XML 80 R35.htm IDEA: XBRL DOCUMENT v2.4.0.8

PENSION AND OTHER RETIREMENT PLANS Pension and Other Retirement Plans (Tables)

8 Months Ended

Dec. 29, 2013

Compensation and Retirement Disclosure [Abstract]

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

The following table presents a reconciliation of the pension benefit obligation, plan assets and the funded status of these pension plans.

		December 29, 2013				April 28, 2013				April 29, 2012
		(in millions)
Change in benefit obligation:
Benefit obligation at beginning of year		$	1,813.2			$	1,610.6			$	1,329.9
Service cost		32.4				47.2				37.4
Interest cost		54.4				74.8				75.9
Benefits paid (1)		(66.6		)		(65.9		)		(63.2		)
Remeasurement at the Merger Date		(189.8		)		—				—
Actuarial loss		9.2				146.1				229.1
Other		0.2				0.4				1.5
Benefit obligation at end of year		1,653.0				1,813.2				1,610.6
Change in plan assets: (2)
Fair value of plan assets at beginning of year		1,110.6				1,023.5				956.4
Actual return on plan assets		34.7				131.5				(16.0		)
Employer contributions		18.8				17.7				142.8
Benefits paid (1)		(42.1		)		(62.0		)		(59.7		)
Other		0.8				(0.1		)		—
Fair value of plan assets at end of year		1,122.8				1,110.6				1,023.5
Funded status		$	(530.2	)		$	(702.6	)		$	(587.1	)
Amounts recognized in the consolidated balance sheet:
Net long-term pension liability		$	(504.4	)		$	(697.0	)		$	(581.9	)
Accrued expenses and other current liabilities		(25.8		)		(5.6		)		(5.2		)
Net amount recognized at end of year		$	(530.2	)		$	(702.6	)		$	(587.1	)

——————————————

⁽¹⁾  Benefit payments for our defined benefit pension plans during the Successor Period and Predecessor Period were $39.4 million and $27.2 million, respectively. Benefit payments for our qualified defined benefit pension plans during the Successor Period and Predecessor Period were $16.1 million and $26.0 million, respectively.

⁽²⁾  Excludes the assets and related activity of our non-qualified defined benefit pension plans. The fair value of assets related to our non-qualified plans was $124.1 million, $121.0 million and $107.1 million as of December 29, 2013, April 28, 2013 and April 29, 2012, respectively. We made no cash contributions to our non-qualified plans in the Transition Period, fiscal year ended April 28, 2013 and fiscal year ended April 29, 2012. Benefits paid for our non-qualified plans were $23.3 million, $1.2 million, $3.9 million and $3.5 million for the Successor Period, Predecessor Period, fiscal year ended April 28, 2013 and fiscal year ended April 29, 2012, respectively.

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

The following table shows the pre-tax unrecognized items included as components of accumulated other comprehensive income (loss) related to our defined benefit pension plans as of the dates indicated. 

		Successor				Predecessor
		December 29, 2013				April 28, 2013				April 29, 2012
		(in millions)
Unrecognized actuarial gain (loss)		$	20.9			$	(704.9	)		$	(665.4	)
Unrecognized prior service credit		—				3.2				4.7

Schedule of Net Benefit Costs [Table Text Block]

The following table presents the components of the net periodic pension costs for the periods indicated: 

	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)
Service cost	$	9.8			$	22.6			$	47.2			$	37.4			$	37.0
Interest cost	21.6				32.8				74.8				75.9				74.9
Expected return on plan assets	(19.5		)		(35.4		)		(78.8		)		(79.6		)		(63.9		)
Net amortization	—				24.8				52.9				23.5				34.0
Net periodic pension cost	$	11.9			$	44.8			$	96.1			$	57.2			$	82.0

Schedule of Assumptions Used [Table Text Block]

The following table shows our weighted average assumptions for the periods indicated. 

	Successor			Predecessor
							Fiscal Year Ended
	September 27 - December 29, 2013			April 29 - September 26, 2013			April 28, 2013			April 29, 2012			May 1, 2011
Discount rate to determine net periodic benefit cost	5.30	%		4.45	%		4.75	%		5.85	%		6.00	%
Discount rate to determine benefit obligation	5.25			5.30			4.45			4.75			5.85
Expected long-term rate of return on plan assets	7.25			7.25			7.75			7.75			8.00
Rate of compensation increase	4.00			4.00			4.00			4.00			4.00

Schedule of Allocation of Plan Assets [Table Text Block]

The following table presents the fair value of our qualified pension plan assets by major asset category as of December 29, 2013, April 28, 2013 and April 29, 2012. The allocation of our pension plan assets is based on the target range presented in the following table. 

		Successor				Predecessor
		December 29, 2013				April 28, 2013				April 29, 2012				Target Range
Asset category:		(in millions)
Cash and cash equivalents, net of unsettled transactions		$	60.0			$	45.3			$	24.7			0-4%
Equity securities		455.7				411.3				427.0				30-50%
Debt securities		512.4				555.6				495.2				35-55%
Alternative assets		94.7				98.4				76.6				5-20%
Total		$	1,122.8			$	1,110.6			$	1,023.5

Schedule of Expected Benefit Payments [Table Text Block]

Expected future benefit payments for our defined benefit pension plans are as follows: 

Fiscal Year		(in millions)
2014		$	96.2
2015		99.7
2016		103.5
2017		107.7
2018		90.7
2019-2023		510.0

Schedule of Multiemployer Plans [Table Text Block]

The following table summarizes our contributions to multiemployer plans ⁽¹⁾.

								Fiscal Year Ended
Plan		EIN / PN (2)		April 29 - December 29, 2013				April 28, 2013				April 29, 2012				May 1, 2011				Expiration Dates of Collective Bargaining Agreements
								(in millions)
United Food and Commercial Workers International Union Industry Pension Fund		51-6055922 / 001		$	0.9			$	1.2			$	1.1			$	1.4			Multiple (3)
Central Pension Fund of the International Union of Operating Engineers and Participating Employers		36-6052390 / 001		0.1				0.2				0.2				0.2				October 2018
IAM National Pension Fund National Pension Plan		51-6031295 / 002		0.1				0.1				0.1				0.1				February 2014
Total contributions to multiemployer plans				$	1.1			$	1.5			$	1.4			$	1.7

——————————————

⁽¹⁾  Contributions represent the amounts we contributed to the plans during the fiscal periods ending in the specified year. Our contributions to each plan did not exceed 5% of total plan contributions for any plan year presented.

⁽²⁾  Represents the Employer Identification Number and the three-digit plan number assigned to a plan by the Internal Revenue Service.

⁽³⁾  We have multiple collective bargaining agreements associated with the United Food and Commercial Workers International Union Industry Pension Fund. These agreements are currently scheduled to expire in October 2015, May 2016, January 2018 and December 2018.

X

- Details

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

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (d)(5)

-URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920

+ Details

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

X

- Definition

Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (i)

-URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920

+ Details

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

X

- Definition

Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (k)

-URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920

+ Details

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

X

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920



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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e2417-114920



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 55

-Paragraph 17

-URI http://asc.fasb.org/extlink&oid=32704760&loc=d3e4179-114921



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e2439-114920



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e2410-114920

+ Details

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

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (f)

-URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920

+ Details

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

X

- Definition

Tabular disclosure of the quantitative and qualitative information related to multiemployer plans in which the employer participates. A multiemployer plan is a pension or postretirement benefit plan to which two or more unrelated employers contribute where assets contributed by one participating employer may be used to provide benefits to employees of other participating employers.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 80

-URI http://asc.fasb.org/subtopic&trid=2235144

+ Details

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

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (h)

-URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920

+ Details

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