||||||||||||
Property, plant and equipment, gross | — | 271,642 | 897,627 | 1,664,587 | — | 2,833,856 | ||||||||||||||||||
Less accumulated depreciation | — | 34,505 | 184,384 | 213,265 | — | 432,154 | ||||||||||||||||||
Total property, plant and equipment, net | — | 237,137 | 713,243 | 1,451,322 | — | 2,401,702 | ||||||||||||||||||
Other non-current assets: | ||||||||||||||||||||||||
Goodwill | — | — | 8,718,583 | 6,449,008 | — | 15,167,591 | ||||||||||||||||||
Investments in subsidiaries | 15,760,962 | 27,892,497 | 14,437,353 | — | (58,090,812 | ) | — | |||||||||||||||||
Trademarks, net | — | 4,691,000 | 478,500 | 6,606,807 | — | 11,776,307 | ||||||||||||||||||
Other intangibles, net | — | 455,573 | 632,587 | 818,191 | — | 1,906,351 | ||||||||||||||||||
Long-term lending due from affiliates | — | — | 4,278,686 | 199,875 | (4,478,561 | ) | — | |||||||||||||||||
Other non-current assets | — | 559,535 | 112,819 | 495,133 | — | 1,167,487 | ||||||||||||||||||
Total other non-current assets | 15,760,962 | 33,598,605 | 28,658,528 | 14,569,014 | (62,569,373 | ) | 30,017,736 | |||||||||||||||||
Total assets | $ | 15,760,962 | $ | 34,346,994 | $ | 31,125,724 | $ | 21,183,053 | $ | (64,361,317 | ) | $ | 38,055,416 | |||||||||||
Successor | ||||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
As of September 28, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
LIABILITIES AND STOCKHOLDERS EQUITY | (In thousands) | |||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Short-term debt | $ | — | $ | — | $ | — | $ | 904 | $ | — | $ | 904 | ||||||||||||
Short-term lending due to affiliates | — | 658,117 | 447,561 | 275,187 | (1,380,865 | ) | — | |||||||||||||||||
Portion of long-term debt due within one year | — | 95,000 | 335 | 13,203 | — | 108,538 | ||||||||||||||||||
Trade payables | — | 15,830 | 458,891 | 919,510 | — | 1,394,231 | ||||||||||||||||||
Payables due to affiliates | — | 128,360 | 53,214 | 160,724 | (342,298 | ) | — | |||||||||||||||||
Other payables | — | 24,501 | 22,321 | 70,624 | — | 117,446 | ||||||||||||||||||
Accrued trade promotions and marketing | — | — | 45,982 | 283,691 | — | 329,673 | ||||||||||||||||||
Other accrued liabilities | — | 207,760 | 106,410 | 378,774 | (4,401 | ) | 688,543 | |||||||||||||||||
Income taxes | — | 317,554 | 12,603 | 210 | (64,380 | ) | 265,987 | |||||||||||||||||
Total current liabilities | — | 1,447,122 | 1,147,317 | 2,102,827 | (1,791,944 | ) | 2,905,322 | |||||||||||||||||
Long-term debt and other non-current liabilities: | ||||||||||||||||||||||||
Long-term debt | — | 12,501,167 | 1,765,809 | 263,454 | — | 14,530,430 | ||||||||||||||||||
Long-term borrowings due to affiliates | — | 2,000,000 | 199,875 | 2,524,982 | (4,724,857 | ) | — | |||||||||||||||||
Deferred income taxes | — | 2,421,510 | 169,116 | 1,363,748 | 3,954,374 | |||||||||||||||||||
Non-pension post-retirement benefits | — | 5,078 | 137,088 | 49,220 | — | 191,386 | ||||||||||||||||||
Other non-current liabilities | — | 211,155 | 31,976 | 214,190 | — | 457,321 | ||||||||||||||||||
Total long-term debt and other non-current liabilities | — | 17,138,910 | 2,303,864 | 4,415,594 | (4,724,857 | ) | 19,133,511 | |||||||||||||||||
Redeemable noncontrolling interest | — | — | — | 29,315 | — | 29,315 | ||||||||||||||||||
Total shareholder equity | 15,760,962 | 15,760,962 | 27,674,543 | 14,409,011 | (57,844,516 | ) | 15,760,962 | |||||||||||||||||
Noncontrolling interest | — | — | — | 226,306 | — | 226,306 | ||||||||||||||||||
Total equity | 15,760,962 | 15,760,962 | 27,674,543 | 14,635,317 | (57,844,516 | ) | 15,987,268 | |||||||||||||||||
Total liabilities and equity | $ | 15,760,962 | $ | 34,346,994 | $ | 31,125,724 | $ | 21,183,053 | $ | (64,361,317 | ) | $ | 38,055,416 | |||||||||||
Successor | ||||||||||||||||||||||||
H. J. Heinz 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 | 26,057,892 | 15,500,336 | — | (57,855,644 | ) | — | |||||||||||||||||
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 | — | 660,829 | 106,116 | 538,070 | — | 1,305,015 | ||||||||||||||||||
Total other non-current assets | 16,297,416 | 32,182,891 | 28,757,333 | 14,990,885 | (61,363,794 | ) | 30,864,731 | |||||||||||||||||
Total assets | $ | 16,297,416 | $ | 34,398,561 | $ | 31,151,112 | $ | 21,160,354 | $ | (64,035,095 | ) | $ | 38,972,348 | |||||||||||
Successor | ||||||||||||||||||||||||
H. J. Heinz 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 trade promotions and marketing | — | — | 80,892 | 289,437 | — | 370,329 | ||||||||||||||||||
Other accrued liabilities | — | 226,289 | 148,609 | 406,841 | (21,118 | ) | 760,621 | |||||||||||||||||
Income taxes | — | 192,282 | 2,120 | 49,287 | (41,501 | ) | 202,188 | |||||||||||||||||
Total current liabilities | — | 602,163 | 3,030,647 | 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 | — | 2,554,207 | 186,722 | 1,419,974 | — | 4,160,903 | ||||||||||||||||||
Non-pension post-retirement benefits | — | 3,732 | 138,136 | 54,504 | — | 196,372 | ||||||||||||||||||
Other non-current liabilities | — | 372,224 | 35,989 | 121,212 | — | 529,425 | ||||||||||||||||||
Total long-term debt and other non-current liabilities | — | 17,498,982 | 2,335,857 | 3,426,906 | (3,757,399 | ) | 19,504,346 | |||||||||||||||||
Redeemable noncontrolling interest | — | — | — | 29,885 | — | 29,885 | ||||||||||||||||||
Total shareholder equity | 16,297,416 | 16,297,416 | 25,784,608 | 15,524,371 | (57,606,395 | ) | 16,297,416 | |||||||||||||||||
Noncontrolling interest | — | — | — | 215,842 | — | 215,842 | ||||||||||||||||||
Total equity | 16,297,416 | 16,297,416 | 25,784,608 | 15,740,213 | (57,606,395 | ) | 16,513,258 | |||||||||||||||||
Total liabilities and equity | $ | 16,297,416 | $ | 34,398,561 | $ | 31,151,112 | $ | 21,160,354 | $ | (64,035,095 | ) | $ | 38,972,348 | |||||||||||
Condensed Cash Flow Statement | ' | |||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 28, 2014 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
Operating Activities: | (In thousands) | |||||||||||||||||||||||
Cash provided by operating activities | $ | 416,516 | $ | 205,608 | $ | 572,502 | $ | 1,030,123 | $ | (892,468 | ) | $ | 1,332,281 | |||||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (44,885 | ) | (108,303 | ) | (94,262 | ) | — | (247,450 | ) | ||||||||||||||
Net payments on intercompany lending activities | — | (273,027 | ) | (240,300 | ) | (44,333 | ) | 557,660 | — | |||||||||||||||
Return of capital | 123,484 | — | — | — | (123,484 | ) | — | |||||||||||||||||
Other items, net | — | 14,072 | 18,533 | 5,626 | — | 38,231 | ||||||||||||||||||
Cash provided by/(used for) investing activities | 123,484 | (303,840 | ) | (330,070 | ) | (132,969 | ) | 434,176 | (209,219 | ) | ||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Payments on long-term debt | — | (71,250 | ) | (674 | ) | (2,673 | ) | — | (74,597 | ) | ||||||||||||||
Proceeds from long-term debt | — | — | — | 1,586 | — | 1,586 | ||||||||||||||||||
Net proceeds/(payments) on intercompany borrowing activities | — | 648,532 | (115,518 | ) | 24,646 | (557,660 | ) | — | ||||||||||||||||
Net payments on commercial paper and short-term debt | — | — | — | (11,338 | ) | — | (11,338 | ) | ||||||||||||||||
Dividends | (540,000 | ) | (540,000 | ) | (475,952 | ) | — | 1,015,952 | (540,000 | ) | ||||||||||||||
Other items, net | — | 13,794 | — | — | — | 13,794 | ||||||||||||||||||
Cash (used for)/provided by financing activities | (540,000 | ) | 51,076 | (592,144 | ) | 12,221 | 458,292 | (610,555 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (117,390 | ) | — | (117,390 | ) | ||||||||||||||||
Net (decrease)/increase in cash and cash equivalents | — | (47,156 | ) | (349,712 | ) | 791,985 | — | 395,117 | ||||||||||||||||
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 | $ | — | $ | 1,240 | $ | 594,029 | $ | 2,258,840 | $ | — | $ | 2,854,109 | ||||||||||||
Successor | ||||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Period February 8 - September 22, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
Operating Activities: | (In thousands) | |||||||||||||||||||||||
Cash (used for)/provided by operating activities | $ | — | $ | (201,763 | ) | $ | 196 | $ | 233,187 | $ | (223,922 | ) | $ | (192,302 | ) | |||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | — | (14,698 | ) | (12,381 | ) | (44,056 | ) | — | (71,135 | ) | ||||||||||||||
Net proceeds/(payments) on intercompany lending activities | — | 284,606 | (5,161 | ) | 149,030 | (428,475 | ) | — | ||||||||||||||||
Additional investments in subsidiaries | (16,500,000 | ) | — | — | — | 16,500,000 | — | |||||||||||||||||
Acquisition of business, net of cash on hand | — | (23,564,251 | ) | 407,067 | 1,662,897 | — | (21,494,287 | ) | ||||||||||||||||
Return of capital | 180,000 | — | — | — | (180,000 | ) | — | |||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | ||||||||||||||||||
Other items, net | — | — | (3,126 | ) | (163 | ) | — | (3,289 | ) | |||||||||||||||
Cash (used for)/provided by investing activities | (16,320,000 | ) | (23,294,343 | ) | 386,399 | 1,767,708 | 15,891,525 | (21,568,711 | ) | |||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Payments on long-term debt | — | (1,683,918 | ) | (950,037 | ) | (11,951 | ) | — | (2,645,906 | ) | ||||||||||||||
Proceeds from long-term debt | — | 12,568,875 | — | 4,859 | — | 12,573,734 | ||||||||||||||||||
Debt issuance costs | — | (320,824 | ) | — | — | — | (320,824 | ) | ||||||||||||||||
Net (payments)/proceeds on intercompany borrowing activities | — | (1,809,129 | ) | 1,449,730 | (69,076 | ) | 428,475 | — | ||||||||||||||||
Net payments on commercial paper and short-term debt | — | (1,600,000 | ) | — | (56,924 | ) | — | (1,656,924 | ) | |||||||||||||||
Dividends | (180,000 | ) | (180,000 | ) | (114,461 | ) | (109,461 | ) | 403,922 | (180,000 | ) | |||||||||||||
Capital contribution | 16,500,000 | 16,500,000 | — | — | (16,500,000 | ) | 16,500,000 | |||||||||||||||||
Other items, net | — | 22,214 | 3,570 | 289 | — | 26,073 | ||||||||||||||||||
Cash provided by/(used for) financing activities | 16,320,000 | 23,497,218 | 388,802 | (242,264 | ) | (15,667,603 | ) | 24,296,153 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (3,630 | ) | — | (3,630 | ) | ||||||||||||||||
Net increase in cash and cash equivalents | — | 1,112 | 775,397 | 1,755,001 | — | 2,531,510 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 1,112 | $ | 775,397 | $ | 1,755,001 | $ | — | $ | 2,531,510 | ||||||||||||
Predecessor | ||||||||||||||||||||||||
H. J. Heinz Corporation II and Subsidiaries | ||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Period December 24, 2012 - June 7, 2013 | ||||||||||||||||||||||||
Holdings | Issuer | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||||||
Operating Activities: | (In thousands) | |||||||||||||||||||||||
Cash provided by operating activities | NA | $ | 403,272 | $ | 379,863 | $ | 440,752 | $ | (556,336 | ) | $ | 667,551 | ||||||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures | NA | (2,764 | ) | (123,740 | ) | (164,913 | ) | — | (291,417 | ) | ||||||||||||||
Net payments on intercompany lending activities | NA | (859,093 | ) | (586,335 | ) | (558,875 | ) | 2,004,303 | — | |||||||||||||||
Other intercompany investing transactions | NA | (282,572 | ) | 261,544 | — | 21,028 | — | |||||||||||||||||
Other items, net | NA | (1,475 | ) | 31,992 | 2,745 | — | 33,262 | |||||||||||||||||
Cash used for investing activities | NA | (1,145,904 | ) | (416,539 | ) | (721,043 | ) | 2,025,331 | (258,155 | ) | ||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Payments on long-term debt | NA | (306,354 | ) | (137,674 | ) | (5,819 | ) | — | (449,847 | ) | ||||||||||||||
Proceeds from long-term debt | NA | — | — | 4,968 | — | 4,968 | ||||||||||||||||||
Net (payments)/proceeds on intercompany borrowing activities | NA | (263,991 | ) | 1,856,899 | 411,395 | (2,004,303 | ) | — | ||||||||||||||||
Net proceeds/(payments) on commercial paper and short-term debt | NA | 1,600,000 | (1,269,101 | ) | (33,684 | ) | — | 297,215 | ||||||||||||||||
Dividends | NA | (331,654 | ) | (446,065 | ) | (110,271 | ) | 556,336 | (331,654 | ) | ||||||||||||||
Exercise of stock options | NA | 19,387 | — | — | — | 19,387 | ||||||||||||||||||
Purchase of treasury stock | NA | (17,762 | ) | — | — | — | (17,762 | ) | ||||||||||||||||
Other intercompany capital stock transactions | NA | (4,000 | ) | 285,739 | (260,711 | ) | (21,028 | ) | — | |||||||||||||||
Other items, net | NA | 47,010 | (44,343 | ) | (6,340 | ) | — | (3,673 | ) | |||||||||||||||
Cash provided by/(used for) financing activities | NA | 742,636 | 245,455 | (462 | ) | (1,468,995 | ) | (481,366 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | NA | — | — | (140,483 | ) | — | (140,483 | ) | ||||||||||||||||
Net increase/(decrease) in cash and cash equivalents | NA | 4 | 208,779 | (421,236 | ) | — | (212,453 | ) | ||||||||||||||||
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 | $ | 4 | $ | 407,067 | $ | 1,662,896 | $ | — | $ | 2,069,967 | |||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | |
Sep. 28, 2014 | Sep. 22, 2013 | Jun. 07, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Decrease in other expenses | ($37,450,000) | ($9,819,000) | ($182,618,000) | $109,006,000 | ($101,241,000) |
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 | ' | ' |
Restatement Adjustment | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Increase in interest expense | ' | 12,300,000 | ' | 14,800,000 | ' |
Decrease in other expenses | ' | $12,300,000 | ' | $14,800,000 | ' |
Merger_and_Acquisition_Narrati
Merger and Acquisition (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 4 Months Ended | 6 Months Ended | ||||||||
Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | ||||||
Successor | Successor | Successor | Successor | Successor | Predecessor | Predecessor | H.J. Heinz Holding Corporation | H.J. Heinz Holding Corporation | H.J. Heinz Holding Corporation | ||||||||
Predecessor | |||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Decrease in indefinite-lived trademarks | $492,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Business combination, total cash consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,564,254,000 | 28,750,000,000 | ' | |||||
Increase in long term deferred income tax assets | 24,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Decrease in long term deferred tax liabilities | 165,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Reduction in income tax payable | 58,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Increase in Goodwill | 249,900,000 | ' | ' | ' | ' | 249,913,000 | ' | ' | ' | ' | ' | ' | |||||
Goodwill on acquisition | 15,167,591,000 | 15,070,062,000 | 15,167,591,000 | ' | ' | 15,167,591,000 | 15,070,062,000 | ' | ' | ' | 15,266,720,000 | ' | |||||
Merger related costs | ' | ' | 0 | [1] | 97,798,000 | [1] | 153,791,000 | 0 | [1] | ' | 144,169,000 | [1] | 157,002,000 | [1] | 58,242,000 | ' | ' |
Accelerated expense for stock options | ' | ' | ' | ' | ' | ' | ' | ' | 48,100,000 | ' | ' | ' | |||||
Loss from extinguishment of debt | ' | ' | $0 | $0 | $0 | $0 | ' | $129,367,000 | $129,367,000 | ' | ' | $129,400,000 | |||||
[1] | See Note 2 for further details on Merger related costs. |
Merger_and_Acquisition_Estimat
Merger and Acquisition (Estimated Fair Values Acquired Assets and Liabilities Assumed) (Details) (USD $) | 7 Months Ended | 0 Months Ended | 4 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 22, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Jun. 07, 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 |
Other current assets | ' | ' | ' | ' | 3,734,558 |
Property, plant and equipment | ' | ' | ' | ' | 2,685,880 |
Trademark and other intangibles | ' | ' | ' | ' | 13,914,059 |
Other non-current assets | ' | ' | ' | ' | 675,998 |
Trade and other payables | ' | ' | ' | ' | -2,741,809 |
Long term debt | ' | ' | ' | ' | -3,021,656 |
Deferred income tax liabilities | ' | ' | ' | ' | -4,055,544 |
Non-pension postretirement benefits and other noncurrent liabilities | ' | ' | ' | ' | -670,822 |
Redeemable non controlling interest and non controlling interest | ' | ' | ' | ' | -258,008 |
Net assets acquired | ' | ' | ' | ' | 13,486,244 |
Goodwill on acquisition | ' | 15,167,591 | 15,070,062 | ' | 15,266,720 |
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 | 28,750,000 |
Cash and cash equivalents of Predecessor at June 7, 2013 | ' | ' | ' | -2,069,967 | ' |
Acquisition of business, net of cash on hand | $21,494,287 | ' | ' | $21,494,287 | ' |
Merger_and_Acquisition_Pro_For
Merger and Acquisition (Pro Forma Information) (Details) (H.J. Heinz Holding Corporation, USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 22, 2013 | Sep. 22, 2013 |
H.J. Heinz Holding Corporation | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Revenue | $2,646,577 | $8,353,701 |
Income from continuing operations attributable to H. J. Heinz Corporation II | $241,366 | $464,840 |
Segments_Details
Segments (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||
In Thousands, unless otherwise specified | Jan. 31, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Jun. 07, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | ||||||
segment | 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 | 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 | ||||||||||||
Ketchup and Sauces | Ketchup and Sauces | Ketchup and Sauces | Ketchup and Sauces | Meals and Snacks | Meals and Snacks | Meals and Snacks | Meals and Snacks | Infant/Nutrition | Infant/Nutrition | Infant/Nutrition | Infant/Nutrition | Other | Other | Other | Other | North American Consumer Products | North American Consumer Products | North American Consumer Products | North American Consumer Products | Europe | Europe | Europe | Europe | Asia/Pacific | Asia/Pacific | Asia/Pacific | Asia/Pacific | Latin America | Latin America | Latin America | Latin America | RIMEA | RIMEA | RIMEA | RIMEA | Non-Operating | Non-Operating | Non-Operating | Non-Operating | Ketchup and Sauces | Meals and Snacks | Infant/Nutrition | Other | North American Consumer Products | North American Consumer Products | Europe | Europe | Asia/Pacific | Asia/Pacific | Latin America | Latin America | RIMEA | RIMEA | Non-Operating | Non-Operating | |||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of reportable segments | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Reconciliation from Segment Totals to Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Sales | ' | $2,593,885 | $2,646,577 | $5,203,698 | $3,150,003 | $8,122,481 | $2,593,885 | $2,646,577 | $3,150,003 | $8,122,481 | $1,344,804 | $1,319,400 | $1,577,483 | $4,087,500 | $887,417 | $932,927 | $1,089,553 | $2,737,328 | $273,018 | $280,141 | $333,784 | $859,368 | $88,646 | $114,109 | $149,183 | $438,285 | $982,162 | $1,049,205 | $1,222,895 | $3,116,979 | $695,991 | $693,632 | $815,483 | $2,224,828 | $475,674 | $532,185 | $652,785 | $1,551,039 | $265,889 | $211,709 | $250,948 | $664,875 | $174,169 | $159,846 | $207,892 | $564,760 | ' | ' | ' | ' | $2,347,453 | $5,203,698 | $2,433,468 | $1,863,421 | $546,873 | $359,936 | $926,342 | $2,090,049 | $615,572 | $1,365,438 | $476,384 | $1,023,379 | $179,031 | $389,561 | $150,124 | $335,271 | ' | ' | ||||||
Operating income | ' | 409,127 | -9,494 | 604,334 | -121,524 | 1,215,014 | 409,127 | -9,494 | -121,524 | 1,215,014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 281,313 | 261,238 | 294,634 | 936,681 | 205,408 | 143,656 | 170,176 | 657,131 | 78,097 | 67,914 | 84,372 | 258,078 | 69,566 | 29,988 | 34,563 | 131,942 | 29,132 | 19,551 | 27,146 | 102,545 | -17,067 | -25,383 | -29,459 | -58,317 | ' | 604,334 | ' | ' | ' | ' | 228,795 | 516,633 | 123,943 | 291,990 | 68,248 | 137,292 | 20,818 | 38,464 | 23,741 | 48,114 | -37,552 | -86,184 | ||||||
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | 646,449 | 496,964 | 581,432 | 2,028,060 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 427,993 | 946,309 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Amortization of inventory step-up | ' | ' | ' | ' | ' | ' | 0 | 259,195 | 383,300 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Severance related costs | ' | 12,000 | ' | ' | ' | ' | 29,059 | [1] | 64,915 | [1] | 67,500 | [1] | 112,756 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,866 | [1] | 1,866 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other restructuring costs | ' | ' | ' | ' | ' | ' | 10,617 | [1] | 2,444 | [1] | 2,444 | [1] | 48,985 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,659 | [1] | 3,659 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset write-offs | ' | ' | ' | ' | ' | ' | 38,429 | [1] | 0 | [1] | 0 | [1] | 48,718 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other special items | ' | ' | ' | ' | ' | ' | 59,987 | [2] | -10,937 | [2] | -11,445 | [3] | 106,029 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,908 | [2] | -11,908 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger related costs | ' | ' | ' | ' | ' | ' | 0 | [4] | 97,798 | [4] | 153,791 | 0 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 144,169 | [4] | 157,002 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unrealized gain on derivative instruments | ' | ' | ' | ' | ' | ' | 0 | 0 | -117,934 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Loss from extinguishment of debt | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,367 | 129,367 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Earn Out Adjustments | 12,100 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,081 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 85,110 | 354,298 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 143,516 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Depreciation, including accelerated depreciation for restructuring | ' | ' | ' | ' | ' | ' | 70,571 | 72,272 | 85,110 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,470 | 143,516 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 22,256 | 74,324 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,044 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Amortization | ' | ' | ' | ' | ' | ' | 24,681 | 20,771 | 22,256 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,620 | 21,044 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Interest expense, net | ' | ' | ' | ' | ' | ' | 157,469 | 160,911 | 219,970 | 481,936 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,427 | 120,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Stock based compensation | ' | ' | ' | ' | ' | ' | 3,978 | 0 | 0 | 6,162 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,449 | 18,520 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Other expense, net | ' | ' | ' | ' | ' | ' | 37,450 | 9,819 | 8,928 | 101,241 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,943 | 49,446 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
(Loss)/income from continuing operations before income taxes | ' | 214,208 | -180,224 | 301,516 | -232,488 | 631,837 | 214,208 | -180,224 | -232,488 | 631,837 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,817 | 301,516 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Impairment loss on indefinite-lived trademarks | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $61,774 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[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 U.S. SAP go-live, which was launched in the second quarter of 2014, along with equipment relocation charges, severance and consulting and advisory charges not specifically related to restructuring activities and other items that management believes do not directly reflect our core operations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Includes incremental costs primarily for additional warehousing and other logistics costs incurred related to the U.S. SAP go-live, which was launched in the second quarter of 2014, along with equipment relocation charges, severance and consulting and advisory charges not specifically related to restructuring activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | See Note 2 for further details on Merger related costs. |
Restructuring_and_Productivity2
Restructuring and Productivity Initiatives (Narrative) (Details) (USD $) | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | |||||||||||||||||||||
Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 27, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 28, 2014 | ||||||||||
employee | employee | Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Severance and other severance related costs (a) | Severance and other severance related costs (a) | Other exit costs | Other exit costs | Other exit costs | Other exit costs | Other exit costs | Facility Closing | Facility Closing | Facility Closing | Facility Closing | Restatement Adjustment | Successor | Successor | Successor | Successor | Predecessor | Predecessor | Pension Benefits | Pension Benefits | Pension Benefits | |||||||||||||
factories | employee | factories | Severance and other severance related costs (a) | Facility Closing | Facility Closing | Facility Closing | |||||||||||||||||||||||||||||||||||||
factories | |||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Number of positions eliminated | ' | ' | ' | 4,050 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Restructuring and Related Cost, Cost Incurred to Date | ' | ' | ' | $86,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $91,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Estimated severance and other severance related expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Incurred cost | 80,900,000 | 67,300,000 | 69,900,000 | 338,200,000 | ' | 67,600,000 | 20,800,000 | 23,200,000 | 292,900,000 | 13,300,000 | 46,500,000 | 46,700,000 | 45,300,000 | 289,000,000 | ' | 10,600,000 | 2,400,000 | 2,400,000 | 49,000,000 | ' | 41,200,000 | 64,900,000 | 176,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | 29,100,000 | 67,500,000 | 112,800,000 | |||||||||
Number of facilities eliminated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | 6 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Restructuring approximate number of positions affected | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Severance related costs | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,059,000 | [1] | 64,915,000 | [1] | 67,500,000 | [1] | 112,756,000 | [1] | 1,866,000 | [1] | 1,866,000 | [1] | ' | ' | ' | |||
Impairment of long-lived assets to be disposed of | 33,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Restructuring Reserve, Current | $89,400,000 | ' | ' | $89,400,000 | $107,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | $58,600,000 | $66,300,000 | $30,800,000 | [2] | ' | ' | $30,800,000 | [2] | $41,600,000 | [2] | ' | ' | ' | ' | $27,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[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. |
Restructuring_and_Productivity3
Restructuring and Productivity Initiatives (Details) (USD $) | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 6 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | |
Severance and other severance related costs (a) | Other exit costs | Restatement Adjustment | 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 | |||
Severance and other severance related costs (a) | North American Consumer Products | North American Consumer Products | North American Consumer Products | North American Consumer Products | Europe | Europe | Europe | Europe | Asia/Pacific | Asia/Pacific | Asia/Pacific | Asia/Pacific | Latin America | Latin America | Latin America | Latin America | RIMEA | RIMEA | RIMEA | RIMEA | Non-operating | Non-operating | Non-operating | Non-operating | North American Consumer Products | Europe | Asia/Pacific | Latin America | RIMEA | Non-operating | ||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Productivity charges | ' | ' | ' | ' | $80.90 | $67.30 | $69.90 | $338.20 | $5.20 | $39.20 | $39.20 | $161.10 | $63.10 | $1.40 | $1.40 | $126.40 | $8 | $3.50 | $6.10 | $26.50 | $3.50 | $15.30 | $15.30 | $3.70 | $0.90 | $1 | $1 | $2.50 | $0.20 | $6.90 | $6.90 | $18 | $6 | $0 | $3.60 | $2.40 | $0 | $0 | $0 | |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accrual balance at December 29, 2013 | 107.9 | 66.3 | 41.6 | [1] | 27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 Restructuring and productivity initiatives | 161.8 | 112.8 | 49 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payments | -180.3 | -120.5 | -59.8 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrual balance at June 29, 2014 | $89.40 | $58.60 | $30.80 | [1] | $27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | Other exit costs primarily represent professional fees, and contract and lease termination costs. |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 6 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 6 Months Ended | 1 Months Ended | ||
Sep. 22, 2013 | Jun. 07, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Jan. 31, 2013 | |
Successor | Successor | Successor | Successor | Predecessor | Long Fong | Long Fong | Long Fong | Long Fong | Long Fong | Asia/Pacific | ||||
Successor | Successor | Successor | Successor | Predecessor | 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 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3,000,000 | 3,000,000 | 0 | 26,500,000 | ' |
Net after-tax losses | ($4,909,000) | ($39,663,000) | ($4,909,000) | $0 | ($4,909,000) | ($4,909,000) | $0 | ($39,663,000) | $0 | ($4,900,000) | ($4,900,000) | $0 | ($3,700,000) | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 9 Months Ended | |
Sep. 28, 2014 | Dec. 29, 2013 | |
Goodwill [Line Items] | ' | ' |
Finite-lived intangible assets, remaining amortization period | '5 years | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | $15,070,062,000 | ' |
Purchase accounting adjustments | 249,900,000 | ' |
Goodwill, Ending Balance | 15,167,591,000 | ' |
Successor | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | 15,070,062,000 | ' |
Purchase accounting adjustments | 249,913,000 | ' |
Translation adjustments | -152,384,000 | ' |
Goodwill, Ending Balance | 15,167,591,000 | ' |
Successor | North American Consumer Products | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | 9,853,578,000 | ' |
Purchase accounting adjustments | 215,034,000 | ' |
Translation adjustments | -45,770,000 | ' |
Goodwill, Ending Balance | 10,022,842,000 | ' |
Successor | Europe | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | 3,704,658,000 | ' |
Purchase accounting adjustments | -56,853,000 | ' |
Translation adjustments | -85,294,000 | ' |
Goodwill, Ending Balance | 3,562,511,000 | ' |
Successor | Asia/Pacific | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | 1,026,979,000 | ' |
Purchase accounting adjustments | 46,293,000 | ' |
Translation adjustments | -11,231,000 | ' |
Goodwill, Ending Balance | 1,062,041,000 | ' |
Successor | Latin America | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | 210,916,000 | ' |
Purchase accounting adjustments | 48,738,000 | ' |
Translation adjustments | -11,091,000 | ' |
Goodwill, Ending Balance | 248,563,000 | ' |
Successor | RIMEA | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | 273,931,000 | ' |
Purchase accounting adjustments | -3,299,000 | ' |
Translation adjustments | 1,002,000 | ' |
Goodwill, Ending Balance | 271,634,000 | ' |
Goodwill Carrying Amount Revision | Successor | North American Consumer Products | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Purchase accounting adjustments | 96,000,000 | ' |
Goodwill Carrying Amount Revision | Successor | Europe | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Purchase accounting adjustments | -143,000,000 | ' |
Opening balance adjustment | ' | 5,000,000 |
Goodwill Carrying Amount Revision | Successor | Asia/Pacific | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Purchase accounting adjustments | 29,000,000 | ' |
Opening balance adjustment | ' | 21,000,000 |
Goodwill Carrying Amount Revision | Successor | Latin America | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Purchase accounting adjustments | 44,000,000 | ' |
Goodwill Carrying Amount Revision | Successor | RIMEA | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Purchase accounting adjustments | -26,000,000 | ' |
Opening balance adjustment | ' | $26,000,000 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Trademarks and Other Intangible Assets) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||
Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | |
Trademarks | Trademarks | Licenses | Licenses | Customer-related assets | Customer-related assets | Other | Other | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Predecessor | Predecessor | Predecessor | |||
Customer-Related Intangible Assets [Member] | Customer-Related Intangible Assets [Member] | Customer-Related Intangible Assets [Member] | Customer-Related Intangible Assets [Member] | Customer-Related Intangible Assets [Member] | |||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment loss on indefinite-lived trademarks | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $61,774,000 | ' | ' | ' | ' | $0 | $0 | ' |
Intangible assets not subject to amortization | 12,300,000,000 | 13,000,000,000 | 11,800,000,000 | 12,100,000,000 | 484,800,000 | 839,900,000 | ' | ' | 46,200,000 | 45,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross | 1,486,695,000 | 1,520,255,000 | ' | ' | 119,325,000 | 119,714,000 | 1,351,001,000 | 1,375,876,000 | 16,369,000 | 24,665,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Amortization | -111,342,000 | -46,921,000 | ' | ' | -24,547,000 | -10,030,000 | -85,301,000 | -35,773,000 | -1,494,000 | -1,118,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net | 1,375,353,000 | 1,473,334,000 | ' | ' | 94,778,000 | 109,684,000 | 1,265,700,000 | 1,340,103,000 | 14,875,000 | 23,547,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense for trademarks and other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,681,000 | 20,771,000 | 22,256,000 | ' | 22,632,000 | 19,254,000 | 20,259,000 | 68,327,000 | 10,620,000 | 21,044,000 | 13,673,000 |
Finite lived intangible assets, annual future amortization expense | 82,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 82,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 82,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 82,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 82,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | $82,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 6 Months Ended | |||
Sep. 28, 2014 | Sep. 22, 2013 | Jun. 07, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Jul. 31, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | |
Successor | Successor | Successor | Successor | Successor | Predecessor | |||||||
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
International sales percent | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' |
Income tax (benefit) expense | ($40,227,000) | $175,729,000 | ($160,166,000) | $186,856,000 | ($124,851,000) | ' | ($106,700,000) | ($40,227,000) | $175,729,000 | $186,856,000 | ($124,851,000) | ($160,166,000) |
Effective tax rate | ' | ' | 53.10% | 80.40% | 19.80% | ' | ' | ' | ' | ' | ' | ' |
Income tax, decrease in statutory federal rate | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' |
Federal statutory tax rate | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits | 68,300,000 | ' | ' | ' | 68,300,000 | 53,100,000 | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | 54,900,000 | ' | ' | ' | 54,900,000 | 44,900,000 | ' | ' | ' | ' | ' | ' |
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit | 23,400,000 | ' | ' | ' | 23,400,000 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits, interest on income taxes accrued | 13,300,000 | ' | ' | ' | 13,300,000 | 10,700,000 | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits, income tax penalties accrued | $8,300,000 | ' | ' | ' | $8,300,000 | $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 | 7 Months Ended | 9 Months Ended | 6 Months Ended | ||||||||||
In Millions, except Share data, unless otherwise specified | Sep. 28, 2014 | Sep. 28, 2014 | 21-May-14 | 1-May-14 | Feb. 14, 2014 | Feb. 14, 2014 | Oct. 16, 2013 | Sep. 28, 2014 | 21-May-14 | Oct. 31, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 |
2013 Omnibus Plan | 2013 Omnibus Plan | 2013 Omnibus Plan | 2013 Omnibus Plan | 2013 Omnibus Plan | 2013 Omnibus Plan | 2013 Omnibus Plan | 2013 Omnibus Plan | 2013 Omnibus Plan | Successor | Successor | Successor | Successor | Predecessor | Predecessor | Capital Stock | ||
Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Selling, General and Administrative Expenses | H.J. Heinz Holding Corporation | ||||||||
LTPP | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,600,000 | ' | ' | ' | ' | ' | ' | ' |
Cash received for each share of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $72.50 |
Compensation Cost Not yet Recognized | ' | $41.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance Period In Years For Dividends Paid | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options | ' | ' | ' | ' | ' | ' | 14,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grants in Period, Gross | ' | ' | 4,700,000 | ' | 3,878,805 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | '5 years | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options, Outstanding, Number | ' | ' | ' | ' | ' | 3,561,875 | 11,925,000 | ' | 4,675,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Grants in Period, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value | ' | ' | ' | $2.46 | $2.43 | ' | $2.43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Assumptions Used in Calculations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price (usd per share) | ' | ' | ' | ' | ' | $10 | $10 | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | 1.55% | ' | 1.41% | ' | 1.41% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected term | ' | ' | '5 years | ' | '5 years | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility rate | ' | ' | 24.30% | ' | 24.30% | ' | 24.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected forfeiture rate | ' | ' | 5.00% | ' | 5.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected dividend rate | ' | ' | 0.00% | ' | 0.00% | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employees Stock Incentive Plans And Management Incentive Plans [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.6 | 1.9 | 1.9 | 6.2 | 36.4 | 8.1 | ' |
Tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 0.6 | 0.6 | 2.1 | 11.2 | 2.8 | ' |
After-tax compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.70 | $1.30 | $1.30 | $4.10 | $25.20 | $5.30 | ' |
Pensions_and_Other_Postretirem2
Pensions and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 6 Months Ended | 3 Months Ended | |||||||||
Sep. 28, 2014 | Jun. 29, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | |
Maximum | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Predecessor | Predecessor | Predecessor | Canadian Defined Benefit | Post Retirement Medical Plans | ||||
Supplemental Employee Retirement Plan, Defined Benefit [Member] | Pension Benefits | Pension Benefits | Pension Benefits | Pension Benefits | Other Retiree Benefits | Other Retiree Benefits | Other Retiree Benefits | Other Retiree Benefits | Supplemental Employee Retirement Plan, Defined Benefit [Member] | Pension Benefits | Other Retiree Benefits | Successor | Successor | ||||||
Supplemental Employee Retirement Plan, Defined Benefit [Member] | Supplemental Employee Retirement Plan, Defined Benefit [Member] | ||||||||||||||||||
Components of net periodic benefit cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | ' | ' | ' | ' | ' | $7,303,000 | $9,555,000 | $10,950,000 | $22,353,000 | $1,430,000 | $1,640,000 | $1,905,000 | $4,256,000 | ' | $14,673,000 | $2,909,000 | ' | ' |
Interest cost | ' | ' | ' | ' | ' | ' | 34,959,000 | 33,190,000 | 38,342,000 | 105,320,000 | 2,209,000 | 2,334,000 | 2,705,000 | 6,591,000 | ' | 57,912,000 | 4,260,000 | ' | ' |
Expected return on plan assets | ' | ' | ' | ' | ' | ' | -56,206,000 | -53,720,000 | -63,750,000 | -166,631,000 | 0 | 0 | 0 | 0 | ' | -111,162,000 | 0 | ' | ' |
Amortization of prior service cost/(credit) | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | -1,577,000 | 0 | 0 | -4,731,000 | ' | 1,077,000 | -2,736,000 | ' | ' |
Amortization of unrecognized (gain)/loss | ' | ' | ' | ' | ' | ' | -16,000 | 0 | 0 | -47,000 | ' | 0 | 0 | 0 | ' | 35,759,000 | 823,000 | ' | ' |
Special Termination Benefits | ' | ' | ' | ' | ' | ' | 1,784,000 | 0 | 0 | 1,784,000 | 0 | 0 | 0 | 0 | 17,230,000 | 17,230,000 | 0 | ' | ' |
Curtailment (gains) and settlement losses | ' | ' | ' | ' | ' | -800,000 | 1,494,000 | 0 | 0 | 2,289,000 | 6,868,000 | 0 | 0 | 6,868,000 | ' | -3,177,000 | 0 | 1,500,000 | 6,868,000 |
Net periodic benefit (income)/expense | ' | ' | ' | ' | ' | ' | -13,670,000 | -10,975,000 | -14,458,000 | -39,510,000 | -4,806,000 | 3,974,000 | 4,610,000 | -752,000 | ' | 18,666,000 | 5,256,000 | ' | ' |
Pensions and Other Post-Retirement Benefits (Textuals) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated benefit obligation | 25,500,000 | 27,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit obligation recognized for pension benefits as other non-current assets | 549,500,000 | ' | 502,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer contribution | ' | ' | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected full year combined cash contributions | ' | ' | ' | $94,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive_IncomeLoss_Detai
Comprehensive Income/(Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 22, 2013 | Jun. 07, 2013 | Sep. 22, 2013 | Sep. 28, 2014 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' | ' | ' |
Net income | $171,618 | ($11,767) | $95,002 | ($52,911) | $493,537 |
Net Income (Loss) Attributable to Noncontrolling Interest | -2,363 | -2,363 | -6,685 | -2,370 | -13,449 |
Net income/(loss) | 173,981 | -9,404 | 101,687 | -50,541 | 506,986 |
Other comprehensive income/(loss), net of tax: | ' | ' | ' | ' | ' |
Comprehensive (loss)/income attributable to H. J. Heinz Corporation II | -267,981 | 281,846 | -281,174 | 186,191 | -6,977 |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' | ' | ' |
Net change in fair value of net investment hedges | ' | ' | ' | 0 | ' |
Predecessor | ' | ' | ' | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' | ' | ' |
Net income | ' | ' | 95,002 | ' | ' |
Net income/(loss) | ' | ' | 101,687 | ' | ' |
Other comprehensive income/(loss), net of tax: | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | ' | -236,495 | ' | ' |
Net deferred gains on net investment hedges from periodic revaluations | ' | ' | 0 | ' | ' |
Net pension and post retirement benefit losses | ' | ' | -189,294 | ' | ' |
Reclassification of net pension and post-retirement benefit gains to net income | ' | ' | 26,867 | ' | ' |
Net deferred (losses)/gains on other derivatives from periodic revaluations | ' | ' | -4,978 | ' | ' |
Net deferred losses/(gains) on derivatives reclassified to earnings | ' | ' | 22,674 | ' | ' |
Comprehensive (loss)/income attributable to H. J. Heinz Corporation II | ' | ' | -281,174 | ' | ' |
Total comprehensive (loss)/income | ' | ' | -279,539 | ' | ' |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' | ' | ' |
Net pension and post-retirement benefit (losses)/gains | ' | ' | 75,526 | ' | ' |
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | ' | ' | 11,191 | ' | ' |
Net deferred (losses)/gains on derivatives from periodic revaluations | ' | ' | 13,471 | ' | ' |
Net deferred (gains)/losses on derivatives reclassified to earnings | ' | ' | 22,119 | ' | ' |
Predecessor | H.J. Heinz Company | ' | ' | ' | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' | ' | ' |
Net income | ' | ' | 95,002 | ' | ' |
Other comprehensive income/(loss), net of tax: | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | ' | -231,442 | ' | ' |
Net deferred gains on net investment hedges from periodic revaluations | ' | ' | 0 | ' | ' |
Net pension and post retirement benefit losses | ' | ' | -189,294 | ' | ' |
Reclassification of net pension and post-retirement benefit gains to net income | ' | ' | 26,908 | ' | ' |
Net deferred (losses)/gains on other derivatives from periodic revaluations | ' | ' | -5,018 | ' | ' |
Net deferred losses/(gains) on derivatives reclassified to earnings | ' | ' | 22,670 | ' | ' |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' | ' | ' |
Net pension and post-retirement benefit (losses)/gains | ' | ' | 75,526 | ' | ' |
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | ' | ' | 11,191 | ' | ' |
Net deferred (losses)/gains on derivatives from periodic revaluations | ' | ' | 13,484 | ' | ' |
Net deferred (gains)/losses on derivatives reclassified to earnings | ' | ' | 22,118 | ' | ' |
Predecessor | Noncontrolling Interest | ' | ' | ' | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | ' | 6,685 | ' | ' |
Other comprehensive income/(loss), net of tax: | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | ' | -5,053 | ' | ' |
Net deferred gains on net investment hedges from periodic revaluations | ' | ' | 0 | ' | ' |
Net pension and post retirement benefit losses | ' | ' | 0 | ' | ' |
Reclassification of net pension and post-retirement benefit gains to net income | ' | ' | -41 | ' | ' |
Net deferred (losses)/gains on other derivatives from periodic revaluations | ' | ' | 40 | ' | ' |
Net deferred losses/(gains) on derivatives reclassified to earnings | ' | ' | 4 | ' | ' |
Total comprehensive (loss)/income | ' | ' | 1,635 | ' | ' |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' | ' | ' |
Net pension and post-retirement benefit (losses)/gains | ' | ' | 0 | ' | ' |
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | ' | ' | 0 | ' | ' |
Net deferred (losses)/gains on derivatives from periodic revaluations | ' | ' | -13 | ' | ' |
Net deferred (gains)/losses on derivatives reclassified to earnings | ' | ' | 1 | ' | ' |
Successor | ' | ' | ' | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' | ' | ' |
Net income | 171,618 | -11,767 | ' | -52,911 | 493,537 |
Net income/(loss) | 173,981 | -9,404 | ' | -50,541 | 506,986 |
Other comprehensive income/(loss), net of tax: | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | -712,630 | 288,007 | ' | 120,521 | -417,853 |
Net deferred gains on net investment hedges from periodic revaluations | 268,375 | 0 | ' | 0 | 108,541 |
Net pension and post retirement benefit losses | -25,481 | 0 | ' | 0 | -53,366 |
Reclassification of net pension and post-retirement benefit gains to net income | -986 | 0 | ' | 0 | -2,965 |
Net deferred (losses)/gains on other derivatives from periodic revaluations | 23,099 | -3,323 | ' | 103,979 | -136,221 |
Net deferred losses/(gains) on derivatives reclassified to earnings | 3,865 | -1,219 | ' | -1,219 | -193 |
Comprehensive (loss)/income attributable to H. J. Heinz Corporation II | -267,981 | 281,846 | ' | 186,191 | -6,977 |
Total comprehensive (loss)/income | -269,777 | 274,061 | ' | 172,740 | 4,929 |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' | ' | ' |
Net deferred gains on net investment hedges from periodic revaluations | -165,920 | ' | ' | ' | -67,235 |
Net pension and post-retirement benefit (losses)/gains | 8,809 | 0 | ' | 0 | 15,780 |
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | -607 | 0 | ' | 0 | -1,813 |
Net deferred (losses)/gains on derivatives from periodic revaluations | -14,575 | -817 | ' | -55,830 | 64,240 |
Net deferred (gains)/losses on derivatives reclassified to earnings | -1,720 | -301 | ' | -301 | -6,917 |
Successor | H.J. Heinz Company | ' | ' | ' | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' | ' | ' |
Net income | 171,618 | -11,767 | ' | -52,911 | 493,537 |
Other comprehensive income/(loss), net of tax: | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | -708,453 | 298,402 | ' | 136,589 | -416,748 |
Net deferred gains on net investment hedges from periodic revaluations | 268,375 | 0 | ' | 0 | 108,541 |
Net pension and post retirement benefit losses | -25,481 | 0 | ' | 0 | -53,366 |
Reclassification of net pension and post-retirement benefit gains to net income | -986 | 0 | ' | 0 | -2,965 |
Net deferred (losses)/gains on other derivatives from periodic revaluations | 23,164 | -3,609 | ' | 103,693 | -135,800 |
Net deferred losses/(gains) on derivatives reclassified to earnings | 3,782 | -1,180 | ' | -1,180 | -176 |
Comprehensive (loss)/income attributable to H. J. Heinz Corporation II | ' | 281,846 | ' | ' | ' |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' | ' | ' |
Net deferred gains on net investment hedges from periodic revaluations | -165,920 | ' | ' | ' | -67,235 |
Net pension and post-retirement benefit (losses)/gains | 8,809 | 0 | ' | 0 | 15,780 |
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | -607 | 0 | ' | 0 | -1,813 |
Net deferred (losses)/gains on derivatives from periodic revaluations | -14,597 | -722 | ' | -55,735 | 64,099 |
Net deferred (gains)/losses on derivatives reclassified to earnings | -1,748 | -288 | ' | -288 | -6,911 |
Successor | Noncontrolling Interest | ' | ' | ' | ' | ' |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 2,363 | 2,363 | ' | 2,370 | 13,449 |
Other comprehensive income/(loss), net of tax: | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | -4,177 | -10,395 | ' | -16,068 | -1,105 |
Net deferred gains on net investment hedges from periodic revaluations | 0 | 0 | ' | 0 | 0 |
Net pension and post retirement benefit losses | 0 | 0 | ' | 0 | 0 |
Reclassification of net pension and post-retirement benefit gains to net income | 0 | 0 | ' | 0 | 0 |
Net deferred (losses)/gains on other derivatives from periodic revaluations | -65 | 286 | ' | 286 | -421 |
Net deferred losses/(gains) on derivatives reclassified to earnings | 83 | -39 | ' | -39 | -17 |
Total comprehensive (loss)/income | -1,796 | -7,785 | ' | -13,451 | 11,906 |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' | ' | ' |
Net deferred gains on net investment hedges from periodic revaluations | 0 | ' | ' | ' | 0 |
Net pension and post-retirement benefit (losses)/gains | 0 | 0 | ' | 0 | 0 |
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | 0 | 0 | ' | 0 | 0 |
Net deferred (losses)/gains on derivatives from periodic revaluations | 22 | -95 | ' | -95 | 141 |
Net deferred (gains)/losses on derivatives reclassified to earnings | $28 | ($13) | ' | ($13) | ($6) |
Comprehensive_IncomeLoss_AOCI_
Comprehensive Income/(Loss) (AOCI Reclassification) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 7 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 6 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 22, 2013 | Jun. 07, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jul. 31, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Jun. 07, 2013 | Sep. 22, 2013 | Jun. 07, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Jun. 07, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Jun. 07, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 28, 2014 | ||
Predecessor | Predecessor | Predecessor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Foreign exchange contracts | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Parent | Foreign currency translation adjustments | Net pension and post retirement benefit | Net cash flow hedges | Parent | Parent | Parent | Parent | Successor | Predecessor | Predecessor | Predecessor | Predecessor | Successor | Successor | Successor | Successor | Successor | Successor | 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 | 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 | Net pension and post retirement benefit | Net cash flow hedges | Net cash flow hedges | Net pension and post retirement benefit | Net pension and post retirement benefit | Net pension and post retirement benefit | Net cash flow hedges | Net cash flow hedges | Net cash flow hedges | Predecessor | Predecessor | Successor | Successor | Successor | Successor | Successor | Predecessor | Successor | Successor | Successor | Successor | Predecessor | Predecessor | Successor | Successor | 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 | $22,548 | $102,464 | $107,998 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -416,748 | 0 | 0 | ' | ' | ' | -416,748 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net deferred gains on net investment hedges from periodic revaluations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,541 | 0 | 0 | ' | ' | ' | 108,541 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net pension and post retirement benefit (losses)/gains | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -53,366 | 0 | ' | ' | ' | -53,366 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net deferred gains on net investment hedges from periodic revaluations | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 268,375 | 0 | 0 | 108,541 | ' | ' | ' | 268,375 | 0 | 0 | 108,541 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net pension and post-retirement benefit (gains)/losses reclassified to earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -2,965 | 0 | ' | ' | ' | -2,965 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net deferred gains/(losses) on derivatives from periodic revaluations | ' | ' | ' | ' | ' | ' | -4,978 | -5,018 | ' | 23,099 | -3,323 | 103,979 | -136,221 | 0 | 0 | -135,800 | 23,164 | -3,609 | 103,693 | -135,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net deferred losses/(gains) on derivatives reclassified to earnings | ' | ' | ' | ' | ' | ' | 22,674 | 22,670 | ' | 3,865 | -1,219 | -1,219 | -193 | 0 | 0 | -176 | 3,782 | -1,180 | -1,180 | -176 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net current-period other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -500,514 | -308,207 | -56,331 | -135,976 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Balance at end of period | ' | ' | ' | ' | ' | ' | ' | ' | ' | -267,504 | ' | ' | -267,504 | -285,659 | 46,133 | -27,978 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income/(loss) component | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Sales | 2,593,885 | 2,646,577 | 5,203,698 | 3,150,003 | 8,122,481 | 2,347,453 | 5,203,698 | ' | ' | 2,593,885 | 2,646,577 | 3,150,003 | 8,122,481 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,836 | ' | 624 | -125 | 125 | -967 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cost of product sold | -1,677,862 | -1,986,414 | -3,316,896 | -2,437,138 | -5,368,258 | ' | -3,316,896 | ' | ' | -1,677,862 | -1,986,414 | -2,437,138 | -5,368,258 | ' | ' | ' | ' | ' | ' | ' | 650 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650 | 4,695 | ' | -1,558 | ' | 650 | 7,207 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Selling, general and administrative expenses | 506,896 | 669,657 | 1,282,468 | 834,389 | 1,539,209 | ' | 1,125,466 | ' | ' | 506,896 | 571,859 | 680,598 | 1,539,209 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -19 | 0 | -19 | ' | -125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other (expense)/income, net | -37,450 | -9,819 | -182,618 | 109,006 | -101,241 | ' | -182,618 | ' | ' | -37,450 | -9,819 | -8,928 | -101,241 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,761 | -672 | -148 | -672 | ' | -966 | ' | ' | ' | ' | ' | 0 | 52,447 | 0 | 0 | 0 | ||
Interest expense | -157,469 | -160,911 | -120,200 | -219,970 | -481,936 | ' | -130,413 | ' | ' | -166,667 | -167,161 | -227,230 | -503,601 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 230 | ' | 0 | 0 | 0 | 6 | -98 | 0 | 40 | 40 | 0 | 0 | -11,765 | 0 | 0 | 0 | ||
(Loss)/income before income taxes | 214,208 | -180,224 | 301,516 | -232,488 | 631,837 | 23,817 | 301,516 | ' | ' | 214,208 | -180,224 | -232,488 | 631,837 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -38,099 | -1,468 | 44,788 | 1,593 | 0 | 4,778 | 2,034 | -1,468 | -7,087 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Actuarial gains/(losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | -36,582 | [1] | ' | ' | 16 | 0 | 47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior service credit/(cost) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 1,659 | [1] | ' | ' | 1,577 | 0 | 4,731 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Curtailment (gains) and settlement losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 3,176 | [1] | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax (benefit) expense | -40,227 | 175,729 | -160,166 | 186,856 | -124,851 | ' | -160,166 | ' | -106,700 | -40,227 | 175,729 | 186,856 | -124,851 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 11,191 | -288 | 22,118 | -607 | 0 | -1,813 | -1,748 | -288 | -6,911 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | ' | ($4,495) | $141,350 | ($45,632) | ' | ' | $141,350 | ' | ' | $173,981 | ($4,495) | ($45,632) | $506,986 | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ($26,908) | ($1,180) | $22,670 | $986 | $0 | $2,965 | $3,782 | ($1,180) | ($176) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | 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 $) | 9 Months Ended | |
Sep. 28, 2014 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | |
Beginning balance | $16,513,258,000 | |
Comprehensive (loss)/ income | 3,487,000 | [1] |
Dividends Paid to Shareholders | -540,000,000 | [2] |
Adjustments to Additional Paid in Capital, Other | 4,361,000 | [3] |
Stock option expense | -6,162,000 | |
Ending balance | 15,987,268,000 | |
Comprehensive income attributable to redeemable noncontrolling interest | 1,400,000 | |
Capital Stock | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | |
Beginning balance | 16,140,000,000 | |
Comprehensive (loss)/ income | 0 | [1] |
Dividends Paid to Shareholders | -123,484,000 | |
Adjustments to Additional Paid in Capital, Other | 0 | [3] |
Stock option expense | 0 | |
Ending balance | 16,016,516,000 | |
Additional Capital | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | |
Beginning balance | 1,427,000 | |
Comprehensive (loss)/ income | 0 | |
Dividends Paid to Shareholders | 0 | |
Adjustments to Additional Paid in Capital, Other | 4,361,000 | |
Stock option expense | -6,162,000 | |
Ending balance | 11,950,000 | |
Retained Earnings | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | |
Beginning balance | -77,021,000 | |
Comprehensive (loss)/ income | 493,537,000 | [1] |
Dividends Paid to Shareholders | -416,516,000 | |
Adjustments to Additional Paid in Capital, Other | 0 | [3] |
Stock option expense | 0 | |
Ending balance | 0 | |
Accum OCI | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | |
Beginning balance | 233,010,000 | |
Comprehensive (loss)/ income | -500,514,000 | [1] |
Dividends Paid to Shareholders | 0 | |
Adjustments to Additional Paid in Capital, Other | 0 | [3] |
Stock option expense | 0 | |
Ending balance | -267,504,000 | |
Noncontrolling Interest | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | |
Beginning balance | 215,842,000 | |
Comprehensive (loss)/ income | 10,464,000 | [1] |
Dividends Paid to Shareholders | 0 | |
Adjustments to Additional Paid in Capital, Other | 0 | [3] |
Stock option expense | 0 | |
Ending balance | $226,306,000 | |
[1] | The allocation of the individual components of comprehensive income/(loss) attributable to H. J. Heinz Corporation II and the noncontrolling interest is disclosed in NoteB 11. Comprehensive income attributable to the redeemable noncontrolling interest is $1.4 million for the nine months ended SeptemberB 28, 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 swaps are valued based on observable market spot and swap rates and classified within LevelB 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 $) | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 |
Senior Credit Facilities | 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 | Minimum | Minimum | Maximum | 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 | $3.10 billion 4.25% Second Lien Senior Secured Notes due 2020 | $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%) | 2.00% U.S. Dollar Notes due September 2016 | 2.00% U.S. Dollar Notes due September 2016 | 1.50% U.S. Dollar Notes due March 2017 | 1.50% U.S. Dollar Notes due March 2017 | 3.125% U.S. Dollar Notes due September 2021 | 3.125% U.S. Dollar Notes due September 2021 | 2.85% U.S. Dollar Notes due March 2022 | 2.85% U.S. Dollar Notes due March 2022 | $235 million 6.375% U.S. Dollar Debentures due July 2028 | $235 million 6.375% U.S. Dollar Debentures due July 2028 | £125 million 6.25% British Pound Notes due February 2030 | £125 million 6.25% British Pound Notes due February 2030 | $437 million 6.75% U.S. Dollar Notes due March 2032 | $437 million 6.75% U.S. Dollar Notes due March 2032 | $931 million 7.125% U.S. Dollar Notes due August 2039 | $931 million 7.125% U.S. Dollar Notes due August 2039 | Successor | Successor | Successor | Successor | ||||||
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 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%) | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Long-term debt | ' | ' | ' | $14,638,968,000 | $14,725,411,000 | $2,908,932,000 | $2,929,213,000 | $6,471,153,000 | $6,518,524,000 | $3,100,000,000 | $3,100,000,000 | $9,891,000 | $10,774,000 | $61,812,000 | $70,411,000 | $58,308,000 | $58,308,000 | $17,742,000 | $17,743,000 | $34,433,000 | $34,433,000 | $5,599,000 | $5,599,000 | $256,902,000 | $258,075,000 | $214,845,000 | $218,507,000 | $475,281,000 | $476,943,000 | $1,024,070,000 | $1,026,881,000 | ' | ' | ' | ' |
Less portion due within one year | -108,538,000 | -107,765,000 | ' | -108,538,000 | -107,765,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 14,530,430,000 | 14,617,646,000 | ' | 14,530,430,000 | 14,617,646,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Weighted Average Interest Rate | ' | ' | ' | 4.02% | 4.01% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs | ' | ' | $255,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' | ' | ' | ' | 2.00% | ' | 1.50% | ' | 3.13% | ' | 2.85% | ' | 6.38% | ' | 6.25% | ' | 6.75% | ' | 7.13% | ' | 0.94% | 3.50% | 7.96% | 11.00% |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 7 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 6 Months Ended | ||||||||||||||||||||
Sep. 22, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Jun. 07, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Jun. 07, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | |
Successor | Successor | Successor | Predecessor | Maximum | 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%) | Other Non-U.S. Dollar Debt due May 2013 b May 2023 (3.50%b11.00%) | $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 | Senior Credit Facilities | Senior Credit Facilities | Senior Credit Facilities | Revolving Credit Facility | Senior Notes | Cash | Long-term debt | |
Successor | Successor | Maximum | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Predecessor | $2.95 billion Term B-1 Loan | $6.55 billion Term B-2 Loan | 4.25% Senior secured notes | ||||||||||
Successor | 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 | ' | 14,638,968,000 | 14,725,411,000 | ' | ' | 61,812,000 | 70,411,000 | ' | 2,908,932,000 | 2,929,213,000 | 6,471,153,000 | 6,518,524,000 | 3,100,000,000 | 3,100,000,000 | 1,024,070,000 | 1,026,881,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000,000 | ' | ' | ' |
Collateral, Capital stock of foreign subsidiaries, Percent | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio threshold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | 4.25% | ' | 7.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' |
Debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 255,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred debt related costs | $14,831,000 | $33,976,000 | ' | $18,494,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,200,000 | $12,200,000 | $14,800,000 | $36,600,000 | $18,500,000 | ' | ' | ' | ' | ' | ' |
Financing_Arrangements_Details
Financing Arrangements (Details) | Sep. 28, 2014 | 28-May-14 | 31-May-13 | Sep. 28, 2014 | Aug. 29, 2014 | Aug. 29, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 |
In Millions, unless otherwise specified | North America | North America | North America | Australia and New Zealand | Australia and New Zealand | Australia and New Zealand | Australia and New Zealand | Japan | Japan |
USD ($) | USD ($) | USD ($) | USD ($) | AUD | NZD | USD ($) | USD ($) | USD ($) | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade Receivables Held-for-sale, Amount | ' | $150 | $175 | ' | 70 | 50 | ' | ' | ' |
Trade receivables pledged as collateral | 150 | ' | ' | 57.8 | ' | ' | 40.3 | 28.4 | 36.2 |
Fair value of deferred purchase price | $63.20 | ' | ' | $31.80 | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Sep. 28, 2014 | Dec. 29, 2013 | ||
Carrying (Reported) Amount, Fair Value Disclosure | ' | ' | ||
Fair Value Measurements (Textuals) [Abstract] | ' | ' | ||
Fair value of long term debt | $14,600,000,000 | $14,700,000,000 | ||
Level 2 | Estimate of Fair Value, Fair Value Disclosure | ' | ' | ||
Fair Value Measurements (Textuals) [Abstract] | ' | ' | ||
Fair value of long term debt | 14,500,000,000 | 14,700,000,000 | ||
Fair Value, Measurements, Recurring | ' | ' | ||
Assets: | ' | ' | ||
Derivatives | 284,021,000 | [1] | 346,665,000 | [1] |
Total assets at fair value | 284,021,000 | 346,665,000 | ||
Liabilities: | ' | ' | ||
Derivatives | 125,437,000 | [1] | 237,436,000 | [1] |
Total liabilities at fair value | 125,437,000 | 237,436,000 | ||
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 | ' | 346,665,000 | [1] | |
Total assets at fair value | 284,021,000 | 346,665,000 | ||
Liabilities: | ' | ' | ||
Derivatives | ' | 237,436,000 | [1] | |
Total liabilities at fair value | 125,437,000 | 237,436,000 | ||
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 swaps are valued based on observable market spot and swap rates and classified within LevelB 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 condensed consolidated balance sheets. If the derivative financial instruments had been netted in the condensed consolidated balance sheets, the asset and liability positions each would have been reduced by $125.4 million and $237.4 million at SeptemberB 28, 2014 and December 29, 2013, respectively. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Hedging Activities (Narrative) (Details) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||
Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 29, 2013 | |
USD ($) | USD ($) | Foreign Exchange Forward | Foreign exchange contracts | Foreign exchange contracts | Interest rate contracts | Interest rate contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Interest Rate Swap | United Kingdom, Pounds | United Kingdom, Pounds | Eurodollar Future | Eurodollar Future | Australia, Dollars | Australia, Dollars | Japan, Yen | Japan, Yen | Other Expense | Other Expense | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Cross-currency interest rate swap contracts | Foreign exchange contracts | Foreign exchange contracts | |||||
USD ($) | GBP (£) | USD ($) | EUR (€) | USD ($) | AUD | USD ($) | JPY (¥) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | $2,700,000,000 | $2,500,000,000 | $9,000,000,000 | $9,000,000,000 | $8,300,000,000 | $8,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,600,000,000 | $1,000,000,000 |
Derivative, Collateral, Obligation to Return Cash | 125,400,000 | 237,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Interest Rate Paid on Swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.46% | 6.46% | 5.70% | 5.70% | 9.16% | 9.16% | 4.10% | 4.10% | ' | ' | ' | ' |
Derivative Asset, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000,000 | ' | 3,000,000,000 | ' | 750,000,000 | ' | 50,000,000 | ' | ' | ' | ' | ' |
Derivative Liability, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,795,000,000 | ' | 2,210,000,000 | ' | 793,800,000 | ' | 4,854,500,000,000 | ' | ' | ' | ' |
Derivative, Interest Rate Received on Swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.15% | 6.15% | 6.15% | 6.15% | 6.15% | 6.15% | 6.15% | 6.15% | ' | ' | ' | ' |
Unrealized Gain (Loss) related to Outstanding Nondesignated Derivative Instruments | 87,000,000 | -1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,700,000 | $18,000,000 | ' | ' |
Period of Hedging Forecasted Transactions | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Term | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments and Hedging Activities (Balance Sheet Captions) (Details) (USD $) | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 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 | $116,950 | $27,733 | $24,828 | $2,905 | ' | ' | $89,217 | $89,217 | $0 | ' | ' | $87,508 | $87,508 | $0 | $87,508 | ' | ' | $0 | $0 | $0 | ' | ' | $79,563 | $79,563 | $0 | $79,563 | ' | ' | $0 | $0 | $0 | ' | ' | $49,972 | $41,201 | $37,072 | $4,129 | ' | ' | $8,771 | $8,771 | $0 | ' | ' | $265,390 | $265,390 | $0 | $265,390 | ' | ' | $0 | $0 | $0 | ' | ' | $31,303 | $31,303 | $0 | $31,303 | ' | ' | $0 | $0 | $0 | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | $31,053 | $28,884 | ' | ' | $25,331 | $3,553 | ' | ' | ' | $2,169 | $0 | $0 | $0 | ' | ' | $0 | $0 | ' | ' | ' | $0 | $0 | $94,384 | $94,384 | ' | ' | $0 | $94,384 | ' | ' | ' | $0 | $0 | $15,537 | $5,251 | ' | ' | $5,251 | $0 | ' | ' | ' | $10,286 | $0 | $0 | $0 | ' | ' | $0 | $0 | ' | ' | ' | $0 | $0 | $221,899 | $221,899 | ' | ' | $0 | $221,899 | ' | ' | ' | $0 | $0 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments and Hedging Activities (Consolidated Statement of Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 6 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 7 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 6 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 7 Months Ended | 9 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 22, 2013 | Jun. 07, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Sep. 22, 2013 | Sep. 28, 2014 | Sep. 22, 2013 | Sep. 28, 2014 | Jun. 07, 2013 | Jun. 07, 2013 |
Net Investment Hedging [Member] | Successor | Successor | Successor | Successor | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | ||||||
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 | 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 | Successor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Other Expense | Other Expense | 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 | Successor | 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 | 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 | 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 | |||||||||||||
Sales | Cost of Sales | Selling, General and Administrative Expenses | Other Expense | Other Expense | Other Expense | Other Expense | Interest Income | Interest Income | Interest Income | Interest Income | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Other Expense | Interest Income | Cash Flow Hedging [Member] | Sales | Sales | Sales | Sales | Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Other Expense | Other Expense | Other Expense | Other Expense | Interest Expense | Interest Expense | Interest Income | Interest Income | Interest Income | Interest Income | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Sales | Cost of Sales | Selling, General and Administrative Expenses | Other Expense | Interest Income | Cash Flow Hedging [Member] | Sales | Sales | Sales | Sales | Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Other Expense | Other Expense | Other Expense | Other Expense | Interest Expense | Interest Expense | Interest Income | Interest Income | Interest Income | Interest Income | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Sales | Cost of Sales | Selling, General and Administrative Expenses | Other Expense | Interest Income | Cash Flow Hedging [Member] | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Successor | Predecessor | Predecessor | Predecessor | Predecessor | Predecessor | Successor | Successor | Predecessor | Successor | Successor | Successor | Successor | Predecessor | Predecessor | ||||||||||||||||||||||||||||||
Sales | Sales | Sales | Cost of Sales | Cost of Sales | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Selling, General and Administrative Expenses | Other Expense | Other Expense | Other Expense | Interest Expense | Interest Expense | Interest Expense | Interest Expense | Sales | Cost of Sales | Selling, General and Administrative Expenses | Other Expense | Interest Expense | Interest Expense | Interest Expense | Interest Expense | Other Expense | Other Expense | Interest Expense | Interest Expense | Other Expense | Interest Expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains recognized in other comprehensive loss (effective portion) | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | $7,836 | $10,315 | $17,881 | ($22,017) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,836 | $10,315 | $17,881 | ($22,017) | $0 | $0 | $0 | $0 | $39,351 | ' | ' | $39,351 | $29,925 | ($13,201) | $141,547 | ($177,882) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29,925 | ($13,201) | $141,547 | ($177,882) | $0 | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | $0 | ' | ' | $434,616 | $0 | $0 | $175,776 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 | $434,616 | $0 | $0 | $175,776 | ($57,558) | ' | ' | ' | ' | ' | ($57,558) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | -624 | 125 | -967 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,836 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of products sold | -1,677,862 | -1,986,414 | -3,316,896 | -2,437,138 | -5,368,258 | ' | -1,677,862 | -1,986,414 | -2,437,138 | -5,368,258 | ' | -3,316,896 | ' | 650 | ' | ' | ' | 650 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | -1,558 | 7,207 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,695 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 19 | 125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other (expense)/income, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 672 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148 | 672 | 966 | ' | ' | ' | ' | ' | ' | ' | 9,761 | ' | ' | ' | ' | 0 | 0 | ' | ' | -52,447 | ' |
Interest income/(expense) | -157,469 | -160,911 | -120,200 | -219,970 | -481,936 | ' | -166,667 | -167,161 | -227,230 | -503,601 | ' | -130,413 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 6 | ' | ' | ' | ' | 230 | 40 | 0 | -98 | ' | ' | 0 | 0 | ' | -11,765 |
Net (loss)/income | 173,981 | -9,404 | 101,687 | -50,541 | 506,986 | ' | 173,981 | -9,404 | -50,541 | 506,986 | ' | 101,687 | -2,034 | 1,428 | 1,428 | 7,087 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,522 | ' | ' | ' | 0 | 40 | 40 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -98 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -64,212 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value hedges: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net losses recognized in other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | -180 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,065 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives not designated as hedging instruments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain on derivative instruments | ' | ' | ' | ' | ' | ' | 0 | 0 | 117,934 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 117,934 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains/(losses) recognized in other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99,411 | 36,353 | 36,434 | 98,815 | ' | ' | ' | 99,411 | 36,353 | 36,434 | 98,815 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -2,922 | -2,922 | 0 | ' | 0 | 0 | 117,934 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | -10,512 | ' | ' | ' | 0 | -10,512 | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amount recognized in statement of income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $97,377 | $37,781 | $37,862 | $105,902 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,600 | ' | ' | ' | $0 | $40 | $117,794 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($18,675) | ' | ' | ' | ' | ' | ' | $2,700 | $18,000 | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($64,212) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Venezuela_Foreign_Currency_and1
Venezuela - Foreign Currency and Inflation (Details) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Mar. 24, 2014 | Feb. 08, 2013 | Feb. 07, 2013 | Mar. 24, 2013 | Sep. 28, 2014 | Sep. 28, 2014 |
USD ($) | USD ($) | VEF | VEF | VEF | VEF | VENEZUELA | VENEZUELA | VENEZUELA | |
USD ($) | USD ($) | VEB | |||||||
Foreign Currency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Exchange Rate, Remeasurement | ' | ' | 51.86 | 49.02 | 6.3 | 4.3 | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), Realized | $2 | $22.90 | ' | ' | ' | ' | ($42.90) | ' | ' |
Monetary assets, net of monetary liabilities, subject to an earnings impact from exchange rate movements for Venezuelan subsidiary under highly inflationary accounting | ' | ' | ' | ' | ' | ' | ' | 144.4 | ' |
Net monetary assets and liabilities converted using SICAD II mechanism under highly inflationary accounting | $3.10 | $3.10 | ' | ' | ' | ' | ' | ' | 164.3 |
Supplemental_Financial_Informa2
Supplemental Financial Information (Narrative) (Details) (USD $) | Sep. 28, 2014 | Dec. 29, 2013 | Jun. 07, 2013 | Jun. 07, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 |
Long-term debt | Senior Notes | Guarantors | Guarantors | Issuer | Issuer | Restatement Adjustment | Restatement Adjustment | |||
4.25% Senior secured notes | Guarantors | Issuer | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination, senior credit facility | ' | ' | $3,100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | 4.25% | ' | ' | ' | ' | ' | ' |
Other non-current assets | 1,167,487,000 | 1,305,015,000 | ' | ' | 112,819,000 | 106,116,000 | 559,535,000 | 660,829,000 | 2,000,000 | 26,000,000 |
Total current liabilities | 2,905,322,000 | 2,924,859,000 | ' | ' | 1,147,317,000 | 3,030,647,000 | 1,447,122,000 | 602,163,000 | 9,000,000 | 9,000,000 |
Other non-current liabilities | 457,321,000 | 529,425,000 | ' | ' | 31,976,000 | 35,989,000 | 211,155,000 | 372,224,000 | 17,000,000 | 11,000,000 |
Total shareholder equity | 15,760,962,000 | 16,297,416,000 | ' | ' | 27,674,543,000 | 25,784,608,000 | 15,760,962,000 | 16,297,416,000 | 24,000,000 | ' |
Investments in subsidiaries | $0 | $0 | ' | ' | $14,437,353,000 | $15,500,336,000 | $27,892,497,000 | $26,057,892,000 | ' | $24,000,000 |
Supplemental_Financial_Informa3
Supplemental Financial Information (Condensed Consolidating Statement of Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 22, 2013 | Jun. 07, 2013 | Sep. 22, 2013 | Sep. 28, 2014 |
Sales | $2,593,885 | $2,646,577 | $5,203,698 | $3,150,003 | $8,122,481 |
Cost of product sold | 1,677,862 | 1,986,414 | 3,316,896 | 2,437,138 | 5,368,258 |
Gross profit | 916,023 | 660,163 | 1,886,802 | 712,865 | 2,754,223 |
Selling, general and administrative expenses | 506,896 | 669,657 | 1,282,468 | 834,389 | 1,539,209 |
Operating income | 409,127 | -9,494 | 604,334 | -121,524 | 1,215,014 |
Interest expense/(income), net | 157,469 | 160,911 | 120,200 | 219,970 | 481,936 |
Other (expense)/income, net | -37,450 | -9,819 | -182,618 | 109,006 | -101,241 |
(Loss)/income before income taxes | 214,208 | -180,224 | 301,516 | -232,488 | 631,837 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | 0 |
(Benefit from)/provision for income taxes | 40,227 | -175,729 | 160,166 | -186,856 | 124,851 |
Income/(loss) from continuing operations | ' | -4,495 | 141,350 | -45,632 | ' |
Loss from discontinued operations, net of tax | ' | -4,909 | -39,663 | -4,909 | ' |
Net income | 173,981 | -9,404 | 101,687 | -50,541 | 506,986 |
Less: Net income attributable to noncontrolling interest | 2,363 | 2,363 | 6,685 | 2,370 | 13,449 |
Net income | 171,618 | -11,767 | 95,002 | -52,911 | 493,537 |
Total comprehensive loss | -267,981 | 281,846 | -281,174 | 186,191 | -6,977 |
Parent | ' | ' | ' | ' | ' |
Sales | 0 | 0 | ' | 0 | 0 |
Cost of product sold | 0 | 0 | ' | 0 | 0 |
Gross profit | 0 | 0 | ' | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | ' | 0 | 0 |
Operating income | 0 | 0 | ' | 0 | 0 |
Interest expense/(income), net | 0 | 0 | ' | 0 | 0 |
Other (expense)/income, net | 0 | 0 | ' | 0 | 0 |
(Loss)/income before income taxes | 0 | 0 | ' | 0 | 0 |
Equity in earnings of subsidiaries | 171,618 | -11,767 | ' | -52,911 | 493,537 |
(Benefit from)/provision for income taxes | 0 | 0 | ' | 0 | 0 |
Income/(loss) from continuing operations | ' | -11,767 | ' | -52,911 | ' |
Loss from discontinued operations, net of tax | ' | 0 | ' | 0 | ' |
Net income | 171,618 | -11,767 | ' | -52,911 | 493,537 |
Less: Net income attributable to noncontrolling interest | 0 | 0 | ' | 0 | 0 |
Net income | 171,618 | -11,767 | ' | -52,911 | 493,537 |
Total comprehensive loss | -267,981 | 281,846 | ' | 186,191 | -6,977 |
Issuer | ' | ' | ' | ' | ' |
Sales | 49,567 | 56,966 | 110,590 | 75,818 | 164,861 |
Cost of product sold | 393 | 405 | 2,066 | 405 | 47,338 |
Gross profit | 49,174 | 56,561 | 108,524 | 75,413 | 117,523 |
Selling, general and administrative expenses | 36,599 | 70,072 | 205,701 | 69,461 | 78,041 |
Operating income | 12,575 | -13,511 | -97,177 | 5,952 | 39,482 |
Interest expense/(income), net | 153,995 | 152,462 | 74,849 | 210,615 | 465,029 |
Other (expense)/income, net | -3,522 | -2,246 | -36,264 | 113,782 | -20,279 |
(Loss)/income before income taxes | -144,942 | -168,219 | -208,290 | -90,881 | -445,826 |
Equity in earnings of subsidiaries | 303,868 | 77,551 | 372,871 | -12,893 | 932,748 |
(Benefit from)/provision for income taxes | -12,692 | -78,901 | 69,579 | -50,863 | -6,615 |
Income/(loss) from continuing operations | ' | -11,767 | 95,002 | -52,911 | ' |
Loss from discontinued operations, net of tax | ' | 0 | 0 | 0 | ' |
Net income | 171,618 | -11,767 | 95,002 | -52,911 | 493,537 |
Less: Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | 0 |
Net income | 171,618 | -11,767 | 95,002 | -52,911 | 493,537 |
Total comprehensive loss | -267,981 | 281,846 | -281,174 | 186,191 | -6,977 |
Guarantors | ' | ' | ' | ' | ' |
Sales | 859,335 | 905,516 | 1,797,869 | 1,062,308 | 2,711,434 |
Cost of product sold | 601,921 | 728,293 | 1,225,167 | 908,986 | 1,901,663 |
Gross profit | 257,414 | 177,223 | 572,702 | 153,322 | 809,771 |
Selling, general and administrative expenses | 147,775 | 178,363 | 306,083 | 229,138 | 425,522 |
Operating income | 109,639 | -1,140 | 266,619 | -75,816 | 384,249 |
Interest expense/(income), net | 6,246 | 2,717 | 38,805 | 2,952 | 20,237 |
Other (expense)/income, net | 14,690 | -821 | -107,867 | -1,122 | 8,164 |
(Loss)/income before income taxes | 118,083 | -4,678 | 119,947 | -79,890 | 372,176 |
Equity in earnings of subsidiaries | 170,015 | 72,228 | 256,604 | 64,939 | 521,063 |
(Benefit from)/provision for income taxes | 4,595 | -11,543 | 28,906 | -11,465 | 10,376 |
Income/(loss) from continuing operations | ' | 79,093 | 347,645 | -3,486 | ' |
Loss from discontinued operations, net of tax | ' | 0 | 0 | 0 | ' |
Net income | 283,503 | 79,093 | 347,645 | -3,486 | 882,863 |
Less: Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | 0 |
Net income | 283,503 | 79,093 | 347,645 | -3,486 | 882,863 |
Total comprehensive loss | -376,562 | 372,208 | 40,726 | 125,626 | 518,232 |
Non-Guarantors | ' | ' | ' | ' | ' |
Sales | 1,762,114 | 1,775,685 | 3,449,189 | 2,123,815 | 5,497,793 |
Cost of product sold | 1,152,679 | 1,349,306 | 2,243,613 | 1,639,685 | 3,670,864 |
Gross profit | 609,435 | 426,379 | 1,205,576 | 484,130 | 1,826,929 |
Selling, general and administrative expenses | 322,522 | 421,222 | 770,684 | 535,790 | 1,035,646 |
Operating income | 286,913 | 5,157 | 434,892 | -51,660 | 791,283 |
Interest expense/(income), net | -2,772 | 5,732 | 6,546 | 6,403 | -3,330 |
Other (expense)/income, net | -48,618 | -6,752 | -38,487 | -3,654 | -89,126 |
(Loss)/income before income taxes | 241,067 | -7,327 | 389,859 | -61,717 | 705,487 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | 0 |
(Benefit from)/provision for income taxes | 48,324 | -85,285 | 61,681 | -124,528 | 121,090 |
Income/(loss) from continuing operations | ' | 77,958 | 328,178 | 62,811 | ' |
Loss from discontinued operations, net of tax | ' | -4,909 | -39,663 | -4,909 | ' |
Net income | 192,743 | 73,049 | 288,515 | 57,902 | 584,397 |
Less: Net income attributable to noncontrolling interest | 2,363 | 2,363 | 6,685 | 2,370 | 13,449 |
Net income | 190,380 | 70,686 | 281,830 | 55,532 | 570,948 |
Total comprehensive loss | -537,417 | 381,905 | 28,192 | 195,887 | 168,740 |
Eliminations | ' | ' | ' | ' | ' |
Sales | -77,131 | -91,590 | -153,950 | -111,938 | -251,607 |
Cost of product sold | -77,131 | -91,590 | -153,950 | -111,938 | -251,607 |
Gross profit | 0 | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | 0 |
Operating income | 0 | 0 | 0 | 0 | 0 |
Interest expense/(income), net | 0 | 0 | 0 | 0 | 0 |
Other (expense)/income, net | 0 | 0 | 0 | 0 | 0 |
(Loss)/income before income taxes | 0 | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiaries | -645,501 | -138,012 | -629,475 | 865 | -1,947,348 |
(Benefit from)/provision for income taxes | ' | 0 | 0 | 0 | 0 |
Income/(loss) from continuing operations | ' | -138,012 | -629,475 | 865 | ' |
Loss from discontinued operations, net of tax | ' | 0 | 0 | 0 | ' |
Net income | -645,501 | -138,012 | -629,475 | 865 | -1,947,348 |
Less: Net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | 0 |
Net income | -645,501 | -138,012 | -629,475 | 865 | -1,947,348 |
Total comprehensive loss | $1,181,960 | ($1,035,959) | ($68,918) | ($507,704) | ($679,995) |
Supplemental_Financial_Informa4
Supplemental Financial Information (Condensed Consolidating Balance Sheet) (Details) (USD $) | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 22, 2013 | Jun. 07, 2013 | Feb. 08, 2013 | Dec. 23, 2012 |
In Thousands, unless otherwise specified | ||||||
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $2,854,109 | $2,458,992 | $2,531,510 | $2,069,967 | $0 | $2,282,420 |
Trade receivables | 812,038 | 1,099,655 | ' | ' | ' | ' |
Other receivables | 320,513 | 244,528 | ' | ' | ' | ' |
Receivables due from affiliates | 0 | 0 | ' | ' | ' | ' |
Inventories: | ' | ' | ' | ' | ' | ' |
Finished goods and work-in-process | 1,185,658 | 1,138,373 | ' | ' | ' | ' |
Packaging material and ingredients | 226,652 | 297,023 | ' | ' | ' | ' |
Total inventories | 1,412,310 | 1,435,396 | ' | ' | ' | ' |
Prepaid expenses | 150,743 | 145,096 | ' | ' | ' | ' |
Short-term lending due from affiliates | 0 | 0 | ' | ' | ' | ' |
Other current assets | 86,265 | 60,458 | ' | ' | ' | ' |
Total current assets | 5,635,978 | 5,444,125 | ' | ' | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 2,833,856 | 2,829,491 | ' | ' | ' | ' |
Less accumulated depreciation | 432,154 | 165,999 | ' | ' | ' | ' |
Total property, plant and equipment, net | 2,401,702 | 2,663,492 | ' | ' | ' | ' |
Other non-current assets: | ' | ' | ' | ' | ' | ' |
Goodwill | 15,167,591 | 15,070,062 | ' | ' | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' | ' | ' |
Trademarks, net | 11,776,307 | 12,130,873 | ' | ' | ' | ' |
Other intangibles, net | 1,906,351 | 2,358,781 | ' | ' | ' | ' |
Long-term lending due from affiliates | 0 | 0 | ' | ' | ' | ' |
Other non-current assets | 1,167,487 | 1,305,015 | ' | ' | ' | ' |
Total other non-current assets | 30,017,736 | 30,864,731 | ' | ' | ' | ' |
Total assets | 38,055,416 | 38,972,348 | ' | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Short-term debt | 904 | 143,689 | ' | ' | ' | ' |
Short-term lending due to affiliates | 0 | 0 | ' | ' | ' | ' |
Portion of long-term debt due within one year | 108,538 | 107,765 | ' | ' | ' | ' |
Trade payables | 1,394,231 | 1,192,074 | ' | ' | ' | ' |
Payables due to affiliates | 0 | 0 | ' | ' | ' | ' |
Other payables | 117,446 | 148,193 | ' | ' | ' | ' |
Accrued trade promotions and marketing | 329,673 | 370,329 | ' | ' | ' | ' |
Other accrued liabilities | 688,543 | 760,621 | ' | ' | ' | ' |
Income taxes | 265,987 | 202,188 | ' | ' | ' | ' |
Total current liabilities | 2,905,322 | 2,924,859 | ' | ' | ' | ' |
Long-term debt and other non-current liabilities: | ' | ' | ' | ' | ' | ' |
Long-term debt | 14,530,430 | 14,617,646 | ' | ' | ' | ' |
Long-term borrowings due to affiliates | 0 | 0 | ' | ' | ' | ' |
Deferred income taxes | 3,954,374 | 4,160,903 | ' | ' | ' | ' |
Non-pension post-retirement benefits | 191,386 | 196,372 | ' | ' | ' | ' |
Other non-current liabilities | 457,321 | 529,425 | ' | ' | ' | ' |
Total long-term liabilities | 19,133,511 | 19,504,346 | ' | ' | ' | ' |
Redeemable noncontrolling interest | 29,315 | 29,885 | ' | ' | ' | ' |
Total shareholder equity | 15,760,962 | 16,297,416 | ' | ' | ' | ' |
Noncontrolling interest | 226,306 | 215,842 | ' | ' | ' | ' |
Total equity | 15,987,268 | 16,513,258 | ' | ' | ' | ' |
Total liabilities and equity | 38,055,416 | 38,972,348 | ' | ' | ' | ' |
Parent | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 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 | 15,760,962 | 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 | 15,760,962 | 16,297,416 | ' | ' | ' | ' |
Total assets | 15,760,962 | 16,297,416 | ' | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Short-term debt | 0 | 0 | ' | ' | ' | ' |
Short-term lending due to affiliates | 0 | 0 | ' | ' | ' | ' |
Portion of long-term debt due within one year | 0 | 0 | ' | ' | ' | ' |
Trade payables | 0 | 0 | ' | ' | ' | ' |
Payables due to affiliates | 0 | 0 | ' | ' | ' | ' |
Other payables | 0 | 0 | ' | ' | ' | ' |
Accrued trade promotions and marketing | 0 | 0 | ' | ' | ' | ' |
Other accrued liabilities | 0 | 0 | ' | ' | ' | ' |
Income taxes | 0 | 0 | ' | ' | ' | ' |
Total current liabilities | 0 | 0 | ' | ' | ' | ' |
Long-term debt and other non-current liabilities: | ' | ' | ' | ' | ' | ' |
Long-term debt | 0 | 0 | ' | ' | ' | ' |
Long-term borrowings due to affiliates | 0 | 0 | ' | ' | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' | ' | ' |
Non-pension post-retirement benefits | 0 | 0 | ' | ' | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' | ' | ' |
Total long-term liabilities | 0 | 0 | ' | ' | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' | ' | ' |
Total shareholder equity | 15,760,962 | 16,297,416 | ' | ' | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' | ' | ' |
Total equity | 15,760,962 | 16,297,416 | ' | ' | ' | ' |
Total liabilities and equity | 15,760,962 | 16,297,416 | ' | ' | ' | ' |
Issuer | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 1,240 | 48,396 | 1,112 | 4 | 0 | 0 |
Trade receivables | 0 | 0 | ' | ' | ' | ' |
Other receivables | 209,073 | 39,816 | ' | ' | ' | ' |
Receivables due from affiliates | 77,881 | 83,618 | ' | ' | ' | ' |
Inventories: | ' | ' | ' | ' | ' | ' |
Finished goods and work-in-process | 0 | 0 | ' | ' | ' | ' |
Packaging material and ingredients | 0 | 0 | ' | ' | ' | ' |
Total inventories | 0 | 0 | ' | ' | ' | ' |
Prepaid expenses | 16,385 | 12,784 | ' | ' | ' | ' |
Short-term lending due from affiliates | 205,529 | 1,807,502 | ' | ' | ' | ' |
Other current assets | 1,144 | 0 | ' | ' | ' | ' |
Total current assets | 511,252 | 1,992,116 | ' | ' | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 271,642 | 238,618 | ' | ' | ' | ' |
Less accumulated depreciation | 34,505 | 15,064 | ' | ' | ' | ' |
Total property, plant and equipment, net | 237,137 | 223,554 | ' | ' | ' | ' |
Other non-current assets: | ' | ' | ' | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' | ' | ' |
Investments in subsidiaries | 27,892,497 | 26,057,892 | ' | ' | ' | ' |
Trademarks, net | 4,691,000 | 4,659,800 | ' | ' | ' | ' |
Other intangibles, net | 455,573 | 804,370 | ' | ' | ' | ' |
Long-term lending due from affiliates | 0 | 0 | ' | ' | ' | ' |
Other non-current assets | 559,535 | 660,829 | ' | ' | ' | ' |
Total other non-current assets | 33,598,605 | 32,182,891 | ' | ' | ' | ' |
Total assets | 34,346,994 | 34,398,561 | ' | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Short-term debt | 0 | 0 | ' | ' | ' | ' |
Short-term lending due to affiliates | 658,117 | 9,589 | ' | ' | ' | ' |
Portion of long-term debt due within one year | 95,000 | 95,000 | ' | ' | ' | ' |
Trade payables | 15,830 | 13,389 | ' | ' | ' | ' |
Payables due to affiliates | 128,360 | 49,265 | ' | ' | ' | ' |
Other payables | 24,501 | 16,349 | ' | ' | ' | ' |
Accrued trade promotions and marketing | 0 | 0 | ' | ' | ' | ' |
Other accrued liabilities | 207,760 | 226,289 | ' | ' | ' | ' |
Income taxes | 317,554 | 192,282 | ' | ' | ' | ' |
Total current liabilities | 1,447,122 | 602,163 | ' | ' | ' | ' |
Long-term debt and other non-current liabilities: | ' | ' | ' | ' | ' | ' |
Long-term debt | 12,501,167 | 12,568,819 | ' | ' | ' | ' |
Long-term borrowings due to affiliates | 2,000,000 | 2,000,000 | ' | ' | ' | ' |
Deferred income taxes | 2,421,510 | 2,554,207 | ' | ' | ' | ' |
Non-pension post-retirement benefits | 5,078 | 3,732 | ' | ' | ' | ' |
Other non-current liabilities | 211,155 | 372,224 | ' | ' | ' | ' |
Total long-term liabilities | 17,138,910 | 17,498,982 | ' | ' | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' | ' | ' |
Total shareholder equity | 15,760,962 | 16,297,416 | ' | ' | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' | ' | ' |
Total equity | 15,760,962 | 16,297,416 | ' | ' | ' | ' |
Total liabilities and equity | 34,346,994 | 34,398,561 | ' | ' | ' | ' |
Guarantors | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 594,029 | 943,741 | 775,397 | 407,067 | 0 | 198,288 |
Trade receivables | 0 | 0 | ' | ' | ' | ' |
Other receivables | 6,413 | 15,406 | ' | ' | ' | ' |
Receivables due from affiliates | 40,392 | 21,752 | ' | ' | ' | ' |
Inventories: | ' | ' | ' | ' | ' | ' |
Finished goods and work-in-process | 500,855 | 452,230 | ' | ' | ' | ' |
Packaging material and ingredients | 59,473 | 101,332 | ' | ' | ' | ' |
Total inventories | 560,328 | 553,562 | ' | ' | ' | ' |
Prepaid expenses | 29,180 | 25,560 | ' | ' | ' | ' |
Short-term lending due from affiliates | 496,431 | 32,777 | ' | ' | ' | ' |
Other current assets | 27,180 | 50,720 | ' | ' | ' | ' |
Total current assets | 1,753,953 | 1,643,518 | ' | ' | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 897,627 | 804,277 | ' | ' | ' | ' |
Less accumulated depreciation | 184,384 | 54,016 | ' | ' | ' | ' |
Total property, plant and equipment, net | 713,243 | 750,261 | ' | ' | ' | ' |
Other non-current assets: | ' | ' | ' | ' | ' | ' |
Goodwill | 8,718,583 | 8,554,726 | ' | ' | ' | ' |
Investments in subsidiaries | 14,437,353 | 15,500,336 | ' | ' | ' | ' |
Trademarks, net | 478,500 | 624,300 | ' | ' | ' | ' |
Other intangibles, net | 632,587 | 666,472 | ' | ' | ' | ' |
Long-term lending due from affiliates | 4,278,686 | 3,305,383 | ' | ' | ' | ' |
Other non-current assets | 112,819 | 106,116 | ' | ' | ' | ' |
Total other non-current assets | 28,658,528 | 28,757,333 | ' | ' | ' | ' |
Total assets | 31,125,724 | 31,151,112 | ' | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Short-term debt | 0 | 0 | ' | ' | ' | ' |
Short-term lending due to affiliates | 447,561 | 2,408,903 | ' | ' | ' | ' |
Portion of long-term debt due within one year | 335 | 430 | ' | ' | ' | ' |
Trade payables | 458,891 | 326,636 | ' | ' | ' | ' |
Payables due to affiliates | 53,214 | 60,488 | ' | ' | ' | ' |
Other payables | 22,321 | 2,569 | ' | ' | ' | ' |
Accrued trade promotions and marketing | 45,982 | 80,892 | ' | ' | ' | ' |
Other accrued liabilities | 106,410 | 148,609 | ' | ' | ' | ' |
Income taxes | 12,603 | 2,120 | ' | ' | ' | ' |
Total current liabilities | 1,147,317 | 3,030,647 | ' | ' | ' | ' |
Long-term debt and other non-current liabilities: | ' | ' | ' | ' | ' | ' |
Long-term debt | 1,765,809 | 1,772,244 | ' | ' | ' | ' |
Long-term borrowings due to affiliates | 199,875 | 202,766 | ' | ' | ' | ' |
Deferred income taxes | 169,116 | 186,722 | ' | ' | ' | ' |
Non-pension post-retirement benefits | 137,088 | 138,136 | ' | ' | ' | ' |
Other non-current liabilities | 31,976 | 35,989 | ' | ' | ' | ' |
Total long-term liabilities | 2,303,864 | 2,335,857 | ' | ' | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' | ' | ' |
Total shareholder equity | 27,674,543 | 25,784,608 | ' | ' | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' | ' | ' |
Total equity | 27,674,543 | 25,784,608 | ' | ' | ' | ' |
Total liabilities and equity | 31,125,724 | 31,151,112 | ' | ' | ' | ' |
Non-Guarantors | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 2,258,840 | 1,466,855 | 1,755,001 | 1,662,896 | 0 | 2,084,132 |
Trade receivables | 812,038 | 1,099,655 | ' | ' | ' | ' |
Other receivables | 105,027 | 189,306 | ' | ' | ' | ' |
Receivables due from affiliates | 224,025 | 60,974 | ' | ' | ' | ' |
Inventories: | ' | ' | ' | ' | ' | ' |
Finished goods and work-in-process | 684,803 | 686,143 | ' | ' | ' | ' |
Packaging material and ingredients | 167,179 | 195,691 | ' | ' | ' | ' |
Total inventories | 851,982 | 881,834 | ' | ' | ' | ' |
Prepaid expenses | 109,579 | 127,870 | ' | ' | ' | ' |
Short-term lending due from affiliates | 678,905 | 602,059 | ' | ' | ' | ' |
Other current assets | 122,321 | 51,239 | ' | ' | ' | ' |
Total current assets | 5,162,717 | 4,479,792 | ' | ' | ' | ' |
Property, plant and equipment: | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, gross | 1,664,587 | 1,786,596 | ' | ' | ' | ' |
Less accumulated depreciation | 213,265 | 96,919 | ' | ' | ' | ' |
Total property, plant and equipment, net | 1,451,322 | 1,689,677 | ' | ' | ' | ' |
Other non-current assets: | ' | ' | ' | ' | ' | ' |
Goodwill | 6,449,008 | 6,515,336 | ' | ' | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' | ' | ' |
Trademarks, net | 6,606,807 | 6,846,773 | ' | ' | ' | ' |
Other intangibles, net | 818,191 | 887,939 | ' | ' | ' | ' |
Long-term lending due from affiliates | 199,875 | 202,767 | ' | ' | ' | ' |
Other non-current assets | 495,133 | 538,070 | ' | ' | ' | ' |
Total other non-current assets | 14,569,014 | 14,990,885 | ' | ' | ' | ' |
Total assets | 21,183,053 | 21,160,354 | ' | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Short-term debt | 904 | 143,689 | ' | ' | ' | ' |
Short-term lending due to affiliates | 275,187 | 23,846 | ' | ' | ' | ' |
Portion of long-term debt due within one year | 13,203 | 12,335 | ' | ' | ' | ' |
Trade payables | 919,510 | 852,049 | ' | ' | ' | ' |
Payables due to affiliates | 160,724 | 56,591 | ' | ' | ' | ' |
Other payables | 70,624 | 129,275 | ' | ' | ' | ' |
Accrued trade promotions and marketing | 283,691 | 289,437 | ' | ' | ' | ' |
Other accrued liabilities | 378,774 | 406,841 | ' | ' | ' | ' |
Income taxes | 210 | 49,287 | ' | ' | ' | ' |
Total current liabilities | 2,102,827 | 1,963,350 | ' | ' | ' | ' |
Long-term debt and other non-current liabilities: | ' | ' | ' | ' | ' | ' |
Long-term debt | 263,454 | 276,583 | ' | ' | ' | ' |
Long-term borrowings due to affiliates | 2,524,982 | 1,554,633 | ' | ' | ' | ' |
Deferred income taxes | 1,363,748 | 1,419,974 | ' | ' | ' | ' |
Non-pension post-retirement benefits | 49,220 | 54,504 | ' | ' | ' | ' |
Other non-current liabilities | 214,190 | 121,212 | ' | ' | ' | ' |
Total long-term liabilities | 4,415,594 | 3,426,906 | ' | ' | ' | ' |
Redeemable noncontrolling interest | 29,315 | 29,885 | ' | ' | ' | ' |
Total shareholder equity | 14,409,011 | 15,524,371 | ' | ' | ' | ' |
Noncontrolling interest | 226,306 | 215,842 | ' | ' | ' | ' |
Total equity | 14,635,317 | 15,740,213 | ' | ' | ' | ' |
Total liabilities and equity | 21,183,053 | 21,160,354 | ' | ' | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
Trade receivables | 0 | 0 | ' | ' | ' | ' |
Other receivables | 0 | 0 | ' | ' | ' | ' |
Receivables due from affiliates | -342,298 | -166,344 | ' | ' | ' | ' |
Inventories: | ' | ' | ' | ' | ' | ' |
Finished goods and work-in-process | 0 | 0 | ' | ' | ' | ' |
Packaging material and ingredients | 0 | 0 | ' | ' | ' | ' |
Total inventories | 0 | 0 | ' | ' | ' | ' |
Prepaid expenses | -4,401 | -21,118 | ' | ' | ' | ' |
Short-term lending due from affiliates | -1,380,865 | -2,442,338 | ' | ' | ' | ' |
Other current assets | -64,380 | -41,501 | ' | ' | ' | ' |
Total current assets | -1,791,944 | -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 | -58,090,812 | -57,855,644 | ' | ' | ' | ' |
Trademarks, net | 0 | 0 | ' | ' | ' | ' |
Other intangibles, net | 0 | 0 | ' | ' | ' | ' |
Long-term lending due from affiliates | -4,478,561 | -3,508,150 | ' | ' | ' | ' |
Other non-current assets | 0 | 0 | ' | ' | ' | ' |
Total other non-current assets | -62,569,373 | -61,363,794 | ' | ' | ' | ' |
Total assets | -64,361,317 | -64,035,095 | ' | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Short-term debt | 0 | 0 | ' | ' | ' | ' |
Short-term lending due to affiliates | -1,380,865 | -2,442,338 | ' | ' | ' | ' |
Portion of long-term debt due within one year | 0 | 0 | ' | ' | ' | ' |
Trade payables | 0 | 0 | ' | ' | ' | ' |
Payables due to affiliates | -342,298 | -166,344 | ' | ' | ' | ' |
Other payables | 0 | 0 | ' | ' | ' | ' |
Accrued trade promotions and marketing | 0 | 0 | ' | ' | ' | ' |
Other accrued liabilities | -4,401 | -21,118 | ' | ' | ' | ' |
Income taxes | -64,380 | -41,501 | ' | ' | ' | ' |
Total current liabilities | -1,791,944 | -2,671,301 | ' | ' | ' | ' |
Long-term debt and other non-current liabilities: | ' | ' | ' | ' | ' | ' |
Long-term debt | 0 | 0 | ' | ' | ' | ' |
Long-term borrowings due to affiliates | -4,724,857 | -3,757,399 | ' | ' | ' | ' |
Deferred income taxes | ' | 0 | ' | ' | ' | ' |
Non-pension post-retirement benefits | 0 | 0 | ' | ' | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' | ' | ' |
Total long-term liabilities | -4,724,857 | -3,757,399 | ' | ' | ' | ' |
Redeemable noncontrolling interest | 0 | 0 | ' | ' | ' | ' |
Total shareholder equity | -57,844,516 | -57,606,395 | ' | ' | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' | ' | ' |
Total equity | -57,844,516 | -57,606,395 | ' | ' | ' | ' |
Total liabilities and equity | ($64,361,317) | ($64,035,095) | ' | ' | ' | ' |
Supplemental_Financial_Informa5
Supplemental Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) (USD $) | 6 Months Ended | 7 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Jun. 07, 2013 | Sep. 22, 2013 | Sep. 28, 2014 |
Operating Activities: | ' | ' | ' |
Cash provided by operating activities | $667,551 | ($192,302) | $1,332,281 |
Investing activities: | ' | ' | ' |
Capital expenditures | -291,417 | -71,135 | -247,450 |
Net payments on intercompany lending activities | 0 | 0 | 0 |
Additional investments in subsidiaries | ' | 0 | ' |
Acquisition of business, net of cash on hand | ' | -21,494,287 | ' |
Return of capital | ' | 0 | 0 |
Change in restricted cash | ' | 0 | ' |
Other intercompany investing transactions | 0 | ' | ' |
Other items, net | 33,262 | -3,289 | 38,231 |
Cash used for investing activities | -258,155 | -21,568,711 | -209,219 |
Financing activities: | ' | ' | ' |
Payments on long-term debt | -449,847 | -2,645,906 | -74,597 |
Proceeds from long-term debt and capital securities | ' | ' | 1,586 |
Proceeds from long-term debt | 4,968 | 12,573,734 | ' |
Debt issuance costs | ' | -320,824 | ' |
Net proceeds/(payments) on intercompany borrowing activities | 0 | 0 | 0 |
Net payments on commercial paper and short-term debt | 297,215 | -1,656,924 | -11,338 |
Dividends | -331,654 | -180,000 | -540,000 |
Capital contributions | ' | 16,500,000 | ' |
Exercise of stock options | 19,387 | ' | ' |
Purchase of treasury stock | -17,762 | ' | ' |
Other intercompany capital stock transactions | 0 | ' | ' |
Other items, net | -3,673 | 26,073 | 13,794 |
Cash (used for)/provided by financing activities | -481,366 | 24,296,153 | -610,555 |
Effect of exchange rate changes on cash and cash equivalents | -140,483 | -3,630 | -117,390 |
Net (decrease)/increase in cash and cash equivalents | -212,453 | 2,531,510 | 395,117 |
Cash and cash equivalents | 2,069,967 | 2,531,510 | 2,854,109 |
Parent | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Cash provided by operating activities | ' | 0 | 416,516 |
Investing activities: | ' | ' | ' |
Capital expenditures | ' | 0 | 0 |
Net payments on intercompany lending activities | ' | 0 | 0 |
Additional investments in subsidiaries | ' | -16,500,000 | ' |
Acquisition of business, net of cash on hand | ' | 0 | ' |
Return of capital | ' | 180,000 | 123,484 |
Change in restricted cash | ' | 0 | ' |
Other items, net | ' | 0 | 0 |
Cash used for investing activities | ' | -16,320,000 | 123,484 |
Financing activities: | ' | ' | ' |
Payments on long-term debt | ' | 0 | 0 |
Proceeds from long-term debt and capital securities | ' | ' | 0 |
Proceeds from long-term debt | ' | 0 | ' |
Debt issuance costs | ' | 0 | ' |
Net proceeds/(payments) on intercompany borrowing activities | ' | 0 | 0 |
Net payments on commercial paper and short-term debt | ' | 0 | 0 |
Dividends | ' | -180,000 | -540,000 |
Capital contributions | ' | 16,500,000 | ' |
Other items, net | ' | 0 | 0 |
Cash (used for)/provided by financing activities | ' | 16,320,000 | -540,000 |
Effect of exchange rate changes on cash and cash equivalents | ' | 0 | 0 |
Net (decrease)/increase in cash and cash equivalents | ' | 0 | 0 |
Cash and cash equivalents | ' | 0 | 0 |
Issuer | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Cash provided by operating activities | 403,272 | -201,763 | 205,608 |
Investing activities: | ' | ' | ' |
Capital expenditures | -2,764 | -14,698 | -44,885 |
Net payments on intercompany lending activities | -859,093 | 284,606 | -273,027 |
Additional investments in subsidiaries | ' | 0 | ' |
Acquisition of business, net of cash on hand | ' | -23,564,251 | ' |
Return of capital | ' | 0 | 0 |
Change in restricted cash | ' | 0 | ' |
Other intercompany investing transactions | -282,572 | ' | ' |
Other items, net | -1,475 | 0 | 14,072 |
Cash used for investing activities | -1,145,904 | -23,294,343 | -303,840 |
Financing activities: | ' | ' | ' |
Payments on long-term debt | -306,354 | -1,683,918 | -71,250 |
Proceeds from long-term debt and capital securities | ' | ' | 0 |
Proceeds from long-term debt | 0 | 12,568,875 | ' |
Debt issuance costs | ' | -320,824 | ' |
Net proceeds/(payments) on intercompany borrowing activities | -263,991 | -1,809,129 | 648,532 |
Net payments on commercial paper and short-term debt | 1,600,000 | -1,600,000 | 0 |
Dividends | -331,654 | -180,000 | -540,000 |
Capital contributions | ' | 16,500,000 | ' |
Exercise of stock options | 19,387 | ' | ' |
Purchase of treasury stock | -17,762 | ' | ' |
Other intercompany capital stock transactions | -4,000 | ' | ' |
Other items, net | 47,010 | 22,214 | 13,794 |
Cash (used for)/provided by financing activities | 742,636 | 23,497,218 | 51,076 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net (decrease)/increase in cash and cash equivalents | 4 | 1,112 | -47,156 |
Cash and cash equivalents | 4 | 1,112 | 1,240 |
Guarantors | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Cash provided by operating activities | 379,863 | 196 | 572,502 |
Investing activities: | ' | ' | ' |
Capital expenditures | -123,740 | -12,381 | -108,303 |
Net payments on intercompany lending activities | -586,335 | -5,161 | -240,300 |
Additional investments in subsidiaries | ' | 0 | ' |
Acquisition of business, net of cash on hand | ' | 407,067 | ' |
Return of capital | ' | 0 | 0 |
Change in restricted cash | ' | 0 | ' |
Other intercompany investing transactions | 261,544 | ' | ' |
Other items, net | 31,992 | -3,126 | 18,533 |
Cash used for investing activities | -416,539 | 386,399 | -330,070 |
Financing activities: | ' | ' | ' |
Payments on long-term debt | -137,674 | -950,037 | -674 |
Proceeds from long-term debt and capital securities | ' | ' | 0 |
Proceeds from long-term debt | 0 | 0 | ' |
Debt issuance costs | ' | 0 | ' |
Net proceeds/(payments) on intercompany borrowing activities | 1,856,899 | 1,449,730 | -115,518 |
Net payments on commercial paper and short-term debt | -1,269,101 | 0 | 0 |
Dividends | -446,065 | -114,461 | -475,952 |
Capital contributions | ' | 0 | ' |
Exercise of stock options | 0 | ' | ' |
Purchase of treasury stock | 0 | ' | ' |
Other intercompany capital stock transactions | 285,739 | ' | ' |
Other items, net | -44,343 | 3,570 | 0 |
Cash (used for)/provided by financing activities | 245,455 | 388,802 | -592,144 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net (decrease)/increase in cash and cash equivalents | 208,779 | 775,397 | -349,712 |
Cash and cash equivalents | 407,067 | 775,397 | 594,029 |
Non-Guarantors | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Cash provided by operating activities | 440,752 | 233,187 | 1,030,123 |
Investing activities: | ' | ' | ' |
Capital expenditures | -164,913 | -44,056 | -94,262 |
Net payments on intercompany lending activities | -558,875 | 149,030 | -44,333 |
Additional investments in subsidiaries | ' | 0 | ' |
Acquisition of business, net of cash on hand | ' | 1,662,897 | ' |
Return of capital | ' | 0 | 0 |
Change in restricted cash | ' | 0 | ' |
Other intercompany investing transactions | 0 | ' | ' |
Other items, net | 2,745 | -163 | 5,626 |
Cash used for investing activities | -721,043 | 1,767,708 | -132,969 |
Financing activities: | ' | ' | ' |
Payments on long-term debt | -5,819 | -11,951 | -2,673 |
Proceeds from long-term debt and capital securities | ' | ' | 1,586 |
Proceeds from long-term debt | 4,968 | 4,859 | ' |
Debt issuance costs | ' | 0 | ' |
Net proceeds/(payments) on intercompany borrowing activities | 411,395 | -69,076 | 24,646 |
Net payments on commercial paper and short-term debt | -33,684 | -56,924 | -11,338 |
Dividends | -110,271 | -109,461 | 0 |
Capital contributions | ' | 0 | ' |
Exercise of stock options | 0 | ' | ' |
Purchase of treasury stock | 0 | ' | ' |
Other intercompany capital stock transactions | -260,711 | ' | ' |
Other items, net | -6,340 | 289 | 0 |
Cash (used for)/provided by financing activities | -462 | -242,264 | 12,221 |
Effect of exchange rate changes on cash and cash equivalents | -140,483 | -3,630 | -117,390 |
Net (decrease)/increase in cash and cash equivalents | -421,236 | 1,755,001 | 791,985 |
Cash and cash equivalents | 1,662,896 | 1,755,001 | 2,258,840 |
Eliminations | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Cash provided by operating activities | -556,336 | -223,922 | -892,468 |
Investing activities: | ' | ' | ' |
Capital expenditures | 0 | 0 | 0 |
Net payments on intercompany lending activities | 2,004,303 | -428,475 | 557,660 |
Additional investments in subsidiaries | ' | 16,500,000 | ' |
Acquisition of business, net of cash on hand | ' | 0 | ' |
Return of capital | ' | -180,000 | -123,484 |
Change in restricted cash | ' | 0 | ' |
Other intercompany investing transactions | 21,028 | ' | ' |
Other items, net | 0 | 0 | 0 |
Cash used for investing activities | 2,025,331 | 15,891,525 | 434,176 |
Financing activities: | ' | ' | ' |
Payments on long-term debt | 0 | 0 | 0 |
Proceeds from long-term debt and capital securities | ' | ' | 0 |
Proceeds from long-term debt | 0 | 0 | ' |
Debt issuance costs | ' | 0 | ' |
Net proceeds/(payments) on intercompany borrowing activities | -2,004,303 | 428,475 | -557,660 |
Net payments on commercial paper and short-term debt | 0 | 0 | 0 |
Dividends | 556,336 | 403,922 | 1,015,952 |
Capital contributions | ' | -16,500,000 | ' |
Exercise of stock options | 0 | ' | ' |
Purchase of treasury stock | 0 | ' | ' |
Other intercompany capital stock transactions | -21,028 | ' | ' |
Other items, net | 0 | 0 | 0 |
Cash (used for)/provided by financing activities | -1,468,995 | -15,667,603 | 458,292 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net (decrease)/increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents | $0 | $0 | $0 |