XML 117 R34.htm IDEA: XBRL DOCUMENT v2.4.0.8

INCOME TAXES Income Taxes (Tables)

8 Months Ended

Dec. 29, 2013

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income tax expense consists of the following: 

		Successor				Predecessor
										Fiscal Year Ended
		September 27 - December 29, 2013				April 29 - September 26, 2013				April 28, 2013				April 29, 2012				May 1, 2011
		(in millions)
Current income tax expense:
Federal		$	0.2			$	13.8			$	39.8			$	72.7			$	57.6
State		0.9				0.1				6.1				8.4				17.2
Foreign		0.2				2.5				5.5				1.1				3.1
		1.3				16.4				51.4				82.2				77.9
Deferred income tax expense (benefit):
Federal		7.4				7.1				(2.6		)		82.1				128.3
State		1.7				(11.4		)		(10.5		)		11.2				24.2
Foreign		5.4				0.6				7.8				(3.1		)		5.7
		14.5				(3.7		)		(5.3		)		90.2				158.2
Total income tax expense		$	15.8			$	12.7			$	46.1			$	172.4			$	236.1

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of taxes computed at the federal statutory rate to the provision for income taxes is as follows: 

		Successor			Predecessor
								Fiscal Year Ended
		September 27 - December 29, 2013			April 29 - September 26, 2013			April 28, 2013			April 29, 2012			May 1, 2011
Federal income taxes at statutory rate		35.0	%		35.0	%		35.0	%		35.0	%		35.0	%
State income taxes, net of federal tax benefit		3.8			(10.6	)		(0.2	)		2.1			3.4
Foreign income taxes		16.4			10.4			(1.7	)		(0.2	)		(1.2	)
Unremitted earnings		—			—			—			2.6			—
Net change in uncertain tax positions		(1.8	)		(1.3	)		0.6			(2.4	)		(0.3	)
Net change in valuation allowance		(20.1	)		(10.1	)		(4.8	)		(0.9	)		(3.4	)
Tax credits		(4.5	)		(6.5	)		(5.7	)		(1.0	)		(1.1	)
Manufacturer's deduction		(0.6	)		(0.2	)		(1.5	)		(1.7	)		(1.8	)
Adjustment to goodwill		—			—			—			—			2.0
Other		3.1			3.0			(1.6	)		(1.2	)		(1.4	)
Effective tax rate		31.3	%		19.7	%		20.1	%		32.3	%		31.2	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences consist of the following: 

		Successor				Predecessor
		December 29, 2013				April 28, 2013				April 29, 2012
		(in millions)
Deferred tax assets:
Pension and other retirement liabilities		$	160.8			$	272.4			$	256.4
Tax credits, carryforwards and net operating losses		68.0				77.3				85.6
Accrued expenses and other current liabilities		49.8				32.2				53.2
Derivatives		28.8				—				—
Employee benefits		26.6				17.3				—
Other		28.3				10.2				30.8
		362.3				409.4				426.0
Valuation allowance		(42.3		)		(43.5		)		(54.6		)
Total deferred tax assets		$	320.0			$	365.9			$	371.4
Deferred tax liabilities:
Property, plant and equipment		$	518.1			$	371.9			$	385.6
Intangible assets		415.7				134.3				125.8
Derivatives		—				1.5				31.9
Employee benefits		—				—				13.7
Investments in subsidiaries		65.6				44.1				44.6
Total deferred tax liabilities		$	999.4			$	551.8			$	601.6

Schedule of Classification of Deferred Taxes on Balance Sheet [Table Text Block]

The following table presents the classification of deferred taxes in our balance sheets as of December 29, 2013, April 28, 2013 and April 29, 2012: 

		Successor				Predecessor
		December 29, 2013				April 28, 2013				April 29, 2012
		(in millions)
Prepaids and other current assets		$	66.5			$	19.9			$	57.4
Other assets		—				—				3.2
Deferred income taxes, net		745.9				205.8				290.8

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of the beginning and ending liability for unrecognized tax benefits is as follows:

		(in millions)
Balance, May 1, 2011		$	33.6
Additions for tax positions taken in the current year		2.4
Additions for tax positions taken in prior years		(10.8		)
Settlements with taxing authorities		(9.3		)
Lapse of statute of limitations		(0.6		)
Balance, April 29, 2012		15.3
Additions for tax positions taken in the current year		3.9
Reduction for tax positions taken in prior years		(1.8		)
Settlements with taxing authorities		(1.0		)
Lapse of statute of limitations		(0.7		)
Balance, April 28, 2013		15.7
Additions for tax positions taken in the current year		1.6
Reduction for tax positions taken in prior years		(0.2		)
Settlements with taxing authorities		(2.1		)
Lapse of statute of limitations		(1.1		)
Balance, December 29, 2013		$	13.9

X

- Definition

Schedule of Classification of Deferred Taxes on Balance Sheet [Table Text Block]

+ References

No definition available.

+ Details

Name:	sfd_ScheduleOfClassificationOfDeferredTaxesOnBalanceSheetTableTextBlock
Namespace Prefix:	sfd_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 55

-Paragraph 217

-URI http://asc.fasb.org/extlink&oid=32707879&loc=d3e36027-109320



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15A

-URI http://asc.fasb.org/extlink&oid=6907707&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration