Fair Value Measurements

6 Months Ended

Oct. 27, 2013

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 October 27, 2013 and April 28, 2013, the fair values of the Company’s assets and liabilities measured on a recurring basis are categorized as follows:

	Successor								Predecessor
	October 27, 2013									April 28, 2013
	Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total
	(In thousands)
Assets:
Derivatives(a)	$	—	$	182,826	$	—	$	182,826		$	—	$	68,892	$	—	$	68,892
Total assets at fair value	$	—	$	182,826	$	—	$	182,826		$	—	$	68,892	$	—	$	68,892
Liabilities:
Derivatives(a)	$	—	$	202,834	$	—	$	202,834		$	—	$	79,871	$	—	$	79,871
Total liabilities at fair value	$	—	$	202,834	$	—	$	202,834		$	—	$	79,871	$	—	$	79,871

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(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 interest rate swaps are valued based on observable market spot and 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 total rate of return swap is valued based on observable market swap rates and the Company's credit spread, and is 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 $14.62 billion as compared with the carrying value of $14.72 billion at October 27, 2013, and $5.35 billion as compared with the carrying value of $4.87 billion at April 28, 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 first quarters of Fiscal 2014 and 2013.