Successor | Predecessor | ||||||||||||||||||||||||||||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | April 28, 2013 FY 2013 | |||||||||||||||||||||||||||||||||
H. J. Heinz Company | Noncontrolling Interest | Total | H. J. Heinz Company | Noncontrolling Interest | Total | H. J. Heinz Company | Noncontrolling Interest | Total | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Net (loss)/income | $ | (77,021 | ) | $ | 5,303 | $ | (71,718 | ) | $ | (195,571 | ) | $ | 2,874 | $ | (192,697 | ) | $ | 1,012,903 | $ | 14,430 | $ | 1,027,333 | |||||||||||||
Other comprehensive income/(loss), net of tax: | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 140,242 | (11,301 | ) | 128,941 | (93,780 | ) | (4,083 | ) | (97,863 | ) | (213,259 | ) | (15,721 | ) | (228,980 | ) | |||||||||||||||||||
Net deferred (losses) on net investment hedges from periodic revaluations | (117,694 | ) | — | (117,694 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
Net pension and post-retirement benefit (losses)/gains | 102,464 | (12 | ) | 102,452 | — | — | — | (189,294 | ) | (8 | ) | (189,302 | ) | ||||||||||||||||||||||
Reclassification of net pension and post-retirement benefit losses/(gains) to net income | — | — | — | 7,291 | (25 | ) | 7,266 | 54,833 | — | 54,833 | |||||||||||||||||||||||||
Net deferred (losses)/gains on other derivatives from periodic revaluations | 110,686 | 510 | 111,196 | (1,099 | ) | 40 | (1,059 | ) | (11,736 | ) | (7 | ) | (11,743 | ) | |||||||||||||||||||||
Net deferred losses/(gains) on derivatives reclassified to earnings | (2,688 | ) | (55 | ) | (2,743 | ) | 6,551 | 1 | 6,552 | 29,646 | (38 | ) | 29,608 | ||||||||||||||||||||||
Total comprehensive income/(loss) | $ | 155,989 | $ | (5,555 | ) | $ | 150,434 | $ | (276,608 | ) | $ | (1,193 | ) | $ | (277,801 | ) | $ | 683,093 | $ | (1,344 | ) | $ | 681,749 |
Fiscal Year Ending | |||||||||||
H. J. Heinz Company | Noncontrolling Interest | Total | |||||||||
(In thousands) | |||||||||||
Predecessor | |||||||||||
April 27, 2011 | |||||||||||
Foreign currency translation adjustments | $ | (1,158 | ) | $ | — | $ | (1,158 | ) | |||
Net pension and post-retirement benefit losses | $ | (25,670 | ) | $ | 14 | $ | (25,656 | ) | |||
Reclassification of net pension and post-retirement benefit losses to net income | $ | 25,276 | $ | — | $ | 25,276 | |||||
Net change in fair value of cash flow hedges | $ | (10,348 | ) | $ | 132 | $ | (10,216 | ) | |||
Net hedging gains/losses reclassified into earnings | $ | (15,149 | ) | $ | 191 | $ | (14,958 | ) | |||
April 29, 2012 | |||||||||||
Foreign currency translation adjustments | $ | 180 | $ | — | $ | 180 | |||||
Net pension and post-retirement benefit losses | $ | 112,665 | $ | 9 | $ | 112,674 | |||||
Reclassification of net pension and post-retirement benefit losses to net income | $ | 25,070 | $ | — | $ | 25,070 | |||||
Net change in fair value of cash flow hedges | $ | (17,770 | ) | $ | 9 | $ | (17,761 | ) | |||
Net hedging gains/losses reclassified into earnings | $ | (10,756 | ) | $ | 92 | $ | (10,664 | ) | |||
April 28, 2013 | |||||||||||
Foreign currency translation adjustments | $ | (115 | ) | $ | — | $ | (115 | ) | |||
Net pension and post-retirement benefit losses | $ | (75,526 | ) | $ | — | $ | (75,526 | ) | |||
Reclassification of net pension and post-retirement benefit losses to net income | $ | 23,694 | $ | — | $ | 23,694 | |||||
Net change in fair value of cash flow hedges | $ | 17,712 | $ | 2 | $ | 17,714 | |||||
Net hedging gains/losses reclassified into earnings | $ | 25,954 | $ | (13 | ) | $ | 25,941 | ||||
April 29 - June 7, 2013 | |||||||||||
Foreign currency translation adjustments | $ | (116 | ) | $ | — | $ | (116 | ) | |||
Reclassification of net pension and post-retirement benefit losses to net income | $ | 2,958 | $ | — | $ | 2,958 | |||||
Net change in fair value of cash flow hedges | $ | 377 | $ | (13 | ) | $ | 364 | ||||
Net hedging gains/losses reclassified into earnings | $ | 2,882 | $ | 1 | $ | 2,883 | |||||
Successor | |||||||||||
February 8 - December 29, 2013 | |||||||||||
Foreign currency translation adjustments | $ | (422 | ) | $ | — | $ | (422 | ) | |||
Net change in fair value of net investment hedges | $ | 72,903 | $ | — | $ | 72,903 | |||||
Net pension and post-retirement benefit gains | $ | (39,682 | ) | $ | — | $ | (39,682 | ) | |||
Net change in fair value of cash flow hedges | $ | (67,210 | ) | $ | (166 | ) | $ | (67,376 | ) | ||
Net hedging gains/losses reclassified into earnings | $ | 1,505 | $ | 18 | $ | 1,523 |
Foreign currency translation adjustments | Net pension and post retirement benefit | Net cash flow hedges | Total | ||||||||||||
(In thousands) | |||||||||||||||
Predecessor | |||||||||||||||
Balance as of April 27, 2011 | $ | 337,073 | $ | (626,938 | ) | $ | (9,699 | ) | (299,564 | ) | |||||
Other comprehensive (loss)/income before reclassifications | (360,227 | ) | (258,067 | ) | 30,405 | (587,889 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 56,813 | (14,088 | ) | 42,725 | ||||||||||
Net current-period other comprehensive loss | (360,227 | ) | (201,254 | ) | 16,317 | (545,164 | ) | ||||||||
Balance as of April 29, 2012 | $ | (23,154 | ) | $ | (828,192 | ) | $ | 6,618 | $ | (844,728 | ) | ||||
Other comprehensive (loss)/income before reclassifications | (213,258 | ) | (189,294 | ) | (11,736 | ) | (414,288 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | — | 54,833 | 29,645 | 84,478 | |||||||||||
Net current-period other comprehensive loss | (213,258 | ) | (134,461 | ) | 17,909 | (329,810 | ) | ||||||||
Balance as of April 28, 2013 | $ | (236,412 | ) | $ | (962,653 | ) | $ | 24,527 | $ | (1,174,538 | ) | ||||
Other comprehensive (loss)/income before reclassifications | (93,780 | ) | — | (1,099 | ) | (94,879 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 7,291 | 6,551 | 13,842 | |||||||||||
Net current-period other comprehensive loss | (93,780 | ) | 7,291 | 5,452 | (81,037 | ) | |||||||||
Balance as of June 7, 2013 | $ | (330,192 | ) | $ | (955,362 | ) | $ | 29,979 | $ | (1,255,575 | ) | ||||
Successor | |||||||||||||||
Balance as of February 8, 2013 | $ | — | $ | — | $ | — | — | ||||||||
Other comprehensive (loss)/income before reclassifications | 140,242 | 102,464 | 110,686 | 353,392 | |||||||||||
Net change in fair value of net investment hedges | (117,694 | ) | — | — | (117,694 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | (2,688 | ) | (2,688 | ) | |||||||||
Net current-period other comprehensive loss | 22,548 | 102,464 | 107,998 | 233,010 | |||||||||||
Balance as of December 29, 2013 | $ | 22,548 | $ | 102,464 | $ | 107,998 | $ | 233,010 |
Accumulated other comprehensive income/(loss) component | Reclassified from accumulated other comprehensive income/(loss) to earnings | Reclassified from accumulated other comprehensive income/(loss) to earnings | Line affected by reclassification | |||||||
(In thousands) | ||||||||||
Successor | Predecessor | |||||||||
February 8 - December 29, 2013 | April 29 - June 7, 2013 | |||||||||
Gains/(losses) on cash flow hedges: | ||||||||||
Foreign exchange contracts | $ | (1,020 | ) | $ | 990 | Sales | ||||
Foreign exchange contracts | 2,874 | 1,814 | Cost of products sold | |||||||
Foreign exchange contracts | 2,387 | (1,859 | ) | Other income/(expense) | ||||||
Foreign exchange contracts | (83 | ) | — | Selling, general, and administrative expenses | ||||||
Foreign exchange contracts | — | 61 | Interest expense | |||||||
Interest rate contracts | 35 | (20 | ) | Interest expense | ||||||
Cross-currency interest rate swap contracts | — | (538 | ) | Other expense | ||||||
Cross-currency interest rate swap contracts | — | (9,821 | ) | Interest expense | ||||||
4,193 | (9,373 | ) | Gain/(loss) from continuing operations before income tax | |||||||
(1,505 | ) | 2,822 | Provision for income taxes | |||||||
$ | 2,688 | $ | (6,551 | ) | Gain/(loss) from continuing operations | |||||
Gains/(losses) on pension and post retirement benefit: | ||||||||||
Actuarial gains/(losses) | $ | — | $ | (10,681 | ) | (a) | ||||
Prior service credit/(cost) | — | 432 | (a) | |||||||
— | (10,249 | ) | Loss from continuing operations before income tax | |||||||
— | 2,958 | Provision for income taxes | ||||||||
$ | — | $ | (7,291 | ) | Loss from continuing operations |