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EQUITY Equity (Tables) | 12 Months Ended
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Dec. 28, 2014
Equity [Abstract] |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Stock-Based Compensation During 2014, WH Group adopted a share incentive plan to provide incentives to various executives and management of WH Group and its subsidiaries (the WH Group Incentive Plan). The WH Group stock trades on the Stock Exchange of Hong Kong Limited. In 2014, 160,500,000 stock options were granted to Smithfield executives and management under the WH Group Incentive Plan. Stock options granted under the WH Group Incentive Plan are subject to graded vesting over five years and were valued in five separate tranches, according to the expected life of each tranche. We recognized $9.2 million of compensation expense for the stock options in 2014. The related income tax benefit recognized was $3.4 million. There was no compensation expense capitalized as part of inventory or fixed assets. The fair value of each option granted was estimated on the date of grant using a binomial option pricing model. The expected annual volatility was based on the historical volatility of comparable companies. The following table summarizes the assumptions made in determining the fair value of stock options granted in 2014(1):
|  |  |  | Twelve Months Ended
|  |  |  | December 28, 2014
Expected annual volatility |  |  |  | 42 | %
Dividend yield |  |  |  | — | %
Risk free interest rate |  |  |  | 2.06 | %
Expected option life (years) |  |  |  | 3.5 |
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(1) | The options granted in 2014 were valued in separate tranches according to the expected life of each tranche. The above table reflects the weighted average risk free interest rate and expected option life of each tranche. The expected dividend yield was the same for all options granted in 2014.
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | The following table summarizes stock option activity under the WH Group Incentive Plan during 2014:
|  | Number of Shares |  | Weighted Average Exercise Price (HKD) |  | Weighted Average Exercise Price (USD) |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (HKD) |  | Aggregate Intrinsic Value (USD)
|  |  |  |  |  |  |  |  |  | (in millions)
Outstanding as of December 29, 2013 |  | — |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |
Granted |  | 160,500,000 |  |  | $ | 6.20 |  |  | $ | 0.80 |  |  |  |  |  |  |
Forfeited |  | (9,100,000 | ) |  | $ | 6.20 |  |  | $ | 0.80 |  |  |  |  |  |  |
Outstanding as of December 28, 2014 |  | 151,400,000 |  |  | $ | 6.20 |  |  | $ | 0.80 |  |  | 9.6 |  |  | $ | — |  |  | $ | — |
Exercisable as of December 28, 2014 |  | — |  |  | $ | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |
The weighted average grant-date fair value of options granted during 2014 was $0.42 USD ($3.22 HKD). As of December 28, 2014, there was $53.7 million of total unrecognized compensation cost related to nonvested stock options granted under the WH Group Incentive Plan. That cost is expected to be recognized over a weighted average period of 3.1 years. No options vested during 2014. During the twelve months ended May 3, 2009, we adopted the 2008 Incentive Compensation Plan (the Incentive Plan), which replaced the 1998 Stock Incentive Plan and provided for the issuance of non-statutory stock options and other awards to employees, non-employee directors and consultants. Upon completion of the Merger, all then-outstanding stock-based compensation awards, whether vested or unvested, were converted into the right to receive the Merger Consideration, less the exercise price of such awards, if any. As a result, we made aggregate cash payments totaling $82.1 million to plan participants following the Merger, which were included as a component of the purchase price consideration. The Incentive Plan was discontinued as a result of the Merger. Stock-based compensation expense was $2.0 million, $8.4 million, and $11.0 million for the five months ended September 26, 2013, the twelve months ended April 28, 2013 and the twelve months ended April 29, 2012, respectively. The related income tax benefits recognized were $0.4 million, $1.8 million, and $2.4 million, for the five months ended September 26, 2013, the twelve months ended April 28, 2013 and the twelve months ended April 29, 2012, respectively. There was no compensation expense capitalized as part of inventory or fixed assets during the five months ended September 26, 2013, twelve months ended April 28, 2013 and twelve months ended April 29, 2012.
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) consists of the following:
|  | Successor |  | Predecessor
|  | December 28, 2014 |  | December 29, 2013 |  | April 28, 2013
|  | (in millions)
Foreign currency translation |  | $ | (127.4 | ) |  | $ | 27.3 |  |  | $ | (170.5 | )
Pension accounting |  | (117.6 | ) |  | 14.6 |  |  | (427.9 | )
Hedge accounting |  | 26.4 |  |  | (2.9 | ) |  | (17.8 | )
Accumulated other comprehensive income (loss) |  | $ | (218.6 | ) |  | $ | 39.0 |  |  | $ | (616.2 | )
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | he following tables present changes in the accumulated balances for each component of other comprehensive income (loss) and the related effects on net income of amounts reclassified out of other comprehensive income (loss):
|  | Successor
|  | Twelve Months Ended |  |
|  | December 28, 2014 |  | September 27 - December 29, 2013
|  | Before Tax |  | Tax |  | After Tax |  | Before Tax |  | Tax |  | After Tax
|  | (in millions)
Foreign currency translation: |  |  |  |  |  |  |  |  |  |  |  |
Translation adjustment arising during the period |  | $ | (167.5 | ) |  | $ | 12.8 |  |  | $ | (154.7 | ) |  | $ | 29.6 |  |  | $ | (2.3 | ) |  | $ | 27.3 |
Pension accounting: |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss |  | (217.5 | ) |  | 83.3 |  |  | (134.2 | ) |  | — |  |  | — |  |  | — |
Amortization of actuarial losses and prior service credits reclassified to cost of sales |  | 1.0 |  |  | (0.4 | ) |  | 0.6 |  |  | 8.5 |  |  | (3.3 | ) |  | 5.2 |
Amortization of actuarial losses and prior service credits reclassified to SG&A |  | 2.3 |  |  | (0.9 | ) |  | 1.4 |  |  | 15.2 |  |  | (5.8 | ) |  | 9.4 |
Hedge accounting: |  |  |  |  |  |  |  |  |  |  |  |
Losses arising during the period |  | (166.3 | ) |  | 65.2 |  |  | (101.1 | ) |  | (2.3 | ) |  | 0.9 |  |  | (1.4 | )
(Gains) losses reclassified to sales |  | 218.7 |  |  | (85.0 | ) |  | 133.7 |  |  | (3.0 | ) |  | 1.2 |  |  | (1.8 | )
(Gains) losses reclassified to cost of sales |  | (1.7 | ) |  | 0.7 |  |  | (1.0 | ) |  | 0.9 |  |  | (0.4 | ) |  | 0.5 |
Gains reclassified to SG&A |  | (2.9 | ) |  | 0.6 |  |  | (2.3 | ) |  | (0.3 | ) |  | 0.1 |  |  | (0.2 | )
Total other comprehensive income (loss) |  | $ | (333.9 | ) |  | $ | 76.3 |  |  | $ | (257.6 | ) |  | $ | 48.6 |  |  | $ | (9.6 | ) |  | $ | 39.0 |
|  | Predecessor
|  |  |  |  |  |  |  | Twelve Months Ended
|  | April 29 - September 26, 2013 |  | April 28, 2013 |  | April 29, 2012
|  | Before Tax |  | Tax |  | After Tax |  | Before Tax |  | Tax |  | After Tax |  | Before Tax |  | Tax |  | After Tax
|  | (in millions)
Foreign currency translation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation adjustment arising during the period |  | $ | 23.3 |  |  | $ | (6.4 | ) |  | $ | 16.9 |  |  | $ | (12.5 | ) |  | $ | 1.4 |  |  | $ | (11.1 | ) |  | $ | (185.7 | ) |  | $ | 25.9 |  |  | $ | (159.8 | )
Pension accounting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of actuarial losses and prior service credits reclassified to cost of sales |  | 7.4 |  |  | (2.9 | ) |  | 4.5 |  |  | (12.3 | ) |  | 4.8 |  |  | (7.5 | ) |  | (90.8 | ) |  | 35.3 |  |  | (55.5 | )
Amortization of actuarial losses and prior service credits reclassified to SG&A |  | 17.4 |  |  | (6.8 | ) |  | 10.6 |  |  | (28.8 | ) |  | 11.1 |  |  | (17.7 | ) |  | (211.8 | ) |  | 82.3 |  |  | (129.5 | )
Hedge accounting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) arising during the period |  | (26.6 | ) |  | 10.3 |  |  | (16.3 | ) |  | 53.3 |  |  | (20.8 | ) |  | 32.5 |  |  | 105.6 |  |  | (42.6 | ) |  | 63.0 |
Gains (losses) reclassified to sales |  | (5.9 | ) |  | 2.3 |  |  | (3.6 | ) |  | (54.9 | ) |  | 21.4 |  |  | (33.5 | ) |  | (32.3 | ) |  | 12.6 |  |  | (19.7 | )
Gains reclassified to cost of sales |  | (23.6 | ) |  | 9.2 |  |  | (14.4 | ) |  | (108.4 | ) |  | 42.1 |  |  | (66.3 | ) |  | (75.1 | ) |  | 29.2 |  |  | (45.9 | )
(Gains) losses reclassified to SG&A |  | 0.3 |  |  | — |  |  | 0.3 |  |  | (2.1 | ) |  | 0.4 |  |  | (1.7 | ) |  | 4.1 |  |  | (0.8 | ) |  | 3.3 |
Losses reclassified to interest expense |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2.4 |  |  | — |  |  | 2.4 |
Total other comprehensive income (loss) |  | $ | (7.7 | ) |  | $ | 5.7 |  |  | $ | (2.0 | ) |  | $ | (165.7 | ) |  | $ | 60.4 |  |  | $ | (105.3 | ) |  | $ | (483.6 | ) |  | $ | 141.9 |  |  | $ | (341.7 | )

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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