0000950123-11-080383.txt : 20110826 0000950123-11-080383.hdr.sgml : 20110826 20110826105909 ACCESSION NUMBER: 0000950123-11-080383 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20110727 FILED AS OF DATE: 20110826 DATE AS OF CHANGE: 20110826 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEINZ H J CO CENTRAL INDEX KEY: 0000046640 STANDARD INDUSTRIAL CLASSIFICATION: CANNED, FROZEN & PRESERVED FRUIT, VEG & FOOD SPECIALTIES [2030] IRS NUMBER: 250542520 STATE OF INCORPORATION: PA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-03385 FILM NUMBER: 111058518 BUSINESS ADDRESS: STREET 1: 1 PPG PLACE STREET 2: SUITE 3100 CITY: PITTSBURGH STATE: PA ZIP: 15222-5448 BUSINESS PHONE: 4124565700 MAIL ADDRESS: STREET 1: P O BOX 57 STREET 2: P O BOX 57 CITY: PITTSBURGH STATE: PA ZIP: 15230 10-Q 1 l42323e10vq.htm FORM 10-Q e10vq
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SECURITIES AND EXCHANGE COMMISSION
 
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
 
     
x
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 27, 2011
OR
o
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
 
Commission File Number 1-3385
 
H. J. HEINZ COMPANY
(Exact name of registrant as specified in its charter)
 
     
PENNSYLVANIA
  25-0542520
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification No.)
     
One PPG Place, Pittsburgh, Pennsylvania
(Address of Principal Executive Offices)
  15222
(Zip Code)
 
Registrant’s telephone number, including area code: (412) 456-5700
 
 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes X  No   
 
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).  Yes X  No   
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
 
  Large accelerated filer X Accelerated filer    Non-accelerated filer    Smaller reporting company     
(Do not check if a smaller reporting company)
 
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No X  
 
The number of shares of the Registrant’s Common Stock, par value $0.25 per share, outstanding as of July 27, 2011 was 321,044,792 shares.


TABLE OF CONTENTS

PART I--FINANCIAL INFORMATION
Item 1. Financial Statements
CONSOLIDATED STATEMENTS OF INCOME
CONDENSED CONSOLIDATED BALANCE SHEETS
CONSOLIDATED STATEMENTS OF CASH FLOWS
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II--OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults upon Senior Securities
Item 4. (Removed and Reserved).
Item 5. Other Information
Item 6. Exhibits
EX-12
EX-31.A
EX-31.B
EX-32.A
EX-32.B
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT


Table of Contents

 
PART I—FINANCIAL INFORMATION
 
Item 1.   Financial Statements
 
H. J. HEINZ COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 
                 
    First Quarter Ended  
    July 27, 2011
    July 28, 2010
 
    FY 2012     FY 2011  
    (Unaudited)  
    (In thousands, Except per Share Amounts)  
 
Sales
  $ 2,849,581     $ 2,480,825  
Cost of products sold
    1,864,088       1,572,848  
                 
Gross profit
    985,493       907,977  
Selling, general and administrative expenses
    615,930       502,262  
                 
Operating income
    369,563       405,715  
Interest income
    9,777       4,117  
Interest expense
    70,955       66,752  
Other expense, net
    2,280       10,289  
                 
Income before income taxes
    306,105       332,791  
Provision for income taxes
    71,146       84,196  
                 
Net income
    234,959       248,595  
Less: Net income attributable to the noncontrolling interest
    8,845       8,168  
                 
Net income attributable to H. J. Heinz Company
  $ 226,114     $ 240,427  
                 
Net income per share attributable to H. J. Heinz Company common shareholders—diluted
  $ 0.70     $ 0.75  
                 
Average common shares outstanding—diluted
    324,246       321,009  
                 
Net income per share attributable to H. J. Heinz Company common shareholders—basic
  $ 0.70     $ 0.76  
                 
Average common shares outstanding—basic
    321,411       318,060  
                 
Cash dividends per share
  $ 0.48     $ 0.45  
                 
 
See Notes to Condensed Consolidated Financial Statements.          
 


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H. J. HEINZ COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 
                 
    July 27, 2011
    April 27, 2011*
 
    FY 2012     FY 2011  
    (Unaudited)        
    (In thousands)  
 
Assets
               
Current Assets:
               
Cash and cash equivalents
  $ 677,728     $ 724,311  
Trade receivables, net
    896,422       1,039,064  
Other receivables, net
    215,201       225,968  
Inventories:
               
Finished goods and work-in-process
    1,211,142       1,165,069  
Packaging material and ingredients
    285,123       286,477  
                 
Total inventories
    1,496,265       1,451,546  
                 
Prepaid expenses
    204,663       159,521  
Other current assets
    137,094       153,132  
                 
Total current assets
    3,627,373       3,753,542  
                 
                 
Property, plant and equipment
    5,242,036       5,224,715  
Less accumulated depreciation
    2,761,385       2,719,632  
                 
Total property, plant and equipment, net
    2,480,651       2,505,083  
                 
                 
Goodwill
    3,289,920       3,298,441  
Trademarks, net
    1,148,261       1,156,221  
Other intangibles, net
    434,976       442,563  
Other non-current assets
    1,102,321       1,074,795  
                 
Total other non-current assets
    5,975,478       5,972,020  
                 
                 
Total assets
  $ 12,083,502     $ 12,230,645  
                 
 
 
* The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America.
 
See Notes to Condensed Consolidated Financial Statements.          
 


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H. J. HEINZ COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
                 
    July 27, 2011
    April 27, 2011*
 
    FY 2012     FY 2011  
    (Unaudited)        
    (In thousands)  
 
Liabilities and Equity
               
Current Liabilities:
               
Short-term debt
  $ 95,756     $ 87,800  
Portion of long-term debt due within one year
    640,713       1,447,132  
Trade payables
    1,176,652       1,337,620  
Other payables
    174,906       162,047  
Accrued marketing
    309,082       313,389  
Other accrued liabilities
    602,289       715,147  
Income taxes
    96,271       98,325  
                 
Total current liabilities
    3,095,669       4,161,460  
                 
Long-term debt
    3,940,821       3,078,128  
Deferred income taxes
    914,302       897,179  
Non-pension postretirement benefits
    219,368       216,172  
Other non-current liabilities
    563,774       570,571  
                 
Total long-term liabilities
    5,638,265       4,762,050  
                 
Redeemable noncontrolling interest
    126,677       124,669  
Equity:
               
Capital stock
    107,835       107,843  
Additional capital
    622,749       629,367  
Retained earnings
    7,335,185       7,264,678  
                 
      8,065,769       8,001,888  
Less:
               
Treasury stock at cost (110,052 shares at July 27, 2011 and 109,818 shares at April 27, 2011)
    4,615,825       4,593,362  
Accumulated other comprehensive loss
    309,402       299,564  
                 
Total H. J. Heinz Company shareholders’ equity
    3,140,542       3,108,962  
Noncontrolling interest
    82,349       73,504  
                 
Total equity
    3,222,891       3,182,466  
                 
Total liabilities and equity
  $ 12,083,502     $ 12,230,645  
                 
 
 
* The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America.
 
See Notes to Condensed Consolidated Financial Statements.          
 


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H. J. HEINZ COMPANY AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
                 
    First Quarter Ended  
    July 27, 2011
    July 28, 2010
 
    FY 2012     FY 2011  
    (Unaudited)  
    (Thousands of Dollars)  
 
Cash Flows from Operating Activities:
               
Net income
  $ 234,959     $ 248,595  
Adjustments to reconcile net income to cash provided by operating activities:
               
Depreciation
    72,900       58,715  
Amortization
    11,104       10,604  
Deferred tax provision
    3,483       37,751  
Pension contributions
    (3,351 )     (6,616 )
Other items, net
    43,086       (7,380 )
Changes in current assets and liabilities, excluding effects of acquisitions and divestitures:
               
Receivables (includes proceeds from securitization)
    108,771       71,750  
Inventories
    (39,593 )     5,769  
Prepaid expenses and other current assets
    (37,365 )     (29,277 )
Accounts payable
    (147,755 )     (47,792 )
Accrued liabilities
    (101,238 )     (143,130 )
Income taxes
    19,789       73,417  
                 
Cash provided by operating activities
    164,790       272,406  
                 
Cash Flows from Investing Activities:
               
Capital expenditures
    (74,270 )     (55,625 )
Proceeds from disposals of property, plant and equipment
    6,592       205  
Other items, net
    (4,461 )     1,932  
                 
Cash used for investing activities
    (72,139 )     (53,488 )
                 
Cash Flows from Financing Activities:
               
Payments on long-term debt
    (806,282 )     (7,726 )
Proceeds from long-term debt
    610,349       9,457  
Net proceeds/(payments) on commercial paper and short-term debt
    259,904       (90,514 )
Dividends
    (155,081 )     (143,726 )
Exercise of stock options
    43,913       19,434  
Purchase of treasury stock
    (86,740 )      
Other items, net
    13,248       15,068  
                 
Cash used for financing activities
    (120,689 )     (198,007 )
                 
Effect of exchange rate changes on cash and cash equivalents
    (18,545 )     (9,655 )
                 
Net (decrease)/increase in cash and cash equivalents
    (46,583 )     11,256  
Cash and cash equivalents at beginning of year
    724,311       483,253  
                 
Cash and cash equivalents at end of period
  $ 677,728     $ 494,509  
                 
 
See Notes to Condensed Consolidated Financial Statements.          
 


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H. J. HEINZ COMPANY AND SUBSIDIARIES
 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
(1)   Basis of Presentation
 
The interim condensed consolidated financial statements of H. J. Heinz Company, together with its subsidiaries (collectively referred to as the “Company”), are unaudited. In the opinion of management, all adjustments, which are of a normal and recurring nature, except those which have been disclosed elsewhere in this Quarterly Report on Form 10-Q, necessary for a fair statement of the results of operations of these interim periods, have been included. The results for interim periods are not necessarily indicative of the results to be expected for the full fiscal year due to the seasonal nature of the Company’s business. These statements should be read in conjunction with the Company’s consolidated financial statements and related notes, and management’s discussion and analysis of financial condition and results of operations which appear in the Company’s Annual Report on Form 10-K for the year ended April 27, 2011.
 
(2)   Recently Issued Accounting Standards
 
In June 2011, the Financial Accounting Standards Board (“FASB”) issued an amendment on the presentation of comprehensive income. This amendment is intended to improve comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. This amendment eliminates the current option to report other comprehensive income and its components in the statement of changes in equity. Under this amendment, an entity can elect to present items of net income and other comprehensive income in one continuous statement or in two separate, but consecutive, statements. The statement(s) would need to be presented with equal prominence as the other primary financial statements. While the options for presenting other comprehensive income change under this amendment, many items will not change, including: the items that constitute net income and other comprehensive income; when an item of other comprehensive income must be reclassified to net income; and the earnings-per-share computation. The Company is required to adopt this amendment retrospectively on the first day of Fiscal 2013. This adoption will only impact the presentation of the Company’s financial statements, not the financial results.
 
In May 2011, the FASB issued an amendment to revise the wording used to describe the requirements for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the FASB does not intend for the amendments to result in a change in the application of the current requirements. Some of the amendments clarify the FASB’s intent about the application of existing fair value measurement requirements, such as specifying that the concepts of highest and best use and valuation premise in a fair value measurement are relevant only when measuring the fair value of nonfinancial assets. Other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements such as specifying that, in the absence of a Level 1 input (refer to Note 14 for additional information), a reporting entity should apply premiums or discounts when market participants would do so when pricing the asset or liability. The Company is required to adopt this amendment on the first day of the fourth quarter of Fiscal 2012 and this adoption is not expected to have an impact on the Company’s financial statements.
 
In December 2010, the FASB issued an amendment to the disclosure requirements for Business Combinations. This amendment clarifies that if a public entity is required to disclose pro forma information for business combinations, the entity should disclose such pro forma information as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. This amendment also expands the supplemental pro forma disclosures for business combinations to include a description of the


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nature and amount of material nonrecurring pro forma adjustments directly attributable to the business combination included in reported pro forma revenue and earnings. The Company adopted this amendment on the first day of Fiscal 2012 and will apply such amendment for any business combinations that are material on an individual or aggregate basis if and when they occur.
 
In December 2010, the FASB issued an amendment to the accounting requirements for Goodwill and Other Intangibles. This amendment modifies Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. In determining whether it is more likely than not that a goodwill impairment exists, an entity should consider whether there are any adverse qualitative factors indicating that impairment may exist. The Company adopted this amendment on the first day of Fiscal 2012. This adoption did not have an impact on the Company’s financial statements.
 
(3)   Productivity Initiatives
 
In order to accelerate growth and offset the impact of escalating commodity costs, the Company announced on May 26, 2011 that it will invest in productivity initiatives during Fiscal 2012 designed to increase manufacturing effectiveness and efficiency as well as accelerate productivity on a global scale. These initiatives, as well as other initiatives currently being evaluated, include:
 
  •  The establishment of a European supply chain hub in the Netherlands in order to consolidate and centrally lead procurement, manufacturing, logistics and inventory control,
 
  •  The exit of at least five factories, including two in Europe, two in the U.S. and one in the Pacific in order to enhance manufacturing effectiveness and efficiency, and
 
  •  A reduction of the global workforce by approximately 800 to 1,000 positions.
 
The Company anticipates investing at least $130 million of cash and $160 million of pre-tax income ($0.35 per share) on these initiatives during Fiscal 2012.
 
During the first quarter of Fiscal 2012, the Company recorded costs of $40.5 million pre-tax ($28.4 million after-tax or $0.09 per share), all of which were reported in the Non-operating segment, related to these productivity initiatives. These costs were comprised of the following:
 
  •  $16.8 million pre-tax relating to asset write-offs for the closure of four factories, including two in Europe, one in the U.S. and one in the Pacific,
 
  •  $14.9 million pre-tax for severance and employee benefit costs relating to the reduction of the global workforce by approximately 160 positions, and
 
  •  $8.8 million pre-tax costs associated with other implementation costs, primarily for professional fees and relocation costs for the establishment of the European supply chain hub.
 
Of the $40.5 million total pre-tax charges, $31.4 million was recorded in cost of products sold and $9.1 million in selling, general and administrative expenses (“SG&A”). Cash paid for productivity initiatives in the first quarter of Fiscal 2012 was $10.9 million. The amount included in other accrued liabilities related to these initiatives totaled $11.1 million at July 27, 2011, most of which is expected to be paid in the third quarter of Fiscal 2012.


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(4)   Goodwill and Other Intangible Assets
 
Changes in the carrying amount of goodwill for the first quarter ended July 27, 2011, by reportable segment, are as follows:
 
                                                 
    North
                               
    American
                               
    Consumer
                U.S.
    Rest of
       
    Products     Europe     Asia/Pacific     Foodservice     World     Total  
    (Thousands of Dollars)  
 
Balance at April 28, 2010
  $ 1,102,891     $ 1,106,744     $ 289,425     $ 257,674     $ 14,184     $ 2,770,918  
Acquisitions
                77,345             300,227       377,572  
Purchase accounting adjustments
          (278 )     (10,688 )                 (10,966 )
Translation adjustments
    8,846       114,774       35,998             1,299       160,917  
                                                 
Balance at April 27, 2011
    1,111,737       1,221,240       392,080       257,674       315,710       3,298,441  
Purchase accounting adjustments
                            1,980       1,980  
Translation adjustments
    (16 )     (27,061 )     13,669             2,907       (10,501 )
                                                 
Balance at July 27, 2011
  $ 1,111,721     $ 1,194,179     $ 405,749     $ 257,674     $ 320,597     $ 3,289,920  
                                                 
 
During the fourth quarter of Fiscal 2011, the Company acquired Coniexpress S.A. Industrias Alimenticias (“Coniexpress”) in Brazil and recorded a preliminary purchase price allocation which is expected to be finalized upon third party valuation procedures. Total goodwill accumulated impairment losses for the Company were $84.7 million consisting of $54.5 million for Europe, $2.7 million for Asia/Pacific, $27.4 million for Rest of World as of April 28, 2010, April 27, 2011 and July 27, 2011.
 
Trademarks and other intangible assets at July 27, 2011 and April 27, 2011, subject to amortization expense, are as follows:
 
                                                 
    July 27, 2011     April 27, 2011  
          Accum
                Accum
       
    Gross     Amort     Net     Gross     Amort     Net  
    (Thousands of Dollars)  
 
Trademarks
  $ 293,836     $ (84,453 )   $ 209,383     $ 297,020     $ (83,343 )   $ 213,677  
Licenses
    208,186       (159,657 )     48,529       208,186       (158,228 )     49,958  
Recipes/processes
    90,553       (33,056 )     57,497       90,553       (31,988 )     58,565  
Customer related assets
    224,771       (61,268 )     163,503       224,173       (57,555 )     166,618  
Other
    52,233       (27,933 )     24,300       79,045       (54,833 )     24,212  
                                                 
    $ 869,579     $ (366,367 )   $ 503,212     $ 898,977     $ (385,947 )   $ 513,030  
                                                 
 
Amortization expense for trademarks and other intangible assets was $8.0 million and $7.1 million for the quarters ended July 27, 2011 and July 28, 2010, respectively. Based upon the amortizable intangible assets recorded on the balance sheet as of July 27, 2011, annual amortization expense for each of the next five fiscal years is estimated to be approximately $32 million.
 
Intangible assets not subject to amortization at July 27, 2011 totaled $1,080.0 million and consisted of $938.9 million of trademarks, $120.6 million of recipes/processes, and $20.5 million of licenses. Intangible assets not subject to amortization at April 27, 2011, totaled $1,085.7 million and consisted of $942.5 million of trademarks, $122.5 million of recipes/processes, and $20.7 million of licenses.


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(5)   Income Taxes
 
The total amount of gross unrecognized tax benefits for uncertain tax positions, including positions impacting only the timing of tax benefits, was $66.3 million and $70.7 million, on July 27, 2011 and April 27, 2011, respectively. The amounts of unrecognized tax benefits that, if recognized, would impact the effective tax rate were $53.5 million and $56.5 million, on July 27, 2011 and April 27, 2011, respectively. It is reasonably possible that the amount of unrecognized tax benefits will decrease by as much as $17.8 million in the next 12 months due to the expiration of statutes of limitations in various foreign jurisdictions along with the progression of federal, state, and foreign audits in process.
 
The Company classifies interest and penalties on tax uncertainties as a component of the provision for income taxes. The total amounts of interest and penalties accrued at July 27, 2011 were $28.4 million and $20.6 million, respectively. The corresponding amounts of accrued interest and penalties at April 27, 2011 were $27.3 million and $21.1 million, respectively.
 
The provision for income taxes consists of provisions for federal, state and foreign income taxes. The Company operates in an international environment with significant operations in various locations outside the U.S. Accordingly, the consolidated income tax rate is a composite rate reflecting the earnings in various locations and the applicable tax rates. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Australia, Canada, Italy, the United Kingdom and the United States. The Company has substantially concluded all national income tax matters for years through Fiscal 2009 for the U.S., through Fiscal 2008 for the United Kingdom, through Fiscal 2007 for Italy, and through Fiscal 2006 for Australia and Canada.
 
The effective tax rate for the current quarter was 23.2% compared to 25.3% last year. The decrease in the effective tax rate is primarily the result of a statutory tax rate reduction in the United Kingdom that was enacted during the first quarter of Fiscal 2012.
 
(6)   Employees’ Stock Incentive Plans and Management Incentive Plans
 
At July 27, 2011, the Company had outstanding stock option awards, restricted stock units and restricted stock awards issued pursuant to various shareholder-approved plans and a shareholder-authorized employee stock purchase plan, as described on pages 62 to 67 of the Company’s Annual Report on Form 10-K for the fiscal year ended April 27, 2011. The compensation cost related to these plans recognized in SG&A and the related tax benefit were $6.0 million and $1.7 million for the first quarter ended July 27, 2011, and $5.2 million and $1.6 million for the first quarter ended July 28, 2010, respectively.
 
In the first quarter of Fiscal 2012, the Company granted performance awards as permitted in the Fiscal Year 2003 Stock Incentive Plan, subject to the achievement of certain performance goals. These performance awards are tied to the Company’s relative Total Shareholder Return (“Relative TSR”) Ranking within the defined Long-term Performance Program (“LTPP”) peer group and the 2-year average after-tax Return on Invested Capital (“ROIC”) metrics. The Relative TSR metric is based on the two-year cumulative return to shareholders from the change in stock price and dividends paid between the starting and ending dates. The starting value was based on the average of each LTPP peer group company stock price for the 60 trading days prior to and including April 27, 2011. The ending value will be based on the average stock price for the 60 trading days prior to and including the close of the Fiscal 2013 year end, plus dividends paid over the 2 year performance period. The compensation cost related to LTPP awards recognized in SG&A was $5.6 million, with the related tax benefit of $1.9 million for the first quarter ended July 27, 2011. The compensation cost related to LTPP awards recognized in SG&A was $2.8 million, with the related tax benefit of $0.9 million for the first quarter ended July 28, 2010.


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(7)   Pensions and Other Postretirement Benefits
 
The components of net periodic benefit cost are as follows:
 
                                 
    First Quarter Ended  
    July 27, 2011     July 28, 2010     July 27, 2011     July 28, 2010  
    Pension Benefits     Other Retiree Benefits  
    (Thousands of Dollars)  
 
Service cost
  $ 8,611     $ 7,737     $ 1,508     $ 1,561  
Interest cost
    35,547       34,279       2,887       3,154  
Expected return on plan assets
    (59,781 )     (55,292 )            
Amortization of prior service cost/(credit)
    498       591       (1,530 )     (1,290 )
Amortization of unrecognized loss
    21,229       18,968       273       401  
                                 
Net periodic benefit cost
  $ 6,104     $ 6,283     $ 3,138     $ 3,826  
                                 
 
The amounts recognized for pension benefits as other non-current assets on the Condensed Consolidated Balance Sheets were $654.9 million as of July 27, 2011 and $644.6 million as of April 27, 2011.
 
During the first quarter of Fiscal 2012, the Company contributed $3 million to these defined benefit plans. The Company expects to make combined cash contributions of less than $40 million in Fiscal 2012; however, actual contributions may be affected by pension asset and liability valuations during the year.
 
(8)   Segments
 
The Company’s segments are primarily organized by geographic area. The composition of segments and measure of segment profitability are consistent with that used by the Company’s management.
 
Descriptions of the Company’s reportable segments are as follows:
 
North American Consumer Products—This segment primarily manufactures, markets and sells ketchup, condiments, sauces, pasta meals, and frozen potatoes, entrees, snacks, and appetizers to the grocery channels in the United States of America and includes our Canadian business.
 
Europe—This segment includes the Company’s operations in Europe and sells products in all of the Company’s categories.
 
Asia/Pacific—This segment includes the Company’s operations in Australia, New Zealand, India, Japan, China, South Korea, Indonesia, Vietnam and Singapore. This segment’s operations include products in all of the Company’s categories.
 
U.S. Foodservice—This segment primarily manufactures, markets and sells branded and customized products to commercial and non-commercial food outlets and distributors in the United States of America including ketchup, condiments, sauces, frozen soups and desserts.
 
Rest of World—This segment includes the Company’s operations in Africa, Latin America, and the Middle East that sell products in all of the Company’s categories.
 
The Company’s management evaluates performance based on several factors including net sales, operating income and the use of capital resources. Inter-segment revenues, items below the operating income line of the consolidated statements of income, and certain costs associated with the corporation-wide productivity initiatives (see Note 3) are not presented by segment, since they are not reflected in the measure of segment profitability reviewed by the Company’s management.


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The following table presents information about the Company’s reportable segments:
 
                 
    First Quarter Ended  
    July 27, 2011
    July 28, 2010
 
    FY 2012     FY 2011  
    (Thousands of Dollars)  
 
Net external sales:
               
North American Consumer Products
  $ 774,621     $ 761,812  
Europe
    837,832       713,323  
Asia/Pacific
    670,766       558,180  
U.S. Foodservice
    324,950       328,534  
Rest of World
    241,412       118,976  
                 
Consolidated Totals
  $ 2,849,581     $ 2,480,825  
                 
Operating income (loss):
               
North American Consumer Products
  $ 190,778     $ 191,080  
Europe
    137,439       115,036  
Asia/Pacific
    61,245       71,702  
U.S. Foodservice
    31,556       39,489  
Rest of World
    32,296       15,920  
Other:
               
Non-Operating(a)
    (43,240 )     (27,512 )
Productivity initiatives(b)
    (40,511 )      
                 
Consolidated Totals
  $ 369,563     $ 405,715  
                 
 
 
  (a)  Includes corporate overhead, intercompany eliminations and charges not directly attributable to operating segments.
 
  (b)  See Note 3 for further details.
 
The Company’s revenues are generated via the sale of products in the following categories:
 
                 
    First Quarter Ended  
    July 27, 2011
    July 28, 2010
 
    FY 2012     FY 2011  
    (Thousands of Dollars)  
 
Ketchup and Sauces
  $ 1,310,480     $ 1,092,196  
Meals and Snacks
    1,008,396       917,824  
Infant/Nutrition
    322,114       280,775  
Other
    208,591       190,030  
                 
Total
  $ 2,849,581     $ 2,480,825  
                 


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(9)   Income Per Common Share
 
The following are reconciliations of income to income applicable to common stock and the number of common shares outstanding used to calculate basic EPS to those shares used to calculate diluted EPS:
 
                 
    First Quarter Ended  
    July 27, 2011
    July 28, 2010
 
    FY 2012     FY 2011  
    (In thousands)  
 
Income attributable to H. J. Heinz Company
  $ 226,114     $ 240,427  
Allocation to participating securities(a)
    360       186  
Preferred dividends
    3       3  
                 
Income applicable to common stock
  $ 225,751     $ 240,238  
                 
Average common shares outstanding—basic
    321,411       318,060  
Effect of dilutive securities:
               
Convertible preferred stock
    101       104  
Stock options, restricted stock and the global stock purchase plan
    2,734       2,845  
                 
Average common shares outstanding—diluted
    324,246       321,009  
                 
 
 
(a) Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).
 
Diluted earnings per share is based upon the average shares of common stock and dilutive common stock equivalents outstanding during the periods presented. Common stock equivalents arising from dilutive stock options, restricted common stock units, and the global stock purchase plan are computed using the treasury stock method.
 
Options to purchase an aggregate of 0.2 million and 2.9 million shares of common stock for the first quarters ended July 27, 2011 and July 28, 2010, respectively, were not included in the computation of diluted earnings per share because inclusion of these options would be anti-dilutive. These options expire at various points in time through 2018.
 
(10)   Comprehensive Income
 
The following table provides a summary of comprehensive income attributable to H. J. Heinz Company:
 
                 
    First Quarter Ended  
    July 27, 2011
    July 28, 2010
 
    FY 2012     FY 2011  
    (Thousands of Dollars)  
 
Net income
  $ 234,959     $ 248,595  
Other comprehensive income/(loss):
               
Foreign currency translation adjustments
    (25,745 )     (26,055 )
Reclassification of net pension and postretirement benefit losses to net income
    13,920       13,207  
Net deferred gains on derivatives from periodic revaluations
    15,737       4,039  
Net deferred gains on derivatives reclassified to earnings
    (11,742 )     (2,473 )
                 
Total comprehensive income
    227,129       237,313  
                 
Comprehensive income attributable to the noncontrolling interest
    (10,853 )     (8,672 )
                 
Comprehensive income attributable to H. J. Heinz Company
  $ 216,276     $ 228,641  
                 


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The following table summarizes the allocation of total comprehensive income between H. J. Heinz Company and the noncontrolling interest for the first quarter ended July 27, 2011:
 
                         
    H. J. Heinz
    Noncontrolling
       
    Company     Interest     Total  
    (Thousands of Dollars)  
 
Net income
  $ 226,114     $ 8,845     $ 234,959  
Other comprehensive income:
                       
Foreign currency translation adjustments
    (27,729 )     1,984       (25,745 )
Reclassification of net pension and postretirement benefit losses/(gains) to net income
    13,951       (31 )     13,920  
Net deferred gains/(losses) on derivatives from periodic revaluations
    15,776       (39 )     15,737  
Net deferred (gains)/losses on derivatives reclassified to earnings
    (11,836 )     94       (11,742 )
                         
Total comprehensive income
  $ 216,276     $ 10,853     $ 227,129  
                         
 
(11)   Changes in Equity
 
The following table provides a summary of the changes in the carrying amounts of total equity, H. J. Heinz Company shareholders’ equity and equity attributable to the noncontrolling interest:
 
                                                         
          H. J. Heinz Company        
          Capital
    Additional
    Retained
    Treasury
    Accum
    Noncontrolling
 
    Total     Stock     Capital     Earnings     Stock     OCI     Interest  
    (Thousands of Dollars)  
 
Balance as of April 27, 2011
  $ 3,182,466     $ 107,843     $ 629,367     $ 7,264,678     $ (4,593,362 )   $ (299,564 )   $ 73,504  
Comprehensive income(1)
    225,121                   226,114             (9,838 )     8,845  
Dividends paid to shareholders of H. J. Heinz Company
    (155,081 )                 (155,081 )                  
Stock options exercised, net of shares tendered for payment
    50,720             (11,564 )           62,284              
Stock option expense
    1,561             1,561                          
Restricted stock unit activity
    4,817             3,941             876              
Conversion of preferred into common stock
          (8 )     (539 )           547              
Shares reacquired
    (86,740 )                       (86,740 )            
Other
    27             (17 )     (526 )     570              
                                                         
Balance as of July 27, 2011
  $ 3,222,891     $ 107,835     $ 622,749     $ 7,335,185     $ (4,615,825 )   $ (309,402 )   $ 82,349  
                                                         
 
 
(1) The allocation of the individual components of comprehensive income attributable to H. J. Heinz Company and the noncontrolling interest is disclosed in Note 10.
 
(12)   Debt
 
During the first quarter of Fiscal 2012, the Company modified its $1.2 billion credit agreement to increase the available borrowings under the facility to $1.5 billion as well as to extend its maturity date from April 2012 to June 2016. This credit agreement supports the Company’s


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commercial paper borrowings. As a result, the commercial paper borrowings are classified as long-term debt based upon the Company’s intent and ability to refinance these borrowings on a long-term basis.
 
During the first quarter of Fiscal 2012, the Company issued $500 million of private placement notes at an average interest rate of 3.48% with maturities of three, five, seven and ten years. Additionally, during the first quarter of Fiscal 2012, the Company issued $100 million of private placement notes at an average interest rate of 3.38% with maturities of five and seven years. These proceeds were used to pay off the Company’s $750 million 6.625% U.S. Dollar Notes, which matured on July 15, 2011.
 
Certain of the Company’s debt agreements contain customary covenants, including a leverage ratio covenant. The Company was in compliance with all of its debt covenants as of July 27, 2011.
 
(13)   Financing Arrangements
 
In Fiscal 2010, the Company entered into a three-year $175 million accounts receivable securitization program. For the sale of receivables under the program, the Company receives initial cash funding and a deferred purchase price. The initial cash funding was $118.7 million and $116.2 million during the first quarters ended July 27, 2011 and July 28, 2010, respectively, resulting in an increase in cash for sales under this program for the first quarters ended July 27, 2011 and July 28, 2010 of $89.7 million and $32.0 million, respectively. The fair value of the deferred purchase price was $56.2 million and $173.9 million as of July 27, 2011 and April 27, 2011, respectively. The increase in cash proceeds related to the deferred purchase price was $117.7 million and $51.5 million for the first quarters ended July 27, 2011 and July 28, 2010, respectively. This deferred purchase price is included as a trade receivable on the consolidated balance sheets and has a carrying value which approximates fair value as of July 27, 2011 and April 27, 2011, due to the nature of the short-term underlying financial assets.
 
In addition, the Company acted as servicer for approximately $168 million and $146 million of trade receivables which were sold to unrelated third parties without recourse as of July 27, 2011 and April 27, 2011, respectively. These trade receivables are short-term in nature. The proceeds from these sales are also recognized on the statements of cash flows as a component of operating activities.
 
The Company has not recorded any servicing assets or liabilities as of July 27, 2011 or April 27, 2011 for the arrangements discussed above because the fair value of these servicing agreements as well as the fees earned were not material to the financial statements.
 
(14)   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.


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As of July 27, 2011 and April 27, 2011, the fair values of the Company’s assets and liabilities measured on a recurring basis are categorized as follows:
 
                                                                 
    July 27, 2011     April 27, 2011  
    Level 1     Level 2     Level 3     Total     Level 1     Level 2     Level 3     Total  
    (Thousands of Dollars)  
 
Assets:
                                                               
Derivatives(a)
  $     $ 103,327     $     $ 103,327     $     $ 115,705     $     $ 115,705  
Short-term investments(b)
  $ 57,165     $     $     $ 57,165     $ 60,125     $     $     $ 60,125  
                                                                 
Total assets at fair value
  $ 57,165     $ 103,327     $     $ 160,492     $ 60,125     $ 115,705     $     $ 175,830  
                                                                 
Liabilities:
                                                               
Derivatives(a)
  $     $ 43,318     $     $ 43,318     $     $ 43,007     $     $ 43,007  
Earn-out(c)
  $     $     $ 45,714     $ 45,714     $     $     $ 45,325     $ 45,325  
                                                                 
Total liabilities at fair value
  $     $ 43,318     $ 45,714     $ 89,032     $     $ 43,007     $ 45,325     $ 88,332  
                                                                 
 
 
  (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.
  (b)  The Company acquired Coniexpress in Brazil in Fiscal 2011. The acquisition included short-term investments that are valued based on observable market rates and classified within Level 1 of the fair value hierarchy.
  (c)  The Company acquired Foodstar Holding Pte (“Foodstar”) in China in Fiscal 2011. Consideration for this acquisition included a potential earn-out payment in Fiscal 2014 contingent upon certain net sales and EBITDA (earnings before interest, taxes, depreciation and amortization) targets during Fiscals 2013 and 2014. The fair value of the earn-out was estimated using a discounted cash flow model and is based on significant inputs not observed in the market and thus represents a Level 3 measurement. Key assumptions in determining the fair value of the earn-out include the discount rate and revenue and EBITDA projections for Fiscals 2013 and 2014. As of July 27, 2011 there were no significant changes to the fair value of the earn-out recorded for Foodstar at the acquisition date. A change in fair value of the earn-out could have a material impact on the Company’s earnings.
 
There have been no transfers between Levels 1 and 2 in Fiscals 2012 and 2011.
 
The Company recognized $16.8 million of non-cash asset write-offs during the first quarter of Fiscal 2012 related to four factory closures including two in Europe, one in the U.S. and one in the Pacific. These factory closures are directly linked to the Company’s Fiscal 2012 productivity initiatives. See Note 3. These charges reduced the Company’s carrying value in the assets to estimated fair value, which is not material.
 
As of July 27, 2011 and April 27, 2011, the aggregate fair value of the Company’s debt obligations, based on market quotes, approximated the recorded value, with the exception of the 7.125% notes issued as part of the dealer remarketable securities exchange transaction. The book value of these notes has been reduced as a result of the cash payments made in connection with the exchange, which occurred in Fiscal 2010.


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(15)   Derivative Financial Instruments and Hedging Activities
 
The Company operates internationally, with manufacturing and sales facilities in various locations around the world, and utilizes certain derivative financial instruments to manage its foreign currency, debt and interest rate exposures. At July 27, 2011, the Company had outstanding currency exchange, interest rate, and cross-currency interest rate derivative contracts with notional amounts of $1.90 billion, $760 million and $398 million, respectively. At April 27, 2011, the Company had outstanding currency exchange, interest rate, and cross-currency interest rate derivative contracts with notional amounts of $1.86 billion, $1.51 billion and $377 million, respectively.
 
The following table presents the fair values and corresponding balance sheet captions of the Company’s derivative instruments as of July 27, 2011 and April 27, 2011:
 
                                                 
    July 27, 2011     April 27, 2011  
                Cross-
                Cross-
 
                Currency
                Currency
 
    Foreign
    Interest
    Interest Rate
    Foreign
    Interest
    Interest Rate
 
    Exchange
    Rate
    Swap
    Exchange
    Rate
    Swap
 
    Contracts     Contracts     Contracts     Contracts     Contracts     Contracts  
    (Dollars in Thousands)  
 
Assets:
                                               
Derivatives designated as hedging instruments:
                                               
Other receivables, net
  $ 15,354     $ 22,769     $     $ 28,139     $ 38,703     $  
Other non-current assets
    9,274       19,534       34,380       7,913       16,723       14,898  
                                                 
      24,628       42,303       34,380       36,052       55,426       14,898  
                                                 
Derivatives not designated as hedging instruments:
                                               
Other receivables, net
    2,016                   9,329              
Other non-current assets
                                   
                                                 
      2,016                   9,329              
                                                 
Total assets
  $ 26,644     $ 42,303     $ 34,380     $ 45,381     $ 55,426     $ 14,898  
                                                 
Liabilities:
                                               
Derivatives designated as hedging instruments:
                                               
Other payables
  $ 23,946     $     $ 5,778     $ 27,804     $     $ 6,125  
Other non-current liabilities
    6,990                   8,054              
                                                 
      30,936             5,778       35,858             6,125  
                                                 
Derivatives not designated as hedging instruments:
                                               
Other payables
    6,604                   1,024              
Other non-current liabilities
                                   
                                                 
      6,604                   1,024              
                                                 
Total liabilities
  $ 37,540     $     $ 5,778     $ 36,882     $     $ 6,125  
                                                 
 
Refer to Note 14 for further information on how fair value is determined for the Company’s derivatives.


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The following table presents the pre-tax effect of derivative instruments on the statement of income for the first quarter ended July 27, 2011:
 
                         
    First Quarter Ended  
    July 27, 2011  
                Cross-Currency
 
    Foreign Exchange
    Interest Rate
    Interest Rate
 
    Contracts     Contracts     Swap Contracts  
    (Dollars in Thousands)  
 
Cash flow hedges:
                       
Net gains recognized in other comprehensive loss (effective portion)
  $ 7,386     $     $ 18,329  
                         
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):
                       
Sales
  $ 2,104     $     $  
Cost of products sold
    (5,588 )            
Selling, general and administrative expenses
    123              
Other income, net
    5,150             20,264  
Interest income/(expense)
    107             (1,506 )
                         
      1,896             18,758  
                         
Fair value hedges:
                       
Net losses recognized in other expense, net
          (13,123 )      
Derivatives not designated as hedging instruments:
                       
Net losses recognized in other expense, net
    (8,863 )            
                         
Total amount recognized in statement of income
  $ (6,967 )   $ (13,123 )   $ 18,758  
                         


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The following table presents the pre-tax effect of derivative instruments on the statement of income for the first quarter ended July 28, 2010:
 
                         
    First Quarter Ended  
    July 28, 2010  
                Cross-Currency
 
    Foreign Exchange
    Interest Rate
    Interest Rate
 
    Contracts     Contracts     Swap Contracts  
    (Dollars in Thousands)  
 
Cash flow hedges:
                       
Net (losses)/gains recognized in other comprehensive loss (effective portion)
  $ (3,167 )   $     $ 9,855  
                         
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):
                       
Sales
  $ 380     $     $  
Cost of products sold
    (3,793 )            
Selling, general and administrative expenses
    (97 )            
Other (expense)/income, net
    (3,642 )           12,000  
Interest expense
    (2 )           (891 )
                         
      (7,154 )           11,109  
                         
Fair value hedges:
                       
Net gains recognized in other income, net
          1,681        
Derivatives not designated as hedging instruments:
                       
Net losses recognized in other expense, net
    (5,285 )            
                         
Total amount recognized in statement of income
  $ (12,439 )   $ 1,681     $ 11,109  
                         
 
Foreign Currency Hedging:
 
The Company uses forward contracts and to a lesser extent, option contracts to mitigate its foreign currency exchange rate exposure due to forecasted purchases of raw materials and sales of finished goods, and future settlement of foreign currency denominated assets and liabilities. The Company’s principal foreign currency exposures include the Australian dollar, British pound sterling, Canadian dollar, euro, and the New Zealand dollar. Derivatives used to hedge forecasted transactions and specific cash flows associated with foreign currency denominated financial assets and liabilities that meet the criteria for hedge accounting are designated as cash flow hedges. Consequently, the effective portion of gains and losses is deferred as a component of accumulated other comprehensive loss and is recognized in earnings at the time the hedged item affects earnings, in the same line item as the underlying hedged item.
 
During the first quarter of Fiscal 2011, the Company early terminated certain foreign currency forward contracts, receiving cash proceeds of $11.6 million, and will release the gain in accumulated other comprehensive loss to earnings when the underlying transactions occur. The underlying transactions are scheduled to occur at various points in time through 2014.
 
Interest Rate Hedging:
 
The Company uses interest rate swaps to manage debt and interest rate exposures. The Company is exposed to interest rate volatility with regard to existing and future issuances of fixed and floating rate debt. Primary exposures include U.S. Treasury rates, London


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Interbank Offered Rates (LIBOR), and commercial paper rates in the United States. Derivatives used to hedge risk associated with changes in the fair value of certain fixed-rate debt obligations are primarily designated as fair value hedges. Consequently, changes in the fair value of these derivatives, along with changes in the fair value of the hedged debt obligations that are attributable to the hedged risk, are recognized in current period earnings.
 
The Company had outstanding cross-currency interest rate swaps with a total notional amount of $397.5 million and $377.3 million as of July 27, 2011 and April 27, 2011, respectively, which were designated as cash flow hedges of the future payments of loan principal and interest associated with certain foreign denominated variable rate debt obligations. These swaps are scheduled to mature in Fiscal 2013 and 2014.
 
Deferred Hedging Gains and Losses:
 
As of July 27, 2011, the Company is hedging forecasted transactions for periods not exceeding 3 years. During the next 12 months, the Company expects $5.1 million of net deferred losses reported in accumulated other comprehensive loss to be reclassified to earnings, assuming market rates remain constant through contract maturities. Hedge ineffectiveness related to cash flow hedges, which is reported in current period earnings as other income/(expense), net, was not significant for the first quarters ended July 27, 2011 and July 28, 2010. Amounts reclassified to earnings because the hedged transaction was no longer expected to occur were not significant for the first quarters ended July 27, 2011 and July 28, 2010.
 
Other Activities:
 
The Company enters into certain derivative contracts in accordance with its risk management strategy that do not meet the criteria for hedge accounting but which have the economic impact of largely mitigating foreign currency or interest rate exposures. The Company maintained foreign currency forward contracts with a total notional amount of $376.6 million and $309.9 million that did not meet the criteria for hedge accounting as of July 27, 2011 and April 27, 2011, respectively. These forward contracts are accounted for on a full mark-to-market basis through current earnings, with gains and losses recorded as a component of Other income/(expense), net. Net unrealized (losses)/gains related to outstanding contracts totaled $(4.6) million and $8.3 million as of July 27, 2011 and April 27, 2011, respectively. These contracts are scheduled to mature within one year.
 
Concentration of Credit Risk:
 
Counterparties to currency exchange and interest rate derivatives consist of major international financial institutions. The Company continually monitors its positions and the credit ratings of the counterparties involved and, by policy, limits the amount of credit exposure to any one party. While the Company may be exposed to potential losses due to the credit risk of non-performance by these counterparties, losses are not anticipated. The Company closely monitors the credit risk associated with its counterparties and customers and to date has not experienced material losses.
 
(16)   Venezuela- Foreign Currency and Inflation
 
The Company applies highly inflationary accounting to its business in Venezuela. Under highly inflationary accounting, the financial statements of our Venezuelan subsidiary are remeasured into the Company’s reporting currency (U.S. dollars) and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than accumulated other comprehensive loss on the balance sheet, until such time as the economy is no longer considered highly inflationary. The impact of applying highly inflationary accounting for Venezuela on our consolidated financial statements is dependent upon movements in the official


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exchange rate between the Venezuelan bolivar fuerte and the U.S. dollar and the amount of monetary assets and liabilities included in our subsidiary’s balance sheet. At July 27, 2011, the U.S. dollar value of monetary assets, net of monetary liabilities, which would be subject to an earnings impact from exchange rate movements for our Venezuelan subsidiary under highly inflationary accounting was $72.4 million.
 
(17)   Redeemable Noncontrolling Interest
 
The minority partner in Coniexpress has the right, at any time, to exercise a put option to require the Company to purchase his 20% equity interest at a redemption value determinable from a specified formula based on a multiple of EBITDA (subject to a fixed minimum linked to the original acquisition date value). The Company also has a call right on this noncontrolling interest exercisable at any time and subject to the same redemption price. The put and call options cannot be separated from the noncontrolling interest and the combination of a noncontrolling interest and the redemption feature require classification of the minority partner’s interest as a redeemable noncontrolling interest in the condensed consolidated balance sheet. The carrying amount of the redeemable noncontrolling interest approximates its maximum redemption value. Any subsequent change in maximum redemption value would be adjusted through retained earnings. We do not currently believe the exercise of the put option would materially impact our results of operations or financial condition.


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Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
Executive Overview
 
The Company’s Fiscal 2012 first quarter results reflect strong sales growth, up 14.9%. The emerging markets led the sales growth with combined volume and pricing gains of 13% and represented 23% of total Company sales reflecting our Fiscal 2011 acquisitions of Foodstar in China and Coniexpress in Brazil. Our top 15 brands performed well, with combined volume and pricing gains of 6.2% driven by the Heinz®, Classico®, TGI Friday’s®, Complan® and ABC® brands. The Master® and Quero® brands acquired in Fiscal 2011 are now part of our top 15 and drove an additional 4.6% sales increase. Favorable foreign exchange contributed 7.2% to the top-line. Overall, the Company’s organic sales growth reflects a 3.8% increase in net pricing, partially offset by a 0.7% volume decline.
 
On May 26, 2011, the Company announced that in order to accelerate growth and offset the impact of escalating commodity costs, it will invest in productivity initiatives in Fiscal 2012 that are expected to make the Company stronger and even more competitive (see “Productivity Initiatives” section below for further detail). During the first quarter of Fiscal 2012, the Company incurred charges of $41 million pre-tax or $0.09 per share related to these productivity initiatives.
 
Gross margin declined 200 basis points to 34.6% compared to the first quarter of prior year. Excluding charges for productivity initiatives(1), gross margin declined 90 basis points to 35.7% primarily reflecting net commodity cost inflation. Operating income decreased 8.9% to $370 million but excluding charges for productivity initiatives increased 1.1% versus prior year to $410 million despite a 15.2% increase in marketing and incremental investments in the Company’s important systems initiative, Project Keystone.
 
Diluted earnings per share were $0.70 for the first quarter, compared to $0.75 in the prior year. Excluding charges for productivity initiatives, earnings per share were $0.78 in the current year, which was favorably impacted by $0.05 per share from currency translation and translation hedges. The Company also generated $165 million of cash from operating activities in the first quarter of this year. Overall, the Company remains confident in its underlying business fundamentals and plans to continue executing the following strategies:
 
  •   Accelerate growth in emerging markets;
 
  •   Expand the core portfolio;
 
  •   Strengthen and leverage global scale; and
 
  •   Make talent an advantage.
 
(1) All results excluding charges for productivity initiatives are non-GAAP measures used for management reporting and incentive compensation purposes. See “Non-GAAP Measures” section below and the following reconciliation of all of these measures to the reported GAAP measure.
 
                                                 
    First Quarter Ended July 27, 2011  
                      Operating
             
    Sales     Gross Profit     SG&A     Income     Net Income     EPS  
    (Amounts in thousands, except per share amounts)  
 
Reported results
  $ 2,849,581     $ 985,493     $ 615,930     $ 369,563     $ 226,114     $ 0.70  
Charges for productivity initiatives
          31,390       9,121       40,511       28,448       0.09  
                                                 
Results excluding charges for productivity initiatives
  $ 2,849,581     $ 1,016,883     $ 606,809     $ 410,074     $ 254,562     $ 0.78  
                                                 
(Totals may not add due to rounding)
               


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Productivity Initiatives
 
In order to accelerate growth and offset the impact of escalating commodity costs, the Company announced on May 26, 2011 that it will invest in a series of productivity initiatives during Fiscal 2012 designed to increase manufacturing effectiveness and efficiency as well as accelerate productivity on a global scale. These initiatives, as well as other initiatives currently being evaluated, include:
 
  •   The establishment of a European supply chain hub in the Netherlands in order to consolidate and centrally lead procurement, manufacturing, logistics and inventory control,
 
  •   The exit of at least five factories, including two in Europe, two in the U.S. and one in the Pacific in order to enhance manufacturing effectiveness and efficiency, and
 
  •   A reduction of the global workforce by approximately 800 to 1,000 positions.
 
The Company anticipates investing at least $130 million of cash and $160 million of pre-tax income ($0.35 per share) on these initiatives during Fiscal 2012.
 
During the first quarter of Fiscal 2012, the Company recorded costs of $41 million pre-tax ($28 million after-tax or $0.09 per share), all of which were reported in the Non-operating segment, related to these productivity initiatives which was comprised of the following:
 
  •   $17 million pre-tax relating to asset write-offs for the closure of four factories, including two in Europe, one in the U.S. and one in the Pacific,
 
  •   $15 million pre-tax for severance and employee benefit costs relating to the reduction of the global workforce by approximately 160 positions, and
 
  •   $9 million pre-tax costs associated with other implementation costs, primarily for professional fees and relocation costs for the establishment of the European supply chain hub.
 
Of the $41 million of total pre-tax charges, $31 million was recorded in cost of products sold and $9 million in selling, general and administrative expenses (“SG&A”). The amount included in other accrued liabilities related to these initiatives totaled $11 million at July 27, 2011, most of which is expected to be paid in the third quarter of Fiscal 2012. See the “Liquidity and Financial Position” section below for anticipated savings and impact to the Company’s liquidity from these productivity initiatives.
 
THREE MONTHS ENDED JULY 27, 2011 AND JULY 28, 2010
 
Results of Operations
 
Sales for the three months ended July 27, 2011 increased $369 million, or 14.9%, to $2.85 billion. Net pricing increased sales by 3.8%, driven by price increases in emerging markets, particularly Latin America, as well as in the U.S. and U.K. Volume decreased 0.7%, as favorable volume in emerging markets, the U.K., Continental Europe, Canada and Japan were more than offset by declines in the U.S. and Australia. Emerging markets and the Company’s top 15 brands continued to be important growth drivers, with combined volume and pricing gains of 13% and 6.2%, respectively. Acquisitions increased sales by 4.6%. Foreign exchange translation rates increased sales by 7.2%.
 
Gross profit increased $78 million, or 8.5%, to $985 million, and gross profit margin decreased 200 basis points to 34.6%. Excluding charges for productivity initiatives, gross profit increased $109 million, or 12.0%, to $1.02 billion, largely due to acquisitions and a $59 million favorable impact from foreign exchange. Gross profit margin excluding charges for productivity initiatives decreased to 90 basis points to 35.7%, resulting from higher commodity costs and the impact from acquisitions, partially offset by higher pricing and productivity improvements.
 
SG&A increased $114 million, or 22.6% to $616 million, and increased as a percentage of sales to 21.6% from 20.2%. Excluding charges for productivity initiatives, SG&A increased $105 million, or


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20.8% to $607 million, and increased as a percentage of sales to 21.3% from 20.2%. These increases reflect a $36 million impact from foreign exchange translation rates, as well as increases from acquisitions, a 15.2% increase in marketing and incremental investments in Project Keystone. In addition, selling and distribution expenses (“S&D”) were unfavorably impacted by higher fuel prices, particularly in the U.S., and general and administrative expenses (“G&A”) were higher as a result of strategic investments to drive growth in emerging markets. Operating income decreased $36 million, or 8.9%, to $370 million, but excluding charges for productivity initiatives, operating income increased $4 million, or 1.1%, to $410 million.
 
Net interest expense decreased $2 million, to $61 million, reflecting a $6 million increase in interest income and a $4 million increase in interest expense. The increase in interest income is mainly due to earnings on short-term investments and the increase in interest expense is largely due to interest rate mix in the Company’s debt portfolio, foreign exchange and slightly higher average debt balances. Other expenses, net, decreased $8 million, to $2 million, primarily due to currency losses last year.
 
The effective tax rate for the current quarter was 23.2%. Excluding charges for productivity initiatives, the effective tax rate was 24.0% in the current quarter compared to 25.3% last year. The decrease in the effective tax rate is primarily the result of a statutory tax rate reduction in the United Kingdom that was enacted during the first quarter.
 
Net income attributable to H. J. Heinz Company was $226 million, a decrease of 6.0%. Excluding charges for productivity initiatives, net income attributable to H. J. Heinz Company was $255 million compared to $240 million in the prior year, an increase of 5.9%. This increase was due to higher operating income, currency losses last year and a lower effective tax rate. Diluted earnings per share were $0.70 in the current year, down 6.7%. Excluding charges for productivity initiatives, diluted earnings per share were $0.78 in the current year compared to $0.75 in the prior year, up 4.0%. EPS movements were favorably impacted by $0.05 from currency translation and translation hedges. EPS for the first quarter was unfavorably impacted by a 1% increase in shares outstanding.
 
The impact of fluctuating translation exchange rates in Fiscal 2012 has had a relatively consistent impact on all components of operating income on the consolidated statement of income.
 
OPERATING RESULTS BY BUSINESS SEGMENT
 
North American Consumer Products
 
Sales of the North American Consumer Products segment increased $13 million, or 1.7%, to $775 million. Higher net price of 3.1% reflects price increases across the leading brands and reduced trade promotions. Despite volume gains related to new products such as TGI Friday’s® single serve meals and Smart Ones® bagged dinners and breakfast items and improvements on Classico® pasta sauces, overall volume declined 3.1%. The overall volume decline relates primarily to Heinz® ketchup, Smart Ones® single-serve frozen products, Ore-Ida® frozen potatoes and frozen snacks reflecting promotional timing and the impacts from price increases. Volume was also unfavorably impacted by the Company’s strategic decision to exit the Boston Market® license. Favorable Canadian exchange translation rates increased sales 1.6%.
 
Gross profit increased $3 million, or 1.1%, to $322 million, while the gross profit margin decreased slightly to 41.6% from 41.9%. Gross profit margin declined as higher pricing and productivity improvements were offset by increased commodity costs. Operating income was consistent with last year at $191 million, as the improvement in gross profit was offset by increased S&D costs due to higher fuel prices.


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Europe
 
Heinz Europe sales increased $125 million, or 17.5%, to $838 million. Favorable foreign exchange translation rates increased sales by 12.6%. Volume increased 2.2%, due to improvements in Heinz® soup and Weight Watchers® frozen meals in the U.K., which reflect increased promotions, as well as increases in ketchup across Europe and market share gains on Orlando® tomato-based sauces in Spain that more than offset declines in Italian infant nutrition. Net pricing increased 2.7%, driven by price increases across most of Europe along with reduced promotional activity, particularly in the U.K.
 
Gross profit increased $47 million, or 17.5%, to $316 million, and the gross profit margin was consistent with prior year at 37.7%. The $47 million increase in gross profit is largely due to favorable foreign exchange translation rates while the gross margin reflects the offset of productivity improvements and higher pricing with higher commodity costs. Operating income increased $22 million, or 19.5%, to $137 million, due to favorable foreign currency translation, partially offset by increased marketing investments and higher G&A reflecting investments in Project Keystone.
 
Asia/Pacific
 
Heinz Asia/Pacific sales increased $113 million, or 20.2%, to $671 million. Favorable exchange translation rates increased sales by 13.1%. The acquisition of Foodstar in China during the third quarter of Fiscal 2011 increased sales 6.0%. Pricing increased 1.7%, and volume decreased 0.7%. Total segment volume and pricing were negatively impacted by 300 and 180 basis points, respectively, related to poor operating results in Australia. The Australian business has been impacted by a challenging retail and competitive environment, higher promotions and reduced market demand associated with higher prices over an extended period of time. Price increases were realized on ABC® products in Indonesia, Complan® and Glucon® products in India and Long Fong® frozen products in China. Significant volume growth occurred in Complan® nutritional beverages in India, frozen potatoes and sauces in Japan, ABC® products in Indonesia, and ketchup and infant feeding products in China. Volume declines were noted in Nycil® and Glucon D® branded products in India.
 
Gross profit increased $20 million, or 11.1%, to $201 million, and the gross profit margin decreased to 29.9% from 32.4%. The $20 million increase in gross profit reflects favorable foreign exchange translation rates and the Foodstar acquisition, partially offset by lower volume. The decline in gross margin is a result of higher commodity costs and unfavorable product mix which were only partially offset by higher pricing and productivity improvements. SG&A increased as a result of foreign exchange translation rates, the Foodstar acquisition, increased marketing investments, and higher G&A costs to support our emerging markets businesses. Operating income decreased by $10 million, or 14.6%, to $61 million, primarily due to poor operating results in Australia.
 
U.S. Foodservice
 
Sales of the U.S. Foodservice segment decreased $4 million, or 1.1%, to $325 million. Pricing increased sales 2.3%, largely due to price increases across this segment’s product portfolio in both this year and the second half of last year to help offset commodity cost increases. Volume decreased by 3.4%, due to declines in sauces as well as frozen desserts and soup reflecting ongoing weakness in restaurant foot traffic.
 
Gross profit decreased $3 million, or 2.8%, to $91 million, and the gross profit margin decreased to 28.0% from 28.5%, as pricing and productivity improvements were more than offset by increased commodity costs and unfavorable volume. Operating income decreased $8 million, or 20.1%, to $32 million, which is primarily due to the gross profit decline and higher S&D costs due to higher fuel prices.


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Rest of World
 
Sales for Rest of World increased $122 million, or 102.9%, to $241 million. The Quero® acquisition in Brazil, which was completed at the end of Fiscal 2011, increased sales 68.1%. Higher pricing increased sales by 27.9%, largely due to price increases in Latin America taken to mitigate inflation. See the “Venezuela-Foreign Currency and Inflation” section below for further discussion on inflation in Venezuela. Volume increased 4.4% mainly due to increases in ketchup and baby food in Latin America. Foreign exchange translation rates increased sales 2.5%.
 
Gross profit increased $42 million, or 95.5%, to $85 million, due mainly to the Quero® acquisition and higher pricing and volume, partially offset by increased commodity costs. The gross profit margin declined to 35.4% from 36.7% primarily reflecting the impact of the Quero® acquisition. Operating income increased $16 million, or 102.9%, to $32 million, resulting from higher pricing and the Quero® acquisition.
 
Liquidity and Financial Position
 
Cash provided by operating activities was $165 million in the current year and $272 million in the prior year. The decline in the first quarter of Fiscal 2012 versus Fiscal 2011 reflects lower earnings, due to productivity initiatives, and unfavorable movements in inventories, payables and income taxes partially offset by favorable movements in accrued expenses and receivables. In addition, the Company received $12 million in the first quarter of Fiscal 2011 for the termination of foreign currency hedge contracts (see Note 15, “Derivative Financial Instruments and Hedging Activities” for additional information). The Company’s cash conversion cycle improved 2 days, to 42 days in the first quarter of Fiscal 2012. Accounts payable also contributed 5 days to the improvement while receivables and inventories worsened by 3 days and 1 day, respectively.
 
In Fiscal 2010, the Company entered into a three-year $175 million accounts receivable securitization program. For the sale of receivables under the program, the Company receives initial cash funding and a deferred purchase price. The initial cash funding was $119 million and $116 million during the first quarters ended July 27, 2011 and July 28, 2010, respectively, resulting in an increase in cash for sales under this program for the first quarters ended July 27, 2011 and July 28, 2010 of $90 million and $32 million, respectively. The increase in cash proceeds related to the deferred purchase price was $118 million and $52 million for the first quarters ended July 27, 2011 and July 28, 2010, respectively. See Note 13, “Financing Arrangements” for additional information
 
In the first quarter of Fiscal 2012, cash required for productivity initiatives was approximately $11 million pre-tax. The Company anticipates spending approximately $130 million in cash on these productivity initiatives in Fiscal 2012. Ongoing pre-tax savings relative to these initiatives is anticipated to be approximately $20 million in Fiscal 2012 and $55 million in Fiscal 2013.
 
Cash used for investing activities totaled $72 million compared to $53 million last year. Capital expenditures totaled $74 million (2.6% of sales) compared to $56 million (2.2% of sales) in the prior year. The Company expects capital spending of approximately 4% of sales for the year reflecting increased investment in Project Keystone and new productivity initiatives. Proceeds from disposals of property, plant and equipment were $7 million in the current year and were less than $1 million in the prior year.
 
Cash used for financing activities totaled $121 million compared to providing $198 million of cash last year. Proceeds from long-term debt were $610 million in the current year and $9 million in the prior year. During the first quarter of Fiscal 2012, the Company issued $500 million of private placement notes at an average interest rate of 3.48% with maturities of three, five, seven and ten years. Additionally, during the first quarter of Fiscal 2012, the Company issued $100 million of private placement notes at an average interest rate of 3.38% with maturities of five and seven years. These proceeds were used to pay off the Company’s $750 million 6.625% U.S. Dollar Notes, which matured on July 15, 2011, resulting in payments on long-term debt of $806 million in the current year


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compared to $8 million in the prior year. Net proceeds on commercial paper and short-term debt were $260 million this year compared to net payments of $91 million in the prior year. Cash payments for treasury stock purchases, net of option exercises, used $43 million of cash in the current year as the Company purchased 1.6 million shares of stock at a total cost of $87 million. Cash proceeds from option exercises provided $19 million of cash in the prior year, and the Company had no treasury stock purchases in the prior year. Dividend payments totaled $155 million this year, compared to $144 million for the same period last year, reflecting an increase in the annualized dividend per common share to $1.92.
 
At July 27, 2011, the Company had total debt of $4.68 billion (including $137 million relating to the hedge accounting adjustments) and cash and cash equivalents and short-term investments of $735 million. Total debt balances have increased slightly since prior year end due to the items discussed above. The Company is currently evaluating alternatives for the refinancing and/or retirement of the approximately $600 million of long-term debt maturing in Fiscal 2012.
 
The Company will continue to monitor the credit markets to determine the appropriate mix of long-term debt and short-term debt going forward. The Company believes that its strong operating cash flow, existing cash balances, together with the credit facilities and other available capital market financing, will be adequate to meet the Company’s cash requirements for operations, including capital spending, debt maturities, acquisitions, share repurchases and dividends to shareholders. While the Company is confident that its needs can be financed, there can be no assurance that increased volatility and disruption in the global capital and credit markets will not impair its ability to access these markets on commercially acceptable terms.
 
During the first quarter of Fiscal 2012, the Company modified its $1.2 billion credit agreement to increase the available borrowings under the facility to $1.5 billion as well as to extend its maturity date from April 2012 to June 2016. This credit agreement supports the Company’s commercial paper borrowings. As a result, the commercial paper borrowings are classified as long-term debt based upon the Company’s intent and ability to refinance these borrowings on a long-term basis. Certain of the Company’s debt agreements contain customary covenants, including a leverage ratio covenant. The Company was in compliance with all of its debt covenants as of July 27, 2011. In addition, the Company has approximately $400 million of other credit facilities available for use primarily by the Company’s foreign subsidiaries.
 
The Company acquired Foodstar in China in Fiscal 2011. Consideration for this acquisition included a potential earn-out payment in Fiscal 2014 contingent upon certain net sales and EBITDA (earnings before interest, taxes, depreciation and amortization) targets during Fiscals 2013 and 2014. The fair value of the earn-out was estimated using a discounted cash flow model and is based on significant inputs not observed in the market and thus represents a Level 3 measurement. Key assumptions in determining the fair value of the earn-out include the discount rate and revenue and EBITDA projections for Fiscals 2013 and 2014. As of July 27, 2011 there were no significant changes to the fair value of the earn-out recorded for Foodstar at the acquisition date. A change in fair value of the earn-out could have a material impact on the Company’s earnings.
 
Venezuela- Foreign Currency and Inflation
 
The Company applies highly inflationary accounting to its business in Venezuela. Under highly inflationary accounting, the financial statements of our Venezuelan subsidiary are remeasured into the Company’s reporting currency (U.S. dollars) and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than accumulated other comprehensive loss on the balance sheet, until such time as the economy is no longer considered highly inflationary. The impact of applying highly inflationary accounting for Venezuela on our consolidated financial statements is dependent upon movements in the official exchange rate between the Venezuelan bolivar fuerte and the U.S. dollar and the amount of monetary assets and liabilities included in our subsidiary’s balance sheet. At July 27, 2011, the U.S. dollar value of


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monetary assets, net of monetary liabilities, which would be subject to an earnings impact from exchange rate movements for our Venezuelan subsidiary under highly inflationary accounting was $72 million.
 
Contractual Obligations
 
The Company is obligated to make future payments under various contracts such as debt agreements, lease agreements and unconditional purchase obligations. In addition, the Company has purchase obligations for materials, supplies, services, and property, plant and equipment as part of the ordinary conduct of business. A few of these obligations are long-term and are based on minimum purchase requirements. Certain purchase obligations contain variable pricing components, and, as a result, actual cash payments are expected to fluctuate based on changes in these variable components. Due to the proprietary nature of some of the Company’s materials and processes, certain supply contracts contain penalty provisions for early terminations. The Company does not believe that a material amount of penalties are reasonably likely to be incurred under these contracts based upon historical experience and current expectations. There have been no material changes to contractual obligations during the three months ended July 27, 2011. For additional information, refer to page 26 of the Company’s Annual Report on Form 10-K for the fiscal year ended April 27, 2011.
 
As of the end of the first quarter, the total amount of gross unrecognized tax benefits for uncertain tax positions, including an accrual of related interest and penalties along with positions only impacting the timing of tax benefits, was approximately $113 million. The timing of payments will depend on the progress of examinations with tax authorities. The Company does not expect a significant tax payment related to these obligations within the next year. The Company is unable to make a reasonably reliable estimate as to when cash settlements with taxing authorities may occur.
 
Recently Issued Accounting Standards
 
In June 2011, the Financial Accounting Standards Board (“FASB”) issued an amendment on the presentation of comprehensive income. This amendment is intended to improve comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. This amendment eliminates the current option to report other comprehensive income and its components in the statement of changes in equity. Under this amendment, an entity can elect to present items of net income and other comprehensive income in one continuous statement or in two separate, but consecutive, statements. The statement(s) would need to be presented with equal prominence as the other primary financial statements. While the options for presenting other comprehensive income change under this amendment, many items will not change, including: the items that constitute net income and other comprehensive income; when an item of other comprehensive income must be reclassified to net income; and the earnings-per-share computation. The Company is required to adopt this amendment retrospectively on the first day of Fiscal 2013. This adoption will only impact the presentation of the Company’s financial statements, not the financial results.
 
In May 2011, the FASB issued an amendment to revise the wording used to describe the requirements for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the FASB does not intend for the amendments to result in a change in the application of the current requirements. Some of the amendments clarify the FASB’s intent about the application of existing fair value measurement requirements, such as specifying that the concepts of highest and best use and valuation premise in a fair value measurement are relevant only when measuring the fair value of nonfinancial assets. Other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements such as specifying that, in the absence of a Level 1 input (refer to Note 14, “Fair Value Measurements” for additional information), a reporting entity should apply premiums or discounts when market participants would do so when pricing the asset or liability. The Company is


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required to adopt this amendment on the first day of the fourth quarter of Fiscal 2012 and this adoption is not expected to have an impact on the Company’s financial statements.
 
In December 2010, the FASB issued an amendment to the disclosure requirements for Business Combinations. This amendment clarifies that if a public entity is required to disclose pro forma information for business combinations, the entity should disclose such pro forma information as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. This amendment also expands the supplemental pro forma disclosures for business combinations to include a description of the nature and amount of material nonrecurring pro forma adjustments directly attributable to the business combination included in reported pro forma revenue and earnings. The Company adopted this amendment on the first day of Fiscal 2012 and will apply such amendment for any business combinations that are material on an individual or aggregate basis if and when they occur.
 
In December 2010, the FASB issued an amendment to the accounting requirements for Goodwill and Other Intangibles. This amendment modifies Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. In determining whether it is more likely than not that a goodwill impairment exists, an entity should consider whether there are any adverse qualitative factors indicating that impairment may exist. The Company adopted this amendment on the first day of Fiscal 2012. This adoption did not have an impact on the Company’s financial statements.
 
Non-GAAP Measures
 
We have included in this report measures of financial performance that are not defined by generally accepted accounting principles in the United States (“GAAP”). Each of the measures is used in reporting to our executive management and as a component of the Board of Director’s measurement of our performance for incentive compensation purposes. Management and the Board of Directors believe that these measures provide useful information to investors, and include these measures in other communications to investors.
 
For each of these non-GAAP financial measures, we are providing in the “Executive Overview” section above a reconciliation of the differences between the non-GAAP measure and the most directly comparable GAAP measure, as well as an explanation of why our management believes the non-GAAP measure provides useful information to investors and any additional purposes for which our management uses the non-GAAP measure below. These non-GAAP measures should be viewed in addition to, and not in lieu of, the comparable GAAP measure.
 
Results Excluding Charges for Productivity Initiatives
 
Management believes that this measure provides useful information to investors because it is the profitability measure we use to evaluate earnings performance on a comparable year-over-year basis. The adjustments are charges for non-recurring productivity initiatives that, in management’s judgment, significantly affect the year-over-year assessment of operating results. See the above “Productivity Initiatives” section for further explanation of these charges and the “Executive Overview” section above for the reconciliation of the Company’s results excluding charges for productivity initiatives to the relevant GAAP measure.


28


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CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION
 
Statements about future growth, profitability, costs, expectations, plans, or objectives included in this report, including in management’s discussion and analysis, and the financial statements and footnotes, are forward-looking statements based on management’s estimates, assumptions, and projections. These forward-looking statements are subject to risks, uncertainties, assumptions and other important factors, many of which may be beyond the Company’s control and could cause actual results to differ materially from those expressed or implied in this report and the financial statements and footnotes. Uncertainties contained in such statements include, but are not limited to:
 
  •   sales volume, earnings, or cash flow growth,
 
  •   general economic, political, and industry conditions, including those that could impact consumer spending,
 
  •   competitive conditions, which affect, among other things, customer preferences and the pricing of products, production, and energy costs,
 
  •   competition from lower-priced private label brands,
 
  •   increases in the cost and restrictions on the availability of raw materials including agricultural commodities and packaging materials, the ability to increase product prices in response, and the impact on profitability,
 
  •   the ability to identify and anticipate and respond through innovation to consumer trends,
 
  •   the need for product recalls,
 
  •   the ability to maintain favorable supplier and customer relationships, and the financial viability of those suppliers and customers,
 
  •   currency valuations and devaluations and interest rate fluctuations,
 
  •   changes in credit ratings, leverage, and economic conditions, and the impact of these factors on our cost of borrowing and access to capital markets,
 
  •   our ability to effectuate our strategy, including our continued evaluation of potential opportunities, such as strategic acquisitions, joint ventures, divestitures and other initiatives, our ability to identify, finance and complete these transactions and other initiatives, and our ability to realize anticipated benefits from them,
 
  •   the ability to successfully complete cost reduction programs and increase productivity,
 
  •   the ability to effectively integrate acquired businesses,
 
  •   new products, packaging innovations, and product mix,
 
  •   the effectiveness of advertising, marketing, and promotional programs,
 
  •   supply chain efficiency,
 
  •   cash flow initiatives,
 
  •   risks inherent in litigation, including tax litigation,
 
  •   the ability to further penetrate and grow and the risk of doing business in international markets, particularly our emerging markets, economic or political instability in those markets, strikes, nationalization, and the performance of business in hyperinflationary environments, in each case, such as Venezuela; and the uncertain global macroeconomic environment and sovereign debt issues, particularly in Europe,
 
  •   changes in estimates in critical accounting judgments and changes in laws and regulations, including tax laws,


29


Table of Contents

 
  •   the success of tax planning strategies,
 
  •   the possibility of increased pension expense and contributions and other people-related costs,
 
  •   the potential adverse impact of natural disasters, such as flooding and crop failures, and the potential impact of climate change,
 
  •   the ability to implement new information systems, potential disruptions due to failures in information technology systems, and risks associated with social media,
 
  •   with regard to dividends, dividends must be declared by the Board of Directors and will be subject to certain legal requirements being met at the time of declaration, as well as our Board’s view of our anticipated cash needs, and
 
  •   other factors described in “Risk Factors” and “Cautionary Statement Relevant to Forward-Looking Information” in the Company’s Form 10-K for the fiscal year ended April 27, 2011.
 
The forward-looking statements are and will be based on management’s then current views and assumptions regarding future events and speak only as of their dates. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the securities laws.
 
Item 3.   Quantitative and Qualitative Disclosures About Market Risk
 
There have been no material changes in the Company’s market risk during the first quarter ended July 27, 2011. For additional information, refer to pages 27-29 of the Company’s Annual Report on Form 10-K for the fiscal year ended April 27, 2011.
 
Item 4.   Controls and Procedures
 
(a) Evaluation of Disclosure Controls and Procedures
 
The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures, as of the end of the period covered by this report, were effective and provided reasonable assurance that the information required to be disclosed by the Company in reports filed under the Securities Exchange Act of 1934 is (i) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and (ii) accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
 
(b) Changes in Internal Control over Financial Reporting
 
During the first quarter of Fiscal 2012, the Company continued its implementation of SAP software across operations in the Netherlands, Belgium and Nordic countries. As appropriate, the Company is modifying the design and documentation of internal control processes and procedures relating to the new systems to simplify and harmonize existing internal control over financial reporting. There were no additional changes in the Company’s internal control over financial reporting during the Company’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.


30


Table of Contents

PART II—OTHER INFORMATION
 
Item 1.  
Legal Proceedings
 
Nothing to report under this item.
 
Item 1A.   Risk Factors
 
There have been no material changes in our risk factors from those disclosed in Part I, Item 1A to our Annual Report on Form 10-K for the fiscal year ended April 27, 2011. The risk factors disclosed in Part I, Item 1A to our Annual Report on Form 10-K for the fiscal year ended April 27, 2011, in addition to the other information set forth in this report, could materially affect our business, financial condition, or results of operations. Additional risks and uncertainties not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely affect our business, financial condition, or results of operations.
 
Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds
 
In the first quarter of Fiscal 2012, the Company repurchased the following number of shares of its common stock:
 
                                 
                      Maximum
 
    Total
          Total Number of
    Number of Shares
 
    Number of
    Average
    Shares Purchased as
    that May Yet Be
 
    Shares
    Price Paid
    Part of Publicly
    Purchased Under
 
Period   Purchased     per Share     Announced Programs     the Programs  
 
April 28, 2011 — May 25, 2011
        $              
May 26, 2011 — June 22, 2011
    750,000       53.30              
June 23, 2011 — July 27, 2011
    875,000       53.45              
                                 
Total
    1,625,000     $ 53.38              
                                 
 
The shares repurchased were acquired under the share repurchase program authorized by the Board of Directors on May 31, 2006 for a maximum of 25 million shares. All repurchases were made in open market transactions. As of July 27, 2011, the maximum number of shares that may yet be purchased under the 2006 program is 3,666,192.
 
Item 3.   Defaults upon Senior Securities
 
Nothing to report under this item.
 
Item 4.   (Removed and Reserved).
 
Item 5.   Other Information
 
Nothing to report under this item.
 
Item 6.   Exhibits
 
Exhibits required to be furnished by Item 601 of Regulation S-K are listed below. The Company may have omitted certain exhibits in accordance with Item 601(b)(4)(iii)(A) of Regulation S-K and any exhibits filed pursuant to Item 601(b)(2) of Regulation S-K may omit certain schedules. The Company agrees to furnish such documents to the Commission upon request. Documents not designated as being incorporated herein by reference are set forth herewith. The paragraph numbers correspond to the exhibit numbers designated in Item 601 of Regulation S-K.
 
4. Except as set forth below, there are no instruments with respect to long-term unregistered debt of the Company that involve indebtedness or securities authorized thereunder in amounts that exceed 10 percent of the total assets of the Company on a consolidated basis. The Company agrees to


31


Table of Contents

furnish a copy of any instrument or agreement defining the rights of holders of long-term debt of the Company upon request of the Securities and Exchange Commission.
 
(a) Five-Year Credit Agreement dated June 30, 2011 among H.J. Heinz Company, H.J. Heinz Finance Company, the Banks listed on the signature pages thereto, and JPMorgan Chase Bank, N. A. as Administrative Agent is incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K dated July 7, 2011.
 
   12. Computation of Ratios of Earnings to Fixed Charges.
 
   31(a). Rule 13a-14(a)/15d-14(a) Certification by the Chief Executive Officer.
 
   31(b). Rule 13a-14(a)/15d-14(a) Certification by the Chief Financial Officer.
 
   32(a). 18 U.S.C. Section 1350 Certification by the Chief Executive Officer.
 
   32(b). 18 U.S.C. Section 1350 Certification by the Chief Financial Officer.
 
   101.INS XBRL Instance Document*
 
   101.SCH XBRL Schema Document*
 
   101.CAL XBRL Calculation Linkbase Document*
 
   101.LAB XBRL Labels Linkbase Document*
 
   101.PRE XBRL Presentation Linkbase Document*
 
   101.DEF XBRL Definition Linkbase Document*
 
 
* In accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall be deemed to be “furnished” and not “filed.”


32


Table of Contents

   Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
H. J. HEINZ COMPANY
  (Registrant)
 
Date: August 26, 2011
 
  By: 
/s/  Arthur B. Winkleblack
Arthur B. Winkleblack
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
 
Date: August 26, 2011
 
  By: 
/s/  Edward J. McMenamin
Edward J. McMenamin
Senior Vice President—Finance
(Principal Accounting Officer)


33


Table of Contents

EXHIBIT INDEX
 
DESCRIPTION OF EXHIBIT
 
Exhibits required to be furnished by Item 601 of Regulation S-K are listed below. The Company may have omitted certain exhibits in accordance with Item 601(b)(4)(iii)(A) of Regulation S-K and any exhibits filed pursuant to Item 601(b)(2) of Regulation S-K may omit certain schedules. The Company agrees to furnish such documents to the Commission upon request. Documents not designated as being incorporated herein by reference are furnished herewith. The paragraph numbers correspond to the exhibit numbers designated in Item 601 of Regulation S-K.
 
4. Except as set forth below, there are no instruments with respect to long-term unregistered debt of the Company that involve indebtedness or securities authorized thereunder in amounts that exceed 10 percent of the total assets of the Company on a consolidated basis. The Company agrees to furnish a copy of any instrument or agreement defining the rights of holders of long-term debt of the Company upon request of the Securities and Exchange Commission.
 
(a) Five-Year Credit Agreement dated June 30, 2011 among H.J. Heinz Company, H.J. Heinz Finance Company, the Banks listed on the signature pages thereto, and JPMorgan Chase Bank, N. A. as Administrative Agent is incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K dated July 7, 2011.
 
   12. Computation of Ratios of Earnings to Fixed Charges.
 
   31(a). Rule 13a-14(a)/15d-14(a) Certification by the Chief Executive Officer.
 
   31(b). Rule 13a-14(a)/15d-14(a) Certification by the Chief Financial Officer.
 
   32(a). 18 U.S.C. Section 1350 Certification by the Chief Executive Officer.
 
   32(b). 18 U.S.C. Section 1350 Certification by the Chief Financial Officer.
 
   101.INS XBRL Instance Document*
 
   101.SCH XBRL Schema Document*
 
   101.CAL XBRL Calculation Linkbase Document*
 
   101.LAB XBRL Labels Linkbase Document*
 
   101.PRE XBRL Presentation Linkbase Document*
 
   101.DEF XBRL Definition Linkbase Document*
 
 
* In accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall be deemed to be “furnished” and not “filed.”

EX-12 2 l42323exv12.htm EX-12 exv12
Exhibit 12
 
H. J. HEINZ COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 
         
    Three Months
 
    Ended
 
    July 27, 2011  
    (Thousands of Dollars)  
 
Fixed Charges:
       
Interest expense*
  $ 71,958  
Capitalized interest
    87  
Interest component of rental expense
    11,091  
         
Total fixed charges
  $ 83,136  
         
Earnings:
       
Income before income taxes
  $ 306,105  
Add: Interest expense*
    71,958  
Add: Interest component of rental expense
    11,091  
Add: Amortization of capitalized interest
    186  
         
Earnings as adjusted
  $ 389,340  
         
Ratio of earnings to fixed charges
    4.68  
         
 
 
* Interest expense includes amortization of debt expense and any discount or premium relating to indebtedness.

EX-31.A 3 l42323exv31wa.htm EX-31.A exv31wa
Exhibit 31(a)
 
I, William R. Johnson, certify that:
 
1. I have reviewed this quarterly report on Form 10-Q for the quarter ended July 27, 2011 of H. J. Heinz Company;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;
 
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
  By: 
/s/  William R. Johnson
Name:     William R. Johnson
  Title:  Chairman, President and
Chief Executive Officer
 
Date: August 26, 2011

EX-31.B 4 l42323exv31wb.htm EX-31.B exv31wb
Exhibit 31(b)
 
I, Arthur B. Winkleblack, certify that:
 
1. I have reviewed this quarterly report on Form 10-Q for the quarter ended July 27, 2011 of H. J. Heinz Company;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;
 
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
  By: 
/s/  Arthur B. Winkleblack
Name:     Arthur B. Winkleblack
  Title:  Executive Vice President and
Chief Financial Officer
 
Date: August 26, 2011

EX-32.A 5 l42323exv32wa.htm EX-32.A exv32wa
Exhibit 32(a)
 
18 U.S.C. SECTION 1350 CERTIFICATION
 
I, William R. Johnson, Chairman, President and Chief Executive Officer, of H. J. Heinz Company, a Pennsylvania corporation (the “Company”), hereby certify that, to my knowledge:
 
1. The Company’s periodic report on Form 10-Q for the period ended July 27, 2011 (the “Form 10-Q”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
 
2. The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
/s/  William R. Johnson
Name:     William R. Johnson
  Title:  Chairman, President and
Chief Executive Officer
 
Date: August 26, 2011

EX-32.B 6 l42323exv32wb.htm EX-32.B exv32wb
Exhibit 32(b)
 
18 U.S.C. SECTION 1350 CERTIFICATION
 
I, Arthur B. Winkleblack, Executive Vice President and Chief Financial Officer of H. J. Heinz Company, a Pennsylvania corporation (the “Company”), hereby certify that, to my knowledge:
 
1. The Company’s periodic report on Form 10-Q for the period ended July 27, 2011 (the “Form 10-Q”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
 
2. The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
   
/s/  Arthur B. Winkleblack
Name:     Arthur B. Winkleblack
  Title:  Executive Vice President
and Chief Financial Officer
 
Date: August 26, 2011

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The interim condensed consolidated financial statements of H. 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</td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Rest of<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Products</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Europe</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Asia/Pacific</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Foodservice</i> </td> <td> &#160; 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</td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,106,744 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 289,425 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 257,674 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 14,184 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,770,918 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Acquisitions </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 77,345 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 300,227 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 377,572 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Purchase accounting adjustments </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (278 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (10,688 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (10,966 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Translation adjustments </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 8,846 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 114,774 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 35,998 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,299 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 160,917 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Balance at April&#160;27, 2011 </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,111,737 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,221,240 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 392,080 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 257,674 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 315,710 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 3,298,441 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Purchase accounting adjustments </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,980 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,980 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Translation adjustments </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (16 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (27,061 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 13,669 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,907 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (10,501 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Balance at July&#160;27, 2011 </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,111,721 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,194,179 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 405,749 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 257,674 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 320,597 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 3,289,920 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; 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Industrias Alimenticias (&#8220;Coniexpress&#8221;) in Brazil and recorded a preliminary purchase price allocation which is expected to be finalized upon third party valuation procedures. 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In the normal course of business, the Company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Australia, Canada, Italy, the United Kingdom and the United States. The Company has substantially concluded all national income tax matters for years through Fiscal 2009 for the U.S., through Fiscal 2008 for the United Kingdom, through Fiscal 2007 for Italy, and through Fiscal 2006 for Australia and Canada. </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The effective tax rate for the current quarter was 23.2% compared to 25.3% last year. 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</td> <td colspan="6" align="center" valign="bottom"> <i>(Thousands of Dollars)</i> </td> <td> &#160; </td> </tr> <tr style="line-height: 3pt; font-size: 1pt"> <td>&#160; </td> </tr> <!-- TableOutputBody --> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Net external sales: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> North American Consumer Products </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 774,621 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 761,812 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Europe </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 837,832 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 713,323 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Asia/Pacific </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; 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margin-left: 20pt"> Rest of World </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 241,412 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 118,976 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Consolidated Totals </div> </td> <td> &#160; 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</td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> North American Consumer Products </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 190,778 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 191,080 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Europe </div> </td> <td> &#160; 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margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div style="font-size: 1pt; margin-left: 3%; width: 13%; align: left; border-bottom: 1pt solid #000000"> </div> <div style="margin-top: 3pt; font-size: 1pt">&#160; </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="text-align: left"> <tr> <td width="4%"></td> <td width="4%"></td> <td width="92%"></td> </tr> <tr valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> <td>&#160;</td> <td> (a)&#160; </td> <td align="left"> Includes corporate overhead, intercompany eliminations and charges not directly attributable to operating segments. </td> </tr> <tr style="line-height: 3pt; font-size: 1pt"> <td>&#160;</td> </tr> <tr valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; 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margin-left: 20pt"> Total </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,849,581 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,480,825 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> </table> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> <!-- XBRL Pagebreak Begin --> </div> <!-- END PAGE WIDTH --> <!-- PAGEBREAK --> <div style="margin-left: 0%"> <!-- BEGIN PAGE WIDTH --> <div style="margin-top: 0pt; 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font-size: 1pt">&#160; </div> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"> <!-- Table Width Row BEGIN --> <tr style="font-size: 1pt" valign="bottom"> <td width="75%">&#160;</td><!-- colindex=01 type=maindata --> <td width="2%">&#160;</td><!-- colindex=02 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=02 type=lead --> <td width="8%" align="right">&#160;</td><!-- colindex=02 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=02 type=hang1 --> <td width="3%">&#160;</td><!-- colindex=03 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=03 type=lead --> <td width="8%" align="right">&#160;</td><!-- colindex=03 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=03 type=hang1 --> </tr> <!-- Table Width Row END --> <!-- TableOutputHead --> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>First Quarter Ended</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>July&#160;27, 2011<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>July&#160;28, 2010<br /> </i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>FY 2012</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>FY 2011</i> </td> <td> &#160; 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J. 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</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Preferred dividends </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 3 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 3 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; 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</td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Average common shares outstanding&#8212;diluted </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 324,246 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 321,009 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"> </div> <div style="margin-top: 3pt; font-size: 1pt">&#160; </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"> <tr> <td width="2%"></td> <td width="1%"></td> <td width="97%"></td> </tr> <tr> <td valign="top"> (a) </td> <td></td> <td valign="bottom"> Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).</td> </tr> </table> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Diluted earnings per share is based upon the average shares of common stock and dilutive common stock equivalents outstanding during the periods presented. Common stock equivalents arising from dilutive stock options, restricted common stock units, and the global stock purchase plan are computed using the treasury stock method. </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Options to purchase an aggregate of 0.2&#160;million and 2.9&#160;million shares of common stock for the first quarters ended July&#160;27, 2011 and July&#160;28, 2010, respectively, were not included in the computation of diluted earnings per share because inclusion of these options would be anti-dilutive. These options expire at various points in time through 2018. </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 10 - us-gaap:ComprehensiveIncomeNoteTextBlock--> <div style="margin-left: 0%"> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"> <tr> <td width="6%"></td> <td width="94%"></td> </tr> <tr valign="top"> <td> <font style="font-family: 'Times New Roman', Times">(10)<b>&#160;&#160;</b> </font> </td> <td> <b><font style="font-family: 'Times New Roman', Times">Comprehensive Income</font></b> </td> </tr> </table> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The following table provides a summary of comprehensive income attributable to H. J. Heinz Company: </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"> <!-- Table Width Row BEGIN --> <tr style="font-size: 1pt" valign="bottom"> <td width="75%">&#160;</td><!-- colindex=01 type=maindata --> <td width="2%">&#160;</td><!-- colindex=02 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=02 type=lead --> <td width="8%" align="right">&#160;</td><!-- colindex=02 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=02 type=hang1 --> <td width="3%">&#160;</td><!-- colindex=03 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=03 type=lead --> <td width="8%" align="right">&#160;</td><!-- colindex=03 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=03 type=hang1 --> </tr> <!-- Table Width Row END --> <!-- TableOutputHead --> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>First Quarter Ended</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>July&#160;27, 2011<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>July&#160;28, 2010<br /> </i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>FY 2012</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>FY 2011</i> </td> <td> &#160; 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margin-left: 10pt"> Comprehensive income attributable to H. J. Heinz Company </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 216,276 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 228,641 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> <!-- XBRL Pagebreak Begin --> </div> <!-- END PAGE WIDTH --> <!-- PAGEBREAK --> <div style="margin-left: 0%"> <!-- BEGIN PAGE WIDTH --> <!-- XBRL Pagebreak End --> <div style="margin-top: 0pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-top: 6pt; margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The following table summarizes the allocation of total comprehensive income between H.&#160;J.&#160;Heinz Company and the noncontrolling interest for the first quarter ended July&#160;27, 2011: </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"> <!-- Table Width Row BEGIN --> <tr style="font-size: 1pt" valign="bottom"> <td width="62%">&#160;</td><!-- colindex=01 type=maindata --> <td width="2%">&#160;</td><!-- colindex=02 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=02 type=lead --> <td width="7%" align="right">&#160;</td><!-- colindex=02 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=02 type=hang1 --> <td width="3%">&#160;</td><!-- colindex=03 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=03 type=lead --> <td width="10%" align="right">&#160;</td><!-- colindex=03 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=03 type=hang1 --> <td width="3%">&#160;</td><!-- colindex=04 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=04 type=lead --> <td width="7%" align="right">&#160;</td><!-- colindex=04 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=04 type=hang1 --> </tr> <!-- Table Width Row END --> <!-- TableOutputHead --> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>H. J. Heinz<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Noncontrolling<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Company</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Interest</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Total</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="10" align="center" valign="bottom"> <i>(Thousands of Dollars)</i> </td> <td> &#160; </td> </tr> <tr style="line-height: 3pt; font-size: 1pt"> <td>&#160; </td> </tr> <!-- TableOutputBody --> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Net income </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 226,114 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 8,845 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 234,959 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Other comprehensive income: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Foreign currency translation adjustments </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (27,729 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,984 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (25,745 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Reclassification of net pension and postretirement benefit losses/(gains) to net income </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 13,951 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (31 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 13,920 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Net deferred gains/(losses) on derivatives from periodic revaluations </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 15,776 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (39 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 15,737 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Net deferred (gains)/losses on derivatives reclassified to earnings </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (11,836 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 94 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (11,742 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Total comprehensive income </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 216,276 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 10,853 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 227,129 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 11 - us-gaap:StockholdersEquityNoteDisclosureTextBlock--> <div style="margin-left: 0%"> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"> <tr> <td width="6%"></td> <td width="94%"></td> </tr> <tr valign="top"> <td> <font style="font-family: 'Times New Roman', Times">(11)<b>&#160;&#160;</b> </font> </td> <td> <b><font style="font-family: 'Times New Roman', Times">Changes in Equity</font></b> </td> </tr> </table> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The following table provides a summary of the changes in the carrying amounts of total equity, H. J. Heinz Company shareholders&#8217; equity and equity attributable to the noncontrolling interest: </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"> <!-- Table Width Row BEGIN --> <tr style="font-size: 1pt" valign="bottom"> <td width="28%">&#160;</td><!-- colindex=01 type=maindata --> <td width="1%">&#160;</td><!-- colindex=02 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=02 type=lead --> <td width="6%" align="right">&#160;</td><!-- colindex=02 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=02 type=hang1 --> <td width="2%">&#160;</td><!-- colindex=03 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=03 type=lead --> <td width="5%" align="right">&#160;</td><!-- colindex=03 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=03 type=hang1 --> <td width="2%">&#160;</td><!-- colindex=04 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=04 type=lead --> <td width="6%" align="right">&#160;</td><!-- colindex=04 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=04 type=hang1 --> <td width="2%">&#160;</td><!-- colindex=05 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=05 type=lead --> <td width="6%" align="right">&#160;</td><!-- colindex=05 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=05 type=hang1 --> <td width="2%">&#160;</td><!-- colindex=06 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=06 type=lead --> <td width="7%" align="right">&#160;</td><!-- colindex=06 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=06 type=hang1 --> <td width="2%">&#160;</td><!-- colindex=07 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=07 type=lead --> <td width="5%" align="right">&#160;</td><!-- colindex=07 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=07 type=hang1 --> <td width="2%">&#160;</td><!-- colindex=08 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=08 type=lead --> <td width="10%" align="right">&#160;</td><!-- colindex=08 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=08 type=hang1 --> </tr> <!-- Table Width Row END --> <!-- TableOutputHead --> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>H. J. Heinz Company</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Capital<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Additional<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Retained<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Treasury<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Accum<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Noncontrolling<br /> </i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Total</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Stock</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Capital</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Earnings</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Stock</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>OCI</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Interest</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="26" align="center" valign="bottom"> <i>(Thousands of Dollars)</i> </td> <td> &#160; </td> </tr> <tr style="line-height: 3pt; font-size: 1pt"> <td>&#160; </td> </tr> <!-- TableOutputBody --> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Balance as of April&#160;27, 2011 </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 3,182,466 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 107,843 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 629,367 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 7,264,678 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> (4,593,362 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> (299,564 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 73,504 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Comprehensive income(1) </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 225,121 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 226,114 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (9,838 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 8,845 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Dividends paid to shareholders of H. J. Heinz Company </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (155,081 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (155,081 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Stock options exercised, net of shares tendered for payment </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 50,720 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; 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</td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Restricted stock unit activity </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 4,817 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; 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</td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Conversion of preferred into common stock </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (8 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (539 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 547 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Shares reacquired </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (86,740 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (86,740 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Other </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 27 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (17 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (526 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 570 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; 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</td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> (4,615,825 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> (309,402 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 82,349 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; 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margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Level&#160;3:&#160;&#160;Unobservable inputs for the asset or liability. </div> <!-- XBRL Pagebreak Begin --> </div> <!-- END PAGE WIDTH --> <!-- PAGEBREAK --> <div style="margin-left: 0%"> <!-- BEGIN PAGE WIDTH --> <div style="margin-top: 0pt; font-size: 1pt"> </div> <!-- XBRL Pagebreak End --> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> As of July&#160;27, 2011 and April&#160;27, 2011, the fair values of the Company&#8217;s assets and liabilities measured on a recurring basis are categorized as follows: </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div style="margin-left: 4%; margin-right: 0%"> <table border="0" width="96%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; 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</td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Derivatives(a) </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 103,327 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 103,327 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 115,705 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; 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</td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 60,125 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Total assets at fair value </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 57,165 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 103,327 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; 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</td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Liabilities: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; 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</td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Derivatives designated as hedging instruments: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Other receivables, net </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 15,354 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 22,769 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 28,139 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 38,703 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Other non-current assets </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 9,274 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 19,534 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 34,380 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 7,913 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 16,723 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 14,898 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 24,628 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 42,303 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 34,380 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 36,052 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 55,426 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 14,898 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Derivatives not designated as hedging instruments: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Other receivables, net </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,016 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 9,329 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Other non-current assets </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,016 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 9,329 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Total assets </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 26,644 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 42,303 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 34,380 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 45,381 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 55,426 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 14,898 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Liabilities: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Derivatives designated as hedging instruments: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Other payables </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 23,946 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 5,778 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 27,804 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 6,125 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Other non-current liabilities </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 6,990 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 8,054 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 30,936 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 5,778 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 35,858 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 6,125 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Derivatives not designated as hedging instruments: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Other payables </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 6,604 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,024 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Other non-current liabilities </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 6,604 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,024 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Total liabilities </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 37,540 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; 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</td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Refer to Note&#160;14 for further information on how fair value is determined for the Company&#8217;s derivatives. </div> <!-- XBRL Pagebreak Begin --> </div> <!-- END PAGE WIDTH --> <!-- PAGEBREAK --> <div style="margin-left: 0%"> <!-- BEGIN PAGE WIDTH --> <!-- XBRL Pagebreak End --> <div style="margin-top: 0pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-top: 6pt; margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The following table presents the pre-tax effect of derivative instruments on the statement of income for the first quarter ended July&#160;27, 2011: </div> <div style="margin-top: 6pt; 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</td> <td> &#160; </td> <td colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>First Quarter Ended</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>July&#160;27, 2011</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Cross-Currency<br /> </i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Foreign Exchange<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Interest Rate<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Interest Rate<br /> </i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Contracts</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Contracts</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Swap Contracts</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="10" align="center" valign="bottom"> <i>(Dollars in Thousands)</i> </td> <td> &#160; </td> </tr> <tr style="line-height: 3pt; font-size: 1pt"> <td>&#160; </td> </tr> <!-- TableOutputBody --> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Cash flow hedges: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Net gains recognized in other comprehensive loss (effective portion) </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 7,386 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 18,329 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion): </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Sales </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,104 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; 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</td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 20,264 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Interest income/(expense) </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 107 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (1,506 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,896 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; 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</td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Net losses recognized in other expense, net </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (13,123 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Derivatives not designated as hedging instruments: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Net losses recognized in other expense, net </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (8,863 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Total amount recognized in statement of income </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> (6,967 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> (13,123 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 18,758 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> <!-- XBRL Pagebreak Begin --> </div> <!-- END PAGE WIDTH --> <!-- PAGEBREAK --> <div style="margin-left: 0%"> <!-- BEGIN PAGE WIDTH --> <!-- XBRL Pagebreak End --> <div style="margin-top: 0pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-top: 6pt; margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; 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</td> <td> &#160; </td> <td colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>First Quarter Ended</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>July&#160;28, 2010</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Cross-Currency<br /> </i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; 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The Company&#8217;s principal foreign currency exposures include the Australian dollar, British pound sterling, Canadian dollar, euro, and the New Zealand dollar. Derivatives used to hedge forecasted transactions and specific cash flows associated with foreign currency denominated financial assets and liabilities that meet the criteria for hedge accounting are designated as cash flow hedges. Consequently, the effective portion of gains and losses is deferred as a component of accumulated other comprehensive loss and is recognized in earnings at the time the hedged item affects earnings, in the same line item as the underlying hedged item. </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> During the first quarter of Fiscal 2011, the Company early terminated certain foreign currency forward contracts, receiving cash proceeds of $11.6&#160;million, and will release the gain in accumulated other comprehensive loss to earnings when the underlying transactions occur. The underlying transactions are scheduled to occur at various points in time through 2014. </div> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b><i><font style="font-family: 'Times New Roman', Times">Interest Rate Hedging:</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The Company uses interest rate swaps to manage debt and interest rate exposures. The Company is exposed to interest rate volatility with regard to existing and future issuances of fixed and floating rate debt. Primary exposures include U.S.&#160;Treasury rates, London Interbank Offered Rates (LIBOR), and commercial paper rates in the United States. Derivatives used to hedge risk associated with changes in the fair value of certain fixed-rate debt obligations are primarily designated as fair value hedges. Consequently, changes in the fair value of these derivatives, along with changes in the fair value of the hedged debt obligations that are attributable to the hedged risk, are recognized in current period earnings. </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The Company had outstanding cross-currency interest rate swaps with a total notional amount of $397.5&#160;million and $377.3&#160;million as of July&#160;27, 2011 and April&#160;27, 2011, respectively, which were designated as cash flow hedges of the future payments of loan principal and interest associated with certain foreign denominated variable rate debt obligations. These swaps are scheduled to mature in Fiscal 2013 and 2014. </div> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b><i><font style="font-family: 'Times New Roman', Times">Deferred Hedging Gains and Losses:</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> As of July&#160;27, 2011, the Company is hedging forecasted transactions for periods not exceeding 3&#160;years. During the next 12&#160;months, the Company expects $5.1&#160;million of net deferred losses reported in accumulated other comprehensive loss to be reclassified to earnings, assuming market rates remain constant through contract maturities. Hedge ineffectiveness related to cash flow hedges, which is reported in current period earnings as other income/(expense), net, was not significant for the first quarters ended July&#160;27, 2011 and July&#160;28, 2010. Amounts reclassified to earnings because the hedged transaction was no longer expected to occur were not significant for the first quarters ended July&#160;27, 2011 and July&#160;28, 2010. </div> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b><i><font style="font-family: 'Times New Roman', Times">Other Activities:</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The Company enters into certain derivative contracts in accordance with its risk management strategy that do not meet the criteria for hedge accounting but which have the economic impact of largely mitigating foreign currency or interest rate exposures. The Company maintained foreign currency forward contracts with a total notional amount of $376.6&#160;million and $309.9&#160;million that did not meet the criteria for hedge accounting as of July&#160;27, 2011 and April&#160;27, 2011, respectively. These forward contracts are accounted for on a full <font style="white-space: nowrap">mark-to-market</font> basis through current earnings, with gains and losses recorded as a component of Other income/(expense), net. Net unrealized (losses)/gains related to outstanding contracts totaled $(4.6)&#160;million and $8.3&#160;million as of July&#160;27, 2011 and April&#160;27, 2011, respectively. These contracts are scheduled to mature within one year. </div> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"> <b><i><font style="font-family: 'Times New Roman', Times">Concentration of Credit Risk:</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> Counterparties to currency exchange and interest rate derivatives consist of major international financial institutions. The Company continually monitors its positions and the credit ratings of the counterparties involved and, by policy, limits the amount of credit exposure to any one party. While the Company may be exposed to potential losses due to the credit risk of non-performance by these counterparties, losses are not anticipated. The Company closely monitors the credit risk associated with its counterparties and customers and to date has not experienced material losses. </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 16 - us-gaap:ForeignCurrencyDisclosureTextBlock--> <div style="margin-left: 0%"> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"> <tr> <td width="6%"></td> <td width="94%"></td> </tr> <tr valign="top"> <td> <font style="font-family: 'Times New Roman', Times">(16)<b>&#160;&#160;</b> </font> </td> <td> <b><font style="font-family: 'Times New Roman', Times">Venezuela- Foreign Currency and Inflation</font></b> </td> </tr> </table> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The Company applies highly inflationary accounting to its business in Venezuela. Under highly inflationary accounting, the financial statements of our Venezuelan subsidiary are remeasured into the Company&#8217;s reporting currency (U.S.&#160;dollars) and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than accumulated other comprehensive loss on the balance sheet, until such time as the economy is no longer considered highly inflationary. The impact of applying highly inflationary accounting for Venezuela on our consolidated financial statements is dependent upon movements in the official exchange rate between the Venezuelan bolivar fuerte and the U.S.&#160;dollar and the amount of monetary assets and liabilities included in our subsidiary&#8217;s balance sheet. At July&#160;27, 2011, the U.S.&#160;dollar value of monetary assets, net of monetary liabilities, which would be subject to an earnings impact from exchange rate movements for our Venezuelan subsidiary under highly inflationary accounting was $72.4&#160;million. </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 17 - us-gaap:MinorityInterestDisclosureTextBlock--> <div style="margin-left: 0%"> <div style="margin-top: 12pt; font-size: 1pt">&#160; </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"> <tr> <td width="6%"></td> <td width="94%"></td> </tr> <tr valign="top"> <td> <font style="font-family: 'Times New Roman', Times">(17)<b>&#160;&#160;</b> </font> </td> <td> <b><font style="font-family: 'Times New Roman', Times">Redeemable Noncontrolling Interest</font></b> </td> </tr> </table> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The minority partner in Coniexpress has the right, at any time, to exercise a put option to require the Company to purchase his 20% equity interest at a redemption value determinable from a specified formula based on a multiple of EBITDA (subject to a fixed minimum linked to the original acquisition date value). The Company also has a call right on this noncontrolling interest exercisable at any time and subject to the same redemption price. The put and call options cannot be separated from the noncontrolling interest and the combination of a noncontrolling interest and the redemption feature require classification of the minority partner&#8217;s interest as a redeemable noncontrolling interest in the condensed consolidated balance sheet. The carrying amount of the redeemable noncontrolling interest approximates its maximum redemption value. Any subsequent change in maximum redemption value would be adjusted through retained earnings. We do not currently believe the exercise of the put option would materially impact our results of operations or financial condition. </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: HNZ-20110727_note2_accounting_policy_table1 - us-gaap:StockholdersEquityPolicyTextBlock--> <div align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times"> <div align="left" style="margin-left: 0%"> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> In June 2011, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued an amendment on the presentation of comprehensive income. This amendment is intended to improve comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. This amendment eliminates the current option to report other comprehensive income and its components in the statement of changes in equity. Under this amendment, an entity can elect to present items of net income and other comprehensive income in one continuous statement or in two separate, but consecutive, statements. The statement(s) would need to be presented with equal prominence as the other primary financial statements. While the options for presenting other comprehensive income change under this amendment, many items will not change, including: the items that constitute net income and other comprehensive income; when an item of other comprehensive income must be reclassified to net income; and the <font style="white-space: nowrap">earnings-per-share</font> computation. The Company is required to adopt this amendment retrospectively on the first day of Fiscal 2013. This adoption will only impact the presentation of the Company&#8217;s financial statements, not the financial results. </div> </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: HNZ-20110727_note2_accounting_policy_table2 - us-gaap:FairValueOfFinancialInstrumentsPolicy--> <div align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times"> <div align="left" style="margin-left: 0%"> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> In May 2011, the FASB issued an amendment to revise the wording used to describe the requirements for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the FASB does not intend for the amendments to result in a change in the application of the current requirements. Some of the amendments clarify the FASB&#8217;s intent about the application of existing fair value measurement requirements, such as specifying that the concepts of highest and best use and valuation premise in a fair value measurement are relevant only when measuring the fair value of nonfinancial assets. Other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements such as specifying that, in the absence of a Level&#160;1 input (refer to Note&#160;14 for additional information), a reporting entity should apply premiums or discounts when market participants would do so when pricing the asset or liability. The Company is required to adopt this amendment on the first day of the fourth quarter of Fiscal 2012 and this adoption is not expected to have an impact on the Company&#8217;s financial statements. </div> </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: HNZ-20110727_note2_accounting_policy_table3 - us-gaap:BusinessCombinationsPolicy--> <div align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times"> <div align="left" style="margin-left: 0%"> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> In December 2010, the FASB issued an amendment to the disclosure requirements for Business Combinations. This amendment clarifies that if a public entity is required to disclose pro forma information for business combinations, the entity should disclose such pro forma information as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. This amendment also expands the supplemental pro forma disclosures for business combinations to include a description of the nature and amount of material nonrecurring pro forma adjustments directly attributable to the business combination included in reported pro forma revenue and earnings. The Company adopted this amendment on the first day of Fiscal 2012 and will apply such amendment for any business combinations that are material on an individual or aggregate basis if and when they occur. </div> </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Accounting Policy: HNZ-20110727_note2_accounting_policy_table4 - us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy--> <div align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times"> <div align="left" style="margin-left: 0%"> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> In December 2010, the FASB issued an amendment to the accounting requirements for Goodwill and Other Intangibles. This amendment modifies Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. In determining whether it is more likely than not that a goodwill impairment exists, an entity should consider whether there are any adverse qualitative factors indicating that impairment may exist. The Company adopted this amendment on the first day of Fiscal 2012. This adoption did not have an impact on the Company&#8217;s financial statements. </div> </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note Table: HNZ-20110727_note4_table1 - us-gaap:ScheduleOfGoodwillTextBlock--> <div align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times"> <div style="margin-left: 0%"> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div style="margin-left: 4%; margin-right: 0%"> <table border="0" width="96%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"> <!-- Table Width Row BEGIN --> <tr style="font-size: 1pt" valign="bottom"> <td width="37%">&#160;</td><!-- colindex=01 type=maindata --> <td width="1%">&#160;</td><!-- colindex=02 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=02 type=lead --> <td width="8%" align="right">&#160;</td><!-- colindex=02 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=02 type=hang1 --> <td width="1%">&#160;</td><!-- colindex=03 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=03 type=lead --> <td width="8%" align="right">&#160;</td><!-- colindex=03 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=03 type=hang1 --> <td width="1%">&#160;</td><!-- colindex=04 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=04 type=lead --> <td width="8%" align="right">&#160;</td><!-- colindex=04 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=04 type=hang1 --> <td width="1%">&#160;</td><!-- colindex=05 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=05 type=lead --> <td width="7%" align="right">&#160;</td><!-- colindex=05 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=05 type=hang1 --> <td width="1%">&#160;</td><!-- colindex=06 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=06 type=lead --> <td width="6%" align="right">&#160;</td><!-- colindex=06 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=06 type=hang1 --> <td width="1%">&#160;</td><!-- colindex=07 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=07 type=lead --> <td width="8%" align="right">&#160;</td><!-- colindex=07 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=07 type=hang1 --> </tr> <!-- Table Width Row END --> <!-- TableOutputHead --> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; 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</td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Balance at April&#160;27, 2011 </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,111,737 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,221,240 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 392,080 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 257,674 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 315,710 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 3,298,441 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Purchase accounting adjustments </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,980 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,980 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Translation adjustments </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (16 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (27,061 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 13,669 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,907 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (10,501 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Balance at July&#160;27, 2011 </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,111,721 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,194,179 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 405,749 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 257,674 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 320,597 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 3,289,920 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> </table> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note Table: HNZ-20110727_note4_table2 - us-gaap:ScheduleOfFiniteLivedIntangibleAssetsByMajorClassTextBlock--> <div align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times"> <div style="margin-left: 0%"> <div style="margin-top: 6pt; 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</td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Net</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="22" align="center" valign="bottom"> <i>(Thousands of Dollars)</i> </td> <td> &#160; </td> </tr> <tr style="line-height: 3pt; font-size: 1pt"> <td>&#160; </td> </tr> <!-- TableOutputBody --> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Trademarks </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 293,836 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> (84,453 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 209,383 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 297,020 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> (83,343 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 213,677 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Licenses </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 208,186 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (159,657 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 48,529 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 208,186 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (158,228 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 49,958 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Recipes/processes </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 90,553 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (33,056 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 57,497 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 90,553 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (31,988 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 58,565 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Customer related assets </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 224,771 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (61,268 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 163,503 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 224,173 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (57,555 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 166,618 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Other </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 52,233 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (27,933 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 24,300 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 79,045 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (54,833 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 24,212 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 869,579 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> (366,367 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 503,212 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 898,977 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> (385,947 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 513,030 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> </table> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note Table: HNZ-20110727_note7_table1 - us-gaap:ScheduleOfCostsOfRetirementPlansTableTextBlock--> <div align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times"> <div style="margin-left: 0%"> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div style="margin-left: 4%; margin-right: 0%"> <table border="0" width="96%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; 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</td> <td> &#160; </td> <td colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Pension Benefits</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Other Retiree Benefits</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="14" align="center" valign="bottom"> <i>(Thousands of Dollars)</i> </td> <td> &#160; </td> </tr> <tr style="line-height: 3pt; font-size: 1pt"> <td>&#160; </td> </tr> <!-- TableOutputBody --> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Service cost </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 8,611 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 7,737 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,508 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,561 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Interest cost </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 35,547 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; 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</td> <td nowrap="nowrap" align="right" valign="bottom"> (55,292 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Amortization of prior service cost/(credit) </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 498 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 591 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (1,530 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (1,290 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Amortization of unrecognized loss </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 21,229 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 18,968 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 273 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 401 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; 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</td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> </table> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note Table: HNZ-20110727_note8_table1 - us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock--> <div align="left" style="font-size: 1pt; font-family: 'Times New Roman', Times"> <div style="margin-left: 0%"> <div align="left" style="margin-top: 6pt; margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The following table presents information about the Company&#8217;s reportable segments: </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div style="margin-left: 4%; margin-right: 0%"> <table border="0" width="96%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"> <!-- Table Width Row BEGIN --> <tr style="font-size: 1pt" valign="bottom"> <td width="73%">&#160;</td><!-- colindex=01 type=maindata --> <td width="2%">&#160;</td><!-- colindex=02 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=02 type=lead --> <td width="9%" align="right">&#160;</td><!-- colindex=02 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=02 type=hang1 --> <td width="3%">&#160;</td><!-- colindex=03 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=03 type=lead --> <td width="9%" align="right">&#160;</td><!-- colindex=03 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=03 type=hang1 --> </tr> <!-- Table Width Row END --> <!-- TableOutputHead --> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>First Quarter Ended</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>July&#160;27, 2011<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>July&#160;28, 2010<br /> </i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>FY 2012</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>FY 2011</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="6" align="center" valign="bottom"> <i>(Thousands of Dollars)</i> </td> <td> &#160; </td> </tr> <tr style="line-height: 3pt; font-size: 1pt"> <td>&#160; </td> </tr> <!-- TableOutputBody --> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Net external sales: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> North American Consumer Products </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 774,621 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 761,812 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Europe </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 837,832 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 713,323 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Asia/Pacific </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 670,766 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 558,180 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> U.S. Foodservice </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 324,950 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 328,534 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Rest of World </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 241,412 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 118,976 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Consolidated Totals </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,849,581 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,480,825 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Operating income (loss): </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> North American Consumer Products </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 190,778 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 191,080 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Europe </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 137,439 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 115,036 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Asia/Pacific </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 61,245 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; 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</td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 15,920 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Other: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Non-Operating(a) </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; 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</td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Consolidated Totals </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 369,563 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 405,715 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> </table> </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div style="font-size: 1pt; margin-left: 3%; width: 13%; align: left; border-bottom: 1pt solid #000000"> </div> <div style="margin-top: 3pt; font-size: 1pt">&#160; </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="text-align: left"> <tr> <td width="4%"></td> <td width="4%"></td> <td width="92%"></td> </tr> <tr valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> <td>&#160;</td> <td> (a)&#160; </td> <td align="left"> Includes corporate overhead, intercompany eliminations and charges not directly attributable to operating segments. </td> </tr> <tr style="line-height: 3pt; 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</td> <td> &#160; </td> <td colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>First Quarter Ended</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>July&#160;27, 2011<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>July&#160;28, 2010<br /> </i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>FY 2012</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>FY 2011</i> </td> <td> &#160; 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J. Heinz Company </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 226,114 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 240,427 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Allocation to participating securities(a) </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 360 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 186 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Preferred dividends </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 3 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 3 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; 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</td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 321,411 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 318,060 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Effect of dilutive securities: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Convertible preferred stock </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 101 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 104 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Stock options, restricted stock and the global stock purchase plan </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,734 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,845 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Average common shares outstanding&#8212;diluted </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 324,246 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 321,009 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"> </div> <div style="margin-top: 3pt; font-size: 1pt">&#160; </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"> <tr> <td width="2%"></td> <td width="1%"></td> <td width="97%"></td> </tr> <tr> <td valign="top"> (a) </td> <td></td> <td valign="bottom"> Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).</td> </tr> </table> </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note Table: HNZ-20110727_note10_table1 - us-gaap:ScheduleOfComprehensiveIncomeLossTableTextBlock--> <div align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times"> <div style="margin-left: 0%"> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The following table provides a summary of comprehensive income attributable to H. 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Heinz Company: </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"> <!-- Table Width Row BEGIN --> <tr style="font-size: 1pt" valign="bottom"> <td width="75%">&#160;</td><!-- colindex=01 type=maindata --> <td width="2%">&#160;</td><!-- colindex=02 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=02 type=lead --> <td width="8%" align="right">&#160;</td><!-- colindex=02 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=02 type=hang1 --> <td width="3%">&#160;</td><!-- colindex=03 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=03 type=lead --> <td width="8%" align="right">&#160;</td><!-- colindex=03 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=03 type=hang1 --> </tr> <!-- Table Width Row END --> <!-- TableOutputHead --> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>First Quarter Ended</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>July&#160;27, 2011<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>July&#160;28, 2010<br /> </i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>FY 2012</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>FY 2011</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="6" align="center" valign="bottom"> <i>(Thousands of Dollars)</i> </td> <td> &#160; </td> </tr> <tr style="line-height: 3pt; font-size: 1pt"> <td>&#160; </td> </tr> <!-- TableOutputBody --> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Net income </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 234,959 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 248,595 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Other comprehensive income/(loss): </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Foreign currency translation adjustments </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (25,745 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (26,055 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Reclassification of net pension and postretirement benefit losses to net income </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 13,920 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 13,207 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Net deferred gains on derivatives from periodic revaluations </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 15,737 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 4,039 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Net deferred gains on derivatives reclassified to earnings </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (11,742 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (2,473 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Total comprehensive income </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 227,129 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 237,313 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Comprehensive income attributable to the noncontrolling interest </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (10,853 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (8,672 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Comprehensive income attributable to H. J. Heinz Company </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 216,276 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 228,641 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> <!-- XBRL Pagebreak Begin --> </div> <!-- END PAGE WIDTH --> <!-- PAGEBREAK --> <div style="margin-left: 0%"> <!-- BEGIN PAGE WIDTH --> <!-- XBRL Pagebreak End --> <div style="margin-top: 0pt; font-size: 1pt">&#160; </div> <div align="left" style="margin-top: 6pt; margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> The following table summarizes the allocation of total comprehensive income between H.&#160;J.&#160;Heinz Company and the noncontrolling interest for the first quarter ended July&#160;27, 2011: </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left"> <!-- Table Width Row BEGIN --> <tr style="font-size: 1pt" valign="bottom"> <td width="62%">&#160;</td><!-- colindex=01 type=maindata --> <td width="2%">&#160;</td><!-- colindex=02 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=02 type=lead --> <td width="7%" align="right">&#160;</td><!-- colindex=02 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=02 type=hang1 --> <td width="3%">&#160;</td><!-- colindex=03 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=03 type=lead --> <td width="10%" align="right">&#160;</td><!-- colindex=03 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=03 type=hang1 --> <td width="3%">&#160;</td><!-- colindex=04 type=gutter --> <td width="1%" align="right">&#160;</td><!-- colindex=04 type=lead --> <td width="7%" align="right">&#160;</td><!-- colindex=04 type=body --> <td width="1%" align="left">&#160;</td><!-- colindex=04 type=hang1 --> </tr> <!-- Table Width Row END --> <!-- TableOutputHead --> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>H. J. Heinz<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Noncontrolling<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Company</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Interest</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Total</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="10" align="center" valign="bottom"> <i>(Thousands of Dollars)</i> </td> <td> &#160; </td> </tr> <tr style="line-height: 3pt; font-size: 1pt"> <td>&#160; </td> </tr> <!-- TableOutputBody --> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Net income </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 226,114 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 8,845 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 234,959 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Other comprehensive income: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Foreign currency translation adjustments </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (27,729 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,984 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (25,745 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Reclassification of net pension and postretirement benefit losses/(gains) to net income </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 13,951 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (31 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 13,920 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Net deferred gains/(losses) on derivatives from periodic revaluations </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 15,776 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (39 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 15,737 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Net deferred (gains)/losses on derivatives reclassified to earnings </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (11,836 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 94 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (11,742 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Total comprehensive income </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 216,276 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 10,853 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 227,129 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> </div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note Table: HNZ-20110727_note11_table1 - us-gaap:ScheduleOfStockholdersEquityTableTextBlock--> <div align="left" style="font-size: 10pt; 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</td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>H. J. Heinz Company</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Capital<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Additional<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Retained<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Treasury<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Accum<br /> </i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom"> <i>Noncontrolling<br /> </i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Total</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Stock</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Capital</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Earnings</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Stock</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>OCI</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Interest</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="26" align="center" valign="bottom"> <i>(Thousands of Dollars)</i> </td> <td> &#160; </td> </tr> <tr style="line-height: 3pt; font-size: 1pt"> <td>&#160; </td> </tr> <!-- TableOutputBody --> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Balance as of April&#160;27, 2011 </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 3,182,466 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 107,843 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 629,367 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 7,264,678 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> (4,593,362 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> (299,564 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 73,504 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Comprehensive income(1) </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 225,121 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 226,114 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (9,838 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 8,845 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Dividends paid to shareholders of H. J. Heinz Company </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (155,081 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (155,081 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Stock options exercised, net of shares tendered for payment </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 50,720 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (11,564 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 62,284 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Stock option expense </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,561 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,561 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Restricted stock unit activity </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 4,817 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 3,941 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 876 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Conversion of preferred into common stock </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (8 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (539 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 547 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Shares reacquired </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (86,740 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (86,740 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Other </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 27 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (17 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (526 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 570 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -8pt; margin-left: 8pt"> Balance as of July&#160;27, 2011 </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 3,222,891 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 107,835 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 622,749 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 7,335,185 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> (4,615,825 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> (309,402 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 82,349 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> </div> <div style="margin-top: 6pt; font-size: 1pt">&#160; </div> <div style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; 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</td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Level 1</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Level 2</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Level 3</i> </td> <td> &#160; </td> <td> &#160; </td> <td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <i>Total</i> </td> <td> &#160; </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="center" valign="bottom"> &#160; </td> <td> &#160; </td> <td colspan="30" align="center" valign="bottom"> <i>(Thousands of Dollars)</i> </td> <td> &#160; </td> </tr> <tr style="line-height: 3pt; font-size: 1pt"> <td>&#160; </td> </tr> <!-- TableOutputBody --> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Assets: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Derivatives(a) </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 103,327 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 103,327 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 115,705 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 115,705 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Short-term investments(b) </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 57,165 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 57,165 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 60,125 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 60,125 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Total assets at fair value </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 57,165 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 103,327 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; 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</td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 175,830 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Liabilities: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Derivatives(a) </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 43,318 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 43,318 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 43,007 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 43,007 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Earn-out(c) </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 45,714 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 45,714 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 45,325 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 45,325 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt"> Total liabilities at fair value </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 43,318 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 45,714 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 89,032 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; 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Interest rate swaps are valued based on observable market swap rates and classified within Level&#160;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&#160;2 of the fair value hierarchy. </td> </tr> <tr valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"> <td>&#160;</td> <td> (b)&#160; </td> <td align="left"> The Company acquired Coniexpress in Brazil in Fiscal 2011. 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align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Derivatives designated as hedging instruments: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Other receivables, net </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 15,354 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 22,769 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 28,139 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 38,703 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Other non-current assets </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 9,274 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 19,534 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 34,380 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 7,913 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 16,723 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 14,898 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 24,628 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 42,303 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 34,380 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 36,052 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 55,426 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 14,898 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Derivatives not designated as hedging instruments: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Other receivables, net </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,016 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 9,329 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Other non-current assets </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 2,016 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 9,329 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Total assets </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 26,644 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 42,303 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 34,380 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 45,381 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 55,426 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 14,898 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td style="border-top: 3px double #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Liabilities: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Derivatives designated as hedging instruments: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Other payables </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 23,946 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 5,778 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 27,804 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 6,125 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Other non-current liabilities </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 6,990 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 8,054 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 30,936 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 5,778 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 35,858 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 6,125 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Derivatives not designated as hedging instruments: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Other payables </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 6,604 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 1,024 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Other non-current liabilities </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> 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valign="bottom"> 1,024 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; 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align="right" valign="bottom"> 1,896 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 18,758 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid 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valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 20pt"> Net losses recognized in other expense, net </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (8,863 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td 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align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 30pt"> Sales </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 380 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> $ </td> <td nowrap="nowrap" align="right" valign="bottom"> 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#cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> (7,154 </td> <td nowrap="nowrap" align="left" valign="bottom"> ) </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#8212; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> 11,109 </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr valign="bottom" style="font-size: 1pt"> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> <td> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td style="border-top: 1px solid #000000"> &#160; </td> <td> &#160; </td> </tr> <tr valign="bottom"> <td align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> Fair value hedges: </div> </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="right" valign="bottom"> &#160; </td> <td nowrap="nowrap" align="left" valign="bottom"> &#160; </td> </tr> <tr 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Condenced Consolidated Balance Sheets (USD $)
In Thousands
Jul. 27, 2011
Apr. 27, 2011
Current Assets:    
Cash and cash equivalents $ 677,728 $ 724,311 [1]
Trade receivables, net 896,422 1,039,064 [1]
Other receivables, net 215,201 225,968 [1]
Inventories:    
Finished goods and work-in-process 1,211,142 1,165,069 [1]
Packaging material and ingredients 285,123 286,477 [1]
Total inventories 1,496,265 1,451,546 [1]
Prepaid expenses 204,663 159,521 [1]
Other current assets 137,094 153,132 [1]
Total current assets 3,627,373 3,753,542 [1]
Property, plant and equipment 5,242,036 5,224,715 [1]
Less accumulated depreciation 2,761,385 2,719,632 [1]
Total property, plant and equipment, net 2,480,651 2,505,083 [1]
Goodwill 3,289,920 3,298,441 [1]
Trademarks, net 1,148,261 1,156,221 [1]
Other intangibles, net 434,976 442,563 [1]
Other non-current assets 1,102,321 1,074,795 [1]
Total other non-current assets 5,975,478 5,972,020 [1]
Total assets 12,083,502 12,230,645 [1]
Current Liabilities:    
Short-term debt 95,756 87,800 [1]
Portion of long-term debt due within one year 640,713 1,447,132 [1]
Trade payables 1,176,652 1,337,620 [1]
Other payables 174,906 162,047 [1]
Accrued marketing 309,082 313,389 [1]
Other accrued liabilities 602,289 715,147 [1]
Income taxes 96,271 98,325 [1]
Total current liabilities 3,095,669 4,161,460 [1]
Long-term debt 3,940,821 3,078,128 [1]
Deferred income taxes 914,302 897,179 [1]
Non-pension postretirement benefits 219,368 216,172 [1]
Other non-current liabilities 563,774 570,571 [1]
Total long-term liabilities 5,638,265 4,762,050 [1]
Redeemable noncontrolling interest 126,677 124,669 [1]
Equity:    
Capital stock 107,835 107,843 [1]
Additional capital 622,749 629,367 [1]
Retained earnings 7,335,185 7,264,678 [1]
Sum of capital stock, additional capital and retained earnings 8,065,769 8,001,888 [1]
Less:    
Treasury stock at cost (110,052 shares at July 27, 2011 and 109,818 shares at April 27, 2011) 4,615,825 4,593,362 [1]
Accumulated other comprehensive loss 309,402 299,564 [1]
Total H. J. Heinz Company shareholders' equity 3,140,542 3,108,962 [1]
Noncontrolling interest 82,349 73,504 [1]
Total equity 3,222,891 3,182,466 [1]
Total liabilities and equity $ 12,083,502 $ 12,230,645 [1]
[1] The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America
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Condenced Consolidated Balance Sheets (Parenthetical)
In Thousands
Jul. 27, 2011
Apr. 27, 2011
Equity (Less):    
Treasury stock, shares 110,052 109,818 [1]
[1] The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America
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Recently Issued Accounting Standards (Policies)
3 Months Ended
Jul. 27, 2011
Accounting Policies [Abstract]  
Presentation of comprehensive income policy
 
In June 2011, the Financial Accounting Standards Board (“FASB”) issued an amendment on the presentation of comprehensive income. This amendment is intended to improve comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. This amendment eliminates the current option to report other comprehensive income and its components in the statement of changes in equity. Under this amendment, an entity can elect to present items of net income and other comprehensive income in one continuous statement or in two separate, but consecutive, statements. The statement(s) would need to be presented with equal prominence as the other primary financial statements. While the options for presenting other comprehensive income change under this amendment, many items will not change, including: the items that constitute net income and other comprehensive income; when an item of other comprehensive income must be reclassified to net income; and the earnings-per-share computation. The Company is required to adopt this amendment retrospectively on the first day of Fiscal 2013. This adoption will only impact the presentation of the Company’s financial statements, not the financial results.
Adoption and impact of policy related to the accounting and disclosure requirements for fair value measurements
 
In May 2011, the FASB issued an amendment to revise the wording used to describe the requirements for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the FASB does not intend for the amendments to result in a change in the application of the current requirements. Some of the amendments clarify the FASB’s intent about the application of existing fair value measurement requirements, such as specifying that the concepts of highest and best use and valuation premise in a fair value measurement are relevant only when measuring the fair value of nonfinancial assets. Other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements such as specifying that, in the absence of a Level 1 input (refer to Note 14 for additional information), a reporting entity should apply premiums or discounts when market participants would do so when pricing the asset or liability. The Company is required to adopt this amendment on the first day of the fourth quarter of Fiscal 2012 and this adoption is not expected to have an impact on the Company’s financial statements.
Adoption and impact of policy related to the accounting and disclosure requirements for business combinations
 
In December 2010, the FASB issued an amendment to the disclosure requirements for Business Combinations. This amendment clarifies that if a public entity is required to disclose pro forma information for business combinations, the entity should disclose such pro forma information as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. This amendment also expands the supplemental pro forma disclosures for business combinations to include a description of the nature and amount of material nonrecurring pro forma adjustments directly attributable to the business combination included in reported pro forma revenue and earnings. The Company adopted this amendment on the first day of Fiscal 2012 and will apply such amendment for any business combinations that are material on an individual or aggregate basis if and when they occur.
Adoption and impact of policy related to the accounting and disclosure requirements for goodwill and other intangibles
 
In December 2010, the FASB issued an amendment to the accounting requirements for Goodwill and Other Intangibles. This amendment modifies Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. In determining whether it is more likely than not that a goodwill impairment exists, an entity should consider whether there are any adverse qualitative factors indicating that impairment may exist. The Company adopted this amendment on the first day of Fiscal 2012. This adoption did not have an impact on the Company’s financial statements.
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Document and Entity Information (USD $)
In Billions, except Share data
3 Months Ended
Jul. 27, 2011
Oct. 27, 2010
Document and Entity Information [Abstract]    
Entity Registrant Name HEINZ H J CO  
Entity Central Index Key 0000046640  
Document Type 10-Q  
Document Period End Date Jul. 27, 2011
Amendment Flag false  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --05-02  
Entity Well-known Seasoned Issuer Yes  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
Entity Filer Category Large Accelerated Filer  
Entity Public Float   $ 15.5
Entity Common Stock, Shares Outstanding 321,044,792  
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Venezuela - Foreign Currency and Inflation (Details) (USD $)
In Millions
Jul. 27, 2011
Venezuela - Foreign Currency and Inflation [Abstract]  
Monetary assets, net of monetary liabilities, subject to an earnings impact from exchange rate movements for Venezuelan subsidiary under highly inflationary accounting $ 72.4
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Segments (Tables)
3 Months Ended
Jul. 27, 2011
Segments [Abstract]  
Segments
The following table presents information about the Company’s reportable segments:
 
                 
    First Quarter Ended  
    July 27, 2011
    July 28, 2010
 
    FY 2012     FY 2011  
    (Thousands of Dollars)  
 
Net external sales:
               
North American Consumer Products
  $ 774,621     $ 761,812  
Europe
    837,832       713,323  
Asia/Pacific
    670,766       558,180  
U.S. Foodservice
    324,950       328,534  
Rest of World
    241,412       118,976  
                 
Consolidated Totals
  $ 2,849,581     $ 2,480,825  
                 
Operating income (loss):
               
North American Consumer Products
  $ 190,778     $ 191,080  
Europe
    137,439       115,036  
Asia/Pacific
    61,245       71,702  
U.S. Foodservice
    31,556       39,489  
Rest of World
    32,296       15,920  
Other:
               
Non-Operating(a)
    (43,240 )     (27,512 )
Productivity initiatives(b)
    (40,511 )      
                 
Consolidated Totals
  $ 369,563     $ 405,715  
                 
 
 
  (a)  Includes corporate overhead, intercompany eliminations and charges not directly attributable to operating segments.
 
  (b)  See Note 3 for further details.
 
The Company’s revenues are generated via the sale of products in the following categories:
 
                 
    First Quarter Ended  
    July 27, 2011
    July 28, 2010
 
    FY 2012     FY 2011  
    (Thousands of Dollars)  
 
Ketchup and Sauces
  $ 1,310,480     $ 1,092,196  
Meals and Snacks
    1,008,396       917,824  
Infant/Nutrition
    322,114       280,775  
Other
    208,591       190,030  
                 
Total
  $ 2,849,581     $ 2,480,825  
                 
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Derivative Financial Instruments and Hedging Activities 3 (Details) (USD $)
3 Months Ended
Jul. 27, 2011
Apr. 27, 2011
Derivative Financial Instruments and Hedging Activities (Textuals) [Abstract]    
Notional amount of foreign currency derivatives $ 1,900,000,000 $ 1,860,000,000
Notional amount of interest rate derivatives 760,000,000 1,510,000,000
Notional amount of cross currency interest rate swap 397,500,000 377,300,000
Maturity date of foreign currency forward contracts 2014  
Cash proceeds from termination of foreign currency forward contracts 11,600,000  
Number of year company decided for forecasting hedging transaction Not exceeding 3 years.  
Net deferred gains/(losses) reported in AOCI to be reclassified to earnings within twelve months (5,100,000)  
Notional amount of foreign currency derivative instruments not designated as hedging Instruments 376,600,000 309,900,000
Net unrealized gain/(loss) related to outstanding nondesignated derivative instruments $ (4,600,000) $ 8,300,000
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XML 21 R12.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Pensions and Other Postretirement Benefits
3 Months Ended
Jul. 27, 2011
Pensions and Other Postretirement Benefits [Abstract]  
Pensions and Other Postretirement Benefits
(7)   Pensions and Other Postretirement Benefits
 
The components of net periodic benefit cost are as follows:
 
                                 
    First Quarter Ended  
    July 27, 2011     July 28, 2010     July 27, 2011     July 28, 2010  
    Pension Benefits     Other Retiree Benefits  
    (Thousands of Dollars)  
 
Service cost
  $ 8,611     $ 7,737     $ 1,508     $ 1,561  
Interest cost
    35,547       34,279       2,887       3,154  
Expected return on plan assets
    (59,781 )     (55,292 )            
Amortization of prior service cost/(credit)
    498       591       (1,530 )     (1,290 )
Amortization of unrecognized loss
    21,229       18,968       273       401  
                                 
Net periodic benefit cost
  $ 6,104     $ 6,283     $ 3,138     $ 3,826  
                                 
 
The amounts recognized for pension benefits as other non-current assets on the Condensed Consolidated Balance Sheets were $654.9 million as of July 27, 2011 and $644.6 million as of April 27, 2011.
 
During the first quarter of Fiscal 2012, the Company contributed $3 million to these defined benefit plans. The Company expects to make combined cash contributions of less than $40 million in Fiscal 2012; however, actual contributions may be affected by pension asset and liability valuations during the year.
XML 22 R27.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Income Per Common Share (Tables)
3 Months Ended
Jul. 27, 2011
Income Per Common Share [Abstract]  
Earnings Per Share Reconciliation
 
                 
    First Quarter Ended  
    July 27, 2011
    July 28, 2010
 
    FY 2012     FY 2011  
    (In thousands)  
 
Income attributable to H. J. Heinz Company
  $ 226,114     $ 240,427  
Allocation to participating securities(a)
    360       186  
Preferred dividends
    3       3  
                 
Income applicable to common stock
  $ 225,751     $ 240,238  
                 
Average common shares outstanding—basic
    321,411       318,060  
Effect of dilutive securities:
               
Convertible preferred stock
    101       104  
Stock options, restricted stock and the global stock purchase plan
    2,734       2,845  
                 
Average common shares outstanding—diluted
    324,246       321,009  
                 
 
 
(a) Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).
XML 23 R43.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Financing Arrangements (Details) (USD $)
In Millions
3 Months Ended
Jul. 27, 2011
Jul. 28, 2010
Apr. 27, 2011
Financing Arrangements [Abstract]      
Financing Arrangement Term 3 years    
Amount of accounts receivable securitization program $ 175    
Initial cash funding under receivable securitization program 118.7 116.2  
Cash proceeds from receivables sold through accounts receivable securitization program 89.7 32.0  
Fair value of deferred purchase price 56.2   173.9
Cash proceeds from deferred purchase price of accounts receivable securitization program 117.7 51.5  
Trade receivables sold without recourse $ 168   $ 146 [1]
[1] The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America
XML 24 R38.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Segments (Details) (USD $)
In Thousands
3 Months Ended
Jul. 27, 2011
Jul. 28, 2010
Reconciliation from Segment Totals to Consolidated    
Net external sales $ 2,849,581 $ 2,480,825
Operating income (loss) 369,563 405,715
North American Consumer Products [Member]
   
Reconciliation from Segment Totals to Consolidated    
Net external sales 774,621 761,812
Operating income (loss) 190,778 191,080
U.S. Foodservice [Member]
   
Reconciliation from Segment Totals to Consolidated    
Net external sales 324,950 328,534
Operating income (loss) 31,556 39,489
Europe [Member]
   
Reconciliation from Segment Totals to Consolidated    
Net external sales 837,832 713,323
Operating income (loss) 137,439 115,036
Asia Pacific [Member]
   
Reconciliation from Segment Totals to Consolidated    
Net external sales 670,766 558,180
Operating income (loss) 61,245 71,702
Rest of World [Member]
   
Reconciliation from Segment Totals to Consolidated    
Net external sales 241,412 118,976
Operating income (loss) 32,296 15,920
Non-Operating [Member]
   
Reconciliation from Segment Totals to Consolidated    
Operating income (loss) (43,240) (27,512)
Upfront Productivity Charges [Member]
   
Reconciliation from Segment Totals to Consolidated    
Operating income (loss) (40,511)  
Ketchup and Sauces [Member]
   
Reconciliation from Segment Totals to Consolidated    
Net external sales 1,310,480 1,092,196
Meals and Snacks [Member]
   
Reconciliation from Segment Totals to Consolidated    
Net external sales 1,008,396 917,824
Infant/Nutrition [Member]
   
Reconciliation from Segment Totals to Consolidated    
Net external sales 322,114 280,775
Other Products [Member]
   
Reconciliation from Segment Totals to Consolidated    
Net external sales $ 208,591 $ 190,030
XML 25 R25.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Pensions and Other Postretirement Benefits (Tables)
3 Months Ended
Jul. 27, 2011
Pensions and Other Postretirement Benefits [Abstract]  
Components of net periodic benefit cost
 
                                 
    First Quarter Ended  
    July 27, 2011     July 28, 2010     July 27, 2011     July 28, 2010  
    Pension Benefits     Other Retiree Benefits  
    (Thousands of Dollars)  
 
Service cost
  $ 8,611     $ 7,737     $ 1,508     $ 1,561  
Interest cost
    35,547       34,279       2,887       3,154  
Expected return on plan assets
    (59,781 )     (55,292 )            
Amortization of prior service cost/(credit)
    498       591       (1,530 )     (1,290 )
Amortization of unrecognized loss
    21,229       18,968       273       401  
                                 
Net periodic benefit cost
  $ 6,104     $ 6,283     $ 3,138     $ 3,826  
                                 
XML 26 R17.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Debt
3 Months Ended
Jul. 27, 2011
Debt [Abstract]  
Debt
 
(12)   Debt
 
During the first quarter of Fiscal 2012, the Company modified its $1.2 billion credit agreement to increase the available borrowings under the facility to $1.5 billion as well as to extend its maturity date from April 2012 to June 2016. This credit agreement supports the Company’s commercial paper borrowings. As a result, the commercial paper borrowings are classified as long-term debt based upon the Company’s intent and ability to refinance these borrowings on a long-term basis.
 
During the first quarter of Fiscal 2012, the Company issued $500 million of private placement notes at an average interest rate of 3.48% with maturities of three, five, seven and ten years. Additionally, during the first quarter of Fiscal 2012, the Company issued $100 million of private placement notes at an average interest rate of 3.38% with maturities of five and seven years. These proceeds were used to pay off the Company’s $750 million 6.625% U.S. Dollar Notes, which matured on July 15, 2011.
 
Certain of the Company’s debt agreements contain customary covenants, including a leverage ratio covenant. The Company was in compliance with all of its debt covenants as of July 27, 2011.
XML 27 R8.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Productivity Initiatives
3 Months Ended
Jul. 27, 2011
Productivity Initiatives [Abstract]  
Productivity Initiatives
 
(3)   Productivity Initiatives
 
In order to accelerate growth and offset the impact of escalating commodity costs, the Company announced on May 26, 2011 that it will invest in productivity initiatives during Fiscal 2012 designed to increase manufacturing effectiveness and efficiency as well as accelerate productivity on a global scale. These initiatives, as well as other initiatives currently being evaluated, include:
 
  •  The establishment of a European supply chain hub in the Netherlands in order to consolidate and centrally lead procurement, manufacturing, logistics and inventory control,
 
  •  The exit of at least five factories, including two in Europe, two in the U.S. and one in the Pacific in order to enhance manufacturing effectiveness and efficiency, and
 
  •  A reduction of the global workforce by approximately 800 to 1,000 positions.
 
The Company anticipates investing at least $130 million of cash and $160 million of pre-tax income ($0.35 per share) on these initiatives during Fiscal 2012.
 
During the first quarter of Fiscal 2012, the Company recorded costs of $40.5 million pre-tax ($28.4 million after-tax or $0.09 per share), all of which were reported in the Non-operating segment, related to these productivity initiatives. These costs were comprised of the following:
 
  •  $16.8 million pre-tax relating to asset write-offs for the closure of four factories, including two in Europe, one in the U.S. and one in the Pacific,
 
  •  $14.9 million pre-tax for severance and employee benefit costs relating to the reduction of the global workforce by approximately 160 positions, and
 
  •  $8.8 million pre-tax costs associated with other implementation costs, primarily for professional fees and relocation costs for the establishment of the European supply chain hub.
 
Of the $40.5 million total pre-tax charges, $31.4 million was recorded in cost of products sold and $9.1 million in selling, general and administrative expenses (“SG&A”). Cash paid for productivity initiatives in the first quarter of Fiscal 2012 was $10.9 million. The amount included in other accrued liabilities related to these initiatives totaled $11.1 million at July 27, 2011, most of which is expected to be paid in the third quarter of Fiscal 2012.
XML 28 R35.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Jul. 27, 2011
Jul. 28, 2010
Apr. 27, 2011
Income Taxes [Abstract]      
Unrecognized tax benefits $ 66.3   $ 70.7
Unrecognized tax benefits that would impact effective tax rate 53.5   56.5
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit 17.8    
Unrecognized tax benefits, interest on income taxes accrued 28.4   27.3
Unrecognized tax benefits, income tax penalties accrued $ 20.6   $ 21.1
Effective tax rate 23.20% 25.30%  
XML 29 R14.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Income Per Common Share
3 Months Ended
Jul. 27, 2011
Income Per Common Share [Abstract]  
Income Per Common Share
(9)   Income Per Common Share
 
The following are reconciliations of income to income applicable to common stock and the number of common shares outstanding used to calculate basic EPS to those shares used to calculate diluted EPS:
 
                 
    First Quarter Ended  
    July 27, 2011
    July 28, 2010
 
    FY 2012     FY 2011  
    (In thousands)  
 
Income attributable to H. J. Heinz Company
  $ 226,114     $ 240,427  
Allocation to participating securities(a)
    360       186  
Preferred dividends
    3       3  
                 
Income applicable to common stock
  $ 225,751     $ 240,238  
                 
Average common shares outstanding—basic
    321,411       318,060  
Effect of dilutive securities:
               
Convertible preferred stock
    101       104  
Stock options, restricted stock and the global stock purchase plan
    2,734       2,845  
                 
Average common shares outstanding—diluted
    324,246       321,009  
                 
 
 
(a) Represents unvested share-based payment awards that contain certain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid).
 
Diluted earnings per share is based upon the average shares of common stock and dilutive common stock equivalents outstanding during the periods presented. Common stock equivalents arising from dilutive stock options, restricted common stock units, and the global stock purchase plan are computed using the treasury stock method.
 
Options to purchase an aggregate of 0.2 million and 2.9 million shares of common stock for the first quarters ended July 27, 2011 and July 28, 2010, respectively, were not included in the computation of diluted earnings per share because inclusion of these options would be anti-dilutive. These options expire at various points in time through 2018.
XML 30 R19.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Fair Value Measurements
3 Months Ended
Jul. 27, 2011
Fair Value Measurements [Abstract]  
Fair Value Measurements
 
(14)   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 July 27, 2011 and April 27, 2011, the fair values of the Company’s assets and liabilities measured on a recurring basis are categorized as follows:
 
                                                                 
    July 27, 2011     April 27, 2011  
    Level 1     Level 2     Level 3     Total     Level 1     Level 2     Level 3     Total  
    (Thousands of Dollars)  
 
Assets:
                                                               
Derivatives(a)
  $     $ 103,327     $     $ 103,327     $     $ 115,705     $     $ 115,705  
Short-term investments(b)
  $ 57,165     $     $     $ 57,165     $ 60,125     $     $     $ 60,125  
                                                                 
Total assets at fair value
  $ 57,165     $ 103,327     $     $ 160,492     $ 60,125     $ 115,705     $     $ 175,830  
                                                                 
Liabilities:
                                                               
Derivatives(a)
  $     $ 43,318     $     $ 43,318     $     $ 43,007     $     $ 43,007  
Earn-out(c)
  $     $     $ 45,714     $ 45,714     $     $     $ 45,325     $ 45,325  
                                                                 
Total liabilities at fair value
  $     $ 43,318     $ 45,714     $ 89,032     $     $ 43,007     $ 45,325     $ 88,332  
                                                                 
 
 
  (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.
  (b)  The Company acquired Coniexpress in Brazil in Fiscal 2011. The acquisition included short-term investments that are valued based on observable market rates and classified within Level 1 of the fair value hierarchy.
  (c)  The Company acquired Foodstar Holding Pte (“Foodstar”) in China in Fiscal 2011. Consideration for this acquisition included a potential earn-out payment in Fiscal 2014 contingent upon certain net sales and EBITDA (earnings before interest, taxes, depreciation and amortization) targets during Fiscals 2013 and 2014. The fair value of the earn-out was estimated using a discounted cash flow model and is based on significant inputs not observed in the market and thus represents a Level 3 measurement. Key assumptions in determining the fair value of the earn-out include the discount rate and revenue and EBITDA projections for Fiscals 2013 and 2014. As of July 27, 2011 there were no significant changes to the fair value of the earn-out recorded for Foodstar at the acquisition date. A change in fair value of the earn-out could have a material impact on the Company’s earnings.
 
There have been no transfers between Levels 1 and 2 in Fiscals 2012 and 2011.
 
The Company recognized $16.8 million of non-cash asset write-offs during the first quarter of Fiscal 2012 related to four factory closures including two in Europe, one in the U.S. and one in the Pacific. These factory closures are directly linked to the Company’s Fiscal 2012 productivity initiatives. See Note 3. These charges reduced the Company’s carrying value in the assets to estimated fair value, which is not material.
 
As of July 27, 2011 and April 27, 2011, the aggregate fair value of the Company’s debt obligations, based on market quotes, approximated the recorded value, with the exception of the 7.125% notes issued as part of the dealer remarketable securities exchange transaction. The book value of these notes has been reduced as a result of the cash payments made in connection with the exchange, which occurred in Fiscal 2010.
XML 31 R15.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Comprehensive Income
3 Months Ended
Jul. 27, 2011
Equity [Abstract]  
Comprehensive Income
 
(10)   Comprehensive Income
 
The following table provides a summary of comprehensive income attributable to H. J. Heinz Company:
 
                 
    First Quarter Ended  
    July 27, 2011
    July 28, 2010
 
    FY 2012     FY 2011  
    (Thousands of Dollars)  
 
Net income
  $ 234,959     $ 248,595  
Other comprehensive income/(loss):
               
Foreign currency translation adjustments
    (25,745 )     (26,055 )
Reclassification of net pension and postretirement benefit losses to net income
    13,920       13,207  
Net deferred gains on derivatives from periodic revaluations
    15,737       4,039  
Net deferred gains on derivatives reclassified to earnings
    (11,742 )     (2,473 )
                 
Total comprehensive income
    227,129       237,313  
                 
Comprehensive income attributable to the noncontrolling interest
    (10,853 )     (8,672 )
                 
Comprehensive income attributable to H. J. Heinz Company
  $ 216,276     $ 228,641  
                 
 
The following table summarizes the allocation of total comprehensive income between H. J. Heinz Company and the noncontrolling interest for the first quarter ended July 27, 2011:
 
                         
    H. J. Heinz
    Noncontrolling
       
    Company     Interest     Total  
    (Thousands of Dollars)  
 
Net income
  $ 226,114     $ 8,845     $ 234,959  
Other comprehensive income:
                       
Foreign currency translation adjustments
    (27,729 )     1,984       (25,745 )
Reclassification of net pension and postretirement benefit losses/(gains) to net income
    13,951       (31 )     13,920  
Net deferred gains/(losses) on derivatives from periodic revaluations
    15,776       (39 )     15,737  
Net deferred (gains)/losses on derivatives reclassified to earnings
    (11,836 )     94       (11,742 )
                         
Total comprehensive income
  $ 216,276     $ 10,853     $ 227,129  
                         
XML 32 R32.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Productivity Initiatives (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Jul. 27, 2011
Employees
Restructuring Cost and Reserve [Line Items]  
Restructuring and Related Cost, Expected Cash Paid in Fiscal 2012 $ 130
Restructuring and Related Cost, Expected Cost in Fiscal 2012 160
Restructuring and Related Cost, Expected Cost, Per Share Amount in Fiscal 2012 $ 0.35
Restructuring and Related Cost, Incurred Cost 40.5
Restructuring and Related Cost, Incurred Cost, After Tax 28.4
Restructuring and Related Cost, Incurred Cost, Per Share Amount $ 0.09
Asset Impairment Charges 16.8
Severance Costs 14.9
Restructuring and Related Cost, Number of Positions Eliminated 160
Other Restructuring Costs 8.8
Restructuring and Related Cost, Incurred Cost, Cost of Products Sold 31.4
Restructuring and Related Cost, Incurred Cost, Selling General and Administrative Expense 9.1
Restructuring Reserve, Settled with Cash 10.9
Restructuring Reserve $ 11.1
Upper Limit [Member]
 
Restructuring Cost and Reserve [Line Items]  
Restructuring and Related Cost, Expected Number of Positions Eliminated in Fiscal 2012 1,000
Lower Limit [Member]
 
Restructuring Cost and Reserve [Line Items]  
Restructuring and Related Cost, Expected Number of Positions Eliminated in Fiscal 2012 800
XML 33 R13.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Segments
3 Months Ended
Jul. 27, 2011
Segments [Abstract]  
Segments
 
(8)   Segments
 
The Company’s segments are primarily organized by geographic area. The composition of segments and measure of segment profitability are consistent with that used by the Company’s management.
 
Descriptions of the Company’s reportable segments are as follows:
 
North American Consumer Products—This segment primarily manufactures, markets and sells ketchup, condiments, sauces, pasta meals, and frozen potatoes, entrees, snacks, and appetizers to the grocery channels in the United States of America and includes our Canadian business.
 
Europe—This segment includes the Company’s operations in Europe and sells products in all of the Company’s categories.
 
Asia/Pacific—This segment includes the Company’s operations in Australia, New Zealand, India, Japan, China, South Korea, Indonesia, Vietnam and Singapore. This segment’s operations include products in all of the Company’s categories.
 
U.S. Foodservice—This segment primarily manufactures, markets and sells branded and customized products to commercial and non-commercial food outlets and distributors in the United States of America including ketchup, condiments, sauces, frozen soups and desserts.
 
Rest of World—This segment includes the Company’s operations in Africa, Latin America, and the Middle East that sell products in all of the Company’s categories.
 
The Company’s management evaluates performance based on several factors including net sales, operating income and the use of capital resources. Inter-segment revenues, items below the operating income line of the consolidated statements of income, and certain costs associated with the corporation-wide productivity initiatives (see Note 3) are not presented by segment, since they are not reflected in the measure of segment profitability reviewed by the Company’s management.
 
The following table presents information about the Company’s reportable segments:
 
                 
    First Quarter Ended  
    July 27, 2011
    July 28, 2010
 
    FY 2012     FY 2011  
    (Thousands of Dollars)  
 
Net external sales:
               
North American Consumer Products
  $ 774,621     $ 761,812  
Europe
    837,832       713,323  
Asia/Pacific
    670,766       558,180  
U.S. Foodservice
    324,950       328,534  
Rest of World
    241,412       118,976  
                 
Consolidated Totals
  $ 2,849,581     $ 2,480,825  
                 
Operating income (loss):
               
North American Consumer Products
  $ 190,778     $ 191,080  
Europe
    137,439       115,036  
Asia/Pacific
    61,245       71,702  
U.S. Foodservice
    31,556       39,489  
Rest of World
    32,296       15,920  
Other:
               
Non-Operating(a)
    (43,240 )     (27,512 )
Productivity initiatives(b)
    (40,511 )      
                 
Consolidated Totals
  $ 369,563     $ 405,715  
                 
 
 
  (a)  Includes corporate overhead, intercompany eliminations and charges not directly attributable to operating segments.
 
  (b)  See Note 3 for further details.
 
The Company’s revenues are generated via the sale of products in the following categories:
 
                 
    First Quarter Ended  
    July 27, 2011
    July 28, 2010
 
    FY 2012     FY 2011  
    (Thousands of Dollars)  
 
Ketchup and Sauces
  $ 1,310,480     $ 1,092,196  
Meals and Snacks
    1,008,396       917,824  
Infant/Nutrition
    322,114       280,775  
Other
    208,591       190,030  
                 
Total
  $ 2,849,581     $ 2,480,825  
                 
XML 34 R6.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Basis of Presentation
3 Months Ended
Jul. 27, 2011
Basis of Presentation [Abstract]  
Basis of Presentation
 
(1)   Basis of Presentation
 
The interim condensed consolidated financial statements of H. J. Heinz Company, together with its subsidiaries (collectively referred to as the “Company”), are unaudited. In the opinion of management, all adjustments, which are of a normal and recurring nature, except those which have been disclosed elsewhere in this Quarterly Report on Form 10-Q, necessary for a fair statement of the results of operations of these interim periods, have been included. The results for interim periods are not necessarily indicative of the results to be expected for the full fiscal year due to the seasonal nature of the Company’s business. These statements should be read in conjunction with the Company’s consolidated financial statements and related notes, and management’s discussion and analysis of financial condition and results of operations which appear in the Company’s Annual Report on Form 10-K for the year ended April 27, 2011.
XML 35 R9.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Goodwill and Other Intangible Assets
3 Months Ended
Jul. 27, 2011
Goodwill and Other Intangible Assets [Abstract]  
Goodwill and Other Intangible Assets
(4)   Goodwill and Other Intangible Assets
 
Changes in the carrying amount of goodwill for the first quarter ended July 27, 2011, by reportable segment, are as follows:
 
                                                 
    North
                               
    American
                               
    Consumer
                U.S.
    Rest of
       
    Products     Europe     Asia/Pacific     Foodservice     World     Total  
    (Thousands of Dollars)  
 
Balance at April 28, 2010
  $ 1,102,891     $ 1,106,744     $ 289,425     $ 257,674     $ 14,184     $ 2,770,918  
Acquisitions
                77,345             300,227       377,572  
Purchase accounting adjustments
          (278 )     (10,688 )                 (10,966 )
Translation adjustments
    8,846       114,774       35,998             1,299       160,917  
                                                 
Balance at April 27, 2011
    1,111,737       1,221,240       392,080       257,674       315,710       3,298,441  
Purchase accounting adjustments
                            1,980       1,980  
Translation adjustments
    (16 )     (27,061 )     13,669             2,907       (10,501 )
                                                 
Balance at July 27, 2011
  $ 1,111,721     $ 1,194,179     $ 405,749     $ 257,674     $ 320,597     $ 3,289,920  
                                                 
 
During the fourth quarter of Fiscal 2011, the Company acquired Coniexpress S.A. Industrias Alimenticias (“Coniexpress”) in Brazil and recorded a preliminary purchase price allocation which is expected to be finalized upon third party valuation procedures. Total goodwill accumulated impairment losses for the Company were $84.7 million consisting of $54.5 million for Europe, $2.7 million for Asia/Pacific, $27.4 million for Rest of World as of April 28, 2010, April 27, 2011 and July 27, 2011.
 
Trademarks and other intangible assets at July 27, 2011 and April 27, 2011, subject to amortization expense, are as follows:
 
                                                 
    July 27, 2011     April 27, 2011  
          Accum
                Accum
       
    Gross     Amort     Net     Gross     Amort     Net  
    (Thousands of Dollars)  
 
Trademarks
  $ 293,836     $ (84,453 )   $ 209,383     $ 297,020     $ (83,343 )   $ 213,677  
Licenses
    208,186       (159,657 )     48,529       208,186       (158,228 )     49,958  
Recipes/processes
    90,553       (33,056 )     57,497       90,553       (31,988 )     58,565  
Customer related assets
    224,771       (61,268 )     163,503       224,173       (57,555 )     166,618  
Other
    52,233       (27,933 )     24,300       79,045       (54,833 )     24,212  
                                                 
    $ 869,579     $ (366,367 )   $ 503,212     $ 898,977     $ (385,947 )   $ 513,030  
                                                 
 
Amortization expense for trademarks and other intangible assets was $8.0 million and $7.1 million for the quarters ended July 27, 2011 and July 28, 2010, respectively. Based upon the amortizable intangible assets recorded on the balance sheet as of July 27, 2011, annual amortization expense for each of the next five fiscal years is estimated to be approximately $32 million.
 
Intangible assets not subject to amortization at July 27, 2011 totaled $1,080.0 million and consisted of $938.9 million of trademarks, $120.6 million of recipes/processes, and $20.5 million of licenses. Intangible assets not subject to amortization at April 27, 2011, totaled $1,085.7 million and consisted of $942.5 million of trademarks, $122.5 million of recipes/processes, and $20.7 million of licenses.
XML 36 R40.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Comprehensive Income (Details) (USD $)
In Thousands
3 Months Ended
Jul. 27, 2011
Jul. 28, 2010
Comprehensive Income [Abstract]    
Net income $ 234,959 $ 248,595
Other comprehensive income/(loss):    
Foreign currency translation adjustments (25,745) (26,055)
Reclassification of net pension and postretirement benefit (gains)/losses to net income 13,920 13,207
Net deferred gains/(losses) on derivatives from periodic revaluations 15,737 4,039
Net deferred (gains)/losses on derivatives reclassified to earnings (11,742) (2,473)
Total comprehensive income 227,129 237,313
H.J. Heinz Company [Member]
   
Comprehensive Income [Abstract]    
Net income 226,114  
Other comprehensive income/(loss):    
Foreign currency translation adjustments (27,729)  
Reclassification of net pension and postretirement benefit (gains)/losses to net income 13,951  
Net deferred gains/(losses) on derivatives from periodic revaluations 15,776  
Net deferred (gains)/losses on derivatives reclassified to earnings (11,836)  
Total comprehensive income 216,276 228,641
Noncontrolling Interest [Member]
   
Comprehensive Income [Abstract]    
Net income 8,845  
Other comprehensive income/(loss):    
Foreign currency translation adjustments 1,984  
Reclassification of net pension and postretirement benefit (gains)/losses to net income (31)  
Net deferred gains/(losses) on derivatives from periodic revaluations (39)  
Net deferred (gains)/losses on derivatives reclassified to earnings 94  
Total comprehensive income $ 10,853 $ 8,672
XML 37 R31.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Derivative Financial Instruments and Hedging Activities (Tables)
3 Months Ended
Jul. 27, 2011
Derivative Financial Instruments and Hedging Activities [Abstract]  
Fair values and corresponding balance sheet captions of the Company's derivative instruments
 
                                                 
    July 27, 2011     April 27, 2011  
                Cross-
                Cross-
 
                Currency
                Currency
 
    Foreign
    Interest
    Interest Rate
    Foreign
    Interest
    Interest Rate
 
    Exchange
    Rate
    Swap
    Exchange
    Rate
    Swap
 
    Contracts     Contracts     Contracts     Contracts     Contracts     Contracts  
    (Dollars in Thousands)  
 
Assets:
                                               
Derivatives designated as hedging instruments:
                                               
Other receivables, net
  $ 15,354     $ 22,769     $     $ 28,139     $ 38,703     $  
Other non-current assets
    9,274       19,534       34,380       7,913       16,723       14,898  
                                                 
      24,628       42,303       34,380       36,052       55,426       14,898  
                                                 
Derivatives not designated as hedging instruments:
                                               
Other receivables, net
    2,016                   9,329              
Other non-current assets
                                   
                                                 
      2,016                   9,329              
                                                 
Total assets
  $ 26,644     $ 42,303     $ 34,380     $ 45,381     $ 55,426     $ 14,898  
                                                 
Liabilities:
                                               
Derivatives designated as hedging instruments:
                                               
Other payables
  $ 23,946     $     $ 5,778     $ 27,804     $     $ 6,125  
Other non-current liabilities
    6,990                   8,054              
                                                 
      30,936             5,778       35,858             6,125  
                                                 
Derivatives not designated as hedging instruments:
                                               
Other payables
    6,604                   1,024              
Other non-current liabilities
                                   
                                                 
      6,604                   1,024              
                                                 
Total liabilities
  $ 37,540     $     $ 5,778     $ 36,882     $     $ 6,125  
                                                 
Effect of derivative instruments on the statement of income
 
                         
    First Quarter Ended  
    July 27, 2011  
                Cross-Currency
 
    Foreign Exchange
    Interest Rate
    Interest Rate
 
    Contracts     Contracts     Swap Contracts  
    (Dollars in Thousands)  
 
Cash flow hedges:
                       
Net gains recognized in other comprehensive loss (effective portion)
  $ 7,386     $     $ 18,329  
                         
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):
                       
Sales
  $ 2,104     $     $  
Cost of products sold
    (5,588 )            
Selling, general and administrative expenses
    123              
Other income, net
    5,150             20,264  
Interest income/(expense)
    107             (1,506 )
                         
      1,896             18,758  
                         
Fair value hedges:
                       
Net losses recognized in other expense, net
          (13,123 )      
Derivatives not designated as hedging instruments:
                       
Net losses recognized in other expense, net
    (8,863 )            
                         
Total amount recognized in statement of income
  $ (6,967 )   $ (13,123 )   $ 18,758  
                         
 
                         
    First Quarter Ended  
    July 28, 2010  
                Cross-Currency
 
    Foreign Exchange
    Interest Rate
    Interest Rate
 
    Contracts     Contracts     Swap Contracts  
    (Dollars in Thousands)  
 
Cash flow hedges:
                       
Net (losses)/gains recognized in other comprehensive loss (effective portion)
  $ (3,167 )   $     $ 9,855  
                         
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):
                       
Sales
  $ 380     $     $  
Cost of products sold
    (3,793 )            
Selling, general and administrative expenses
    (97 )            
Other (expense)/income, net
    (3,642 )           12,000  
Interest expense
    (2 )           (891 )
                         
      (7,154 )           11,109  
                         
Fair value hedges:
                       
Net gains recognized in other income, net
          1,681        
Derivatives not designated as hedging instruments:
                       
Net losses recognized in other expense, net
    (5,285 )            
                         
Total amount recognized in statement of income
  $ (12,439 )   $ 1,681     $ 11,109  
                         
XML 38 R10.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Income Taxes
3 Months Ended
Jul. 27, 2011
Income Taxes [Abstract]  
Income Taxes
(5)   Income Taxes
 
The total amount of gross unrecognized tax benefits for uncertain tax positions, including positions impacting only the timing of tax benefits, was $66.3 million and $70.7 million, on July 27, 2011 and April 27, 2011, respectively. The amounts of unrecognized tax benefits that, if recognized, would impact the effective tax rate were $53.5 million and $56.5 million, on July 27, 2011 and April 27, 2011, respectively. It is reasonably possible that the amount of unrecognized tax benefits will decrease by as much as $17.8 million in the next 12 months due to the expiration of statutes of limitations in various foreign jurisdictions along with the progression of federal, state, and foreign audits in process.
 
The Company classifies interest and penalties on tax uncertainties as a component of the provision for income taxes. The total amounts of interest and penalties accrued at July 27, 2011 were $28.4 million and $20.6 million, respectively. The corresponding amounts of accrued interest and penalties at April 27, 2011 were $27.3 million and $21.1 million, respectively.
 
The provision for income taxes consists of provisions for federal, state and foreign income taxes. The Company operates in an international environment with significant operations in various locations outside the U.S. Accordingly, the consolidated income tax rate is a composite rate reflecting the earnings in various locations and the applicable tax rates. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Australia, Canada, Italy, the United Kingdom and the United States. The Company has substantially concluded all national income tax matters for years through Fiscal 2009 for the U.S., through Fiscal 2008 for the United Kingdom, through Fiscal 2007 for Italy, and through Fiscal 2006 for Australia and Canada.
 
The effective tax rate for the current quarter was 23.2% compared to 25.3% last year. The decrease in the effective tax rate is primarily the result of a statutory tax rate reduction in the United Kingdom that was enacted during the first quarter of Fiscal 2012.
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Debt (Details) (USD $)
3 Months Ended 12 Months Ended
Jul. 27, 2011
Apr. 27, 2011
Debt Instrument [Line Items]    
Total credit agreements supporting commercial paper borrowings $ 1,500,000,000 $ 1,200,000,000
Maturity date June 2016 April 2012
3.48% Private Placement Notes [Member]
   
Debt Instrument [Line Items]    
Private placement notes, face amount 500,000,000  
Private placement notes, average interest rate 3.48%  
3.38% Private Placement Notes [Member]
   
Debt Instrument [Line Items]    
Private placement notes, face amount 100,000,000  
Private placement notes, average interest rate 3.38%  
6.625% U.S. Dollar Notes due July 2011 [Member]
   
Debt Instrument [Line Items]    
Private placement notes, face amount $ 750,000,000  
Private placement notes, average interest rate 6.625%  
XML 41 R28.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Comprehensive Income (Tables)
3 Months Ended
Jul. 27, 2011
Equity [Abstract]  
Summary of comprehensive income
 
The following table provides a summary of comprehensive income attributable to H. J. Heinz Company:
 
                 
    First Quarter Ended  
    July 27, 2011
    July 28, 2010
 
    FY 2012     FY 2011  
    (Thousands of Dollars)  
 
Net income
  $ 234,959     $ 248,595  
Other comprehensive income/(loss):
               
Foreign currency translation adjustments
    (25,745 )     (26,055 )
Reclassification of net pension and postretirement benefit losses to net income
    13,920       13,207  
Net deferred gains on derivatives from periodic revaluations
    15,737       4,039  
Net deferred gains on derivatives reclassified to earnings
    (11,742 )     (2,473 )
                 
Total comprehensive income
    227,129       237,313  
                 
Comprehensive income attributable to the noncontrolling interest
    (10,853 )     (8,672 )
                 
Comprehensive income attributable to H. J. Heinz Company
  $ 216,276     $ 228,641  
                 
 
The following table summarizes the allocation of total comprehensive income between H. J. Heinz Company and the noncontrolling interest for the first quarter ended July 27, 2011:
 
                         
    H. J. Heinz
    Noncontrolling
       
    Company     Interest     Total  
    (Thousands of Dollars)  
 
Net income
  $ 226,114     $ 8,845     $ 234,959  
Other comprehensive income:
                       
Foreign currency translation adjustments
    (27,729 )     1,984       (25,745 )
Reclassification of net pension and postretirement benefit losses/(gains) to net income
    13,951       (31 )     13,920  
Net deferred gains/(losses) on derivatives from periodic revaluations
    15,776       (39 )     15,737  
Net deferred (gains)/losses on derivatives reclassified to earnings
    (11,836 )     94       (11,742 )
                         
Total comprehensive income
  $ 216,276     $ 10,853     $ 227,129  
                         
XML 42 R33.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Goodwill and Other Intangible Assets 1 (Details) (USD $)
3 Months Ended
Jul. 27, 2011
Jul. 28, 2010
Apr. 27, 2011
Finite Lived Intangible Assets [Line Items]      
Gross $ 869,579,000   $ 898,977,000
Accumulated Amortization (366,367,000)   (385,947,000)
Net 503,212,000   513,030,000
Intangible assets not subject to amortization 1,080,000,000   1,085,700,000
Finite Lived Intangible Assets (Textuals) [Abstract]      
Amortization expense for trademarks and other intangible assets 8,000,000 7,100,000  
Future amortization expense for finite-lived intangible assets 32,000,000    
Trademarks [Member]
     
Finite Lived Intangible Assets [Line Items]      
Gross 293,836,000   297,020,000
Accumulated Amortization (84,453,000)   (83,343,000)
Net 209,383,000   213,677,000
Intangible assets not subject to amortization 938,900,000   942,500,000
Licenses [Member]
     
Finite Lived Intangible Assets [Line Items]      
Gross 208,186,000   208,186,000
Accumulated Amortization (159,657,000)   (158,228,000)
Net 48,529,000   49,958,000
Intangible assets not subject to amortization 20,500,000   20,700,000
Recipes/processes [Member]
     
Finite Lived Intangible Assets [Line Items]      
Gross 90,553,000   90,553,000
Accumulated Amortization (33,056,000)   (31,988,000)
Net 57,497,000   58,565,000
Intangible assets not subject to amortization 120,600,000   122,500,000
Customer-related assets [Member]
     
Finite Lived Intangible Assets [Line Items]      
Gross 224,771,000   224,173,000
Accumulated Amortization (61,268,000)   (57,555,000)
Net 163,503,000   166,618,000
Other [Member]
     
Finite Lived Intangible Assets [Line Items]      
Gross 52,233,000   79,045,000
Accumulated Amortization (27,933,000)   (54,833,000)
Net $ 24,300,000   $ 24,212,000
XML 43 R41.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Changes in Equity (Details) (USD $)
In Thousands
3 Months Ended
Jul. 27, 2011
Jul. 28, 2010
Stockholders Equity [Line Items]    
Balance at beginning of year $ 3,182,466 [1]  
Comprehensive income 225,121  
Dividends (155,081) (143,726)
Stock options exercised, net of shares tendered for payment 50,720  
Stock option expense 1,561  
Restricted stock unit activity 4,817  
Purchase of treasury stock (86,740) 0
Other 27  
Balance at end of year 3,222,891  
Capital Stock [Member]
   
Stockholders Equity [Line Items]    
Balance at beginning of year 107,843  
Conversion of preferred into common stock (8)  
Balance at end of year 107,835  
Additional Capital [Member]
   
Stockholders Equity [Line Items]    
Balance at beginning of year 629,367  
Stock options exercised, net of shares tendered for payment (11,564)  
Stock option expense 1,561  
Restricted stock unit activity 3,941  
Conversion of preferred into common stock (539)  
Other (17)  
Balance at end of year 622,749  
Retained Earnings [Member]
   
Stockholders Equity [Line Items]    
Balance at beginning of year 7,264,678  
Comprehensive income 226,114  
Dividends (155,081)  
Other (526)  
Balance at end of year 7,335,185  
Treasury Stock [Member]
   
Stockholders Equity [Line Items]    
Balance at beginning of year (4,593,362)  
Stock options exercised, net of shares tendered for payment 62,284  
Restricted stock unit activity 876  
Conversion of preferred into common stock 547  
Purchase of treasury stock (86,740)  
Other 570  
Balance at end of year (4,615,825)  
Accum OCI [Member]
   
Stockholders Equity [Line Items]    
Balance at beginning of year (299,564)  
Comprehensive income (9,838)  
Balance at end of year (309,402)  
Noncontrolling Interest [Member]
   
Stockholders Equity [Line Items]    
Balance at beginning of year 73,504  
Comprehensive income 8,845  
Balance at end of year $ 82,349  
[1] The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America
XML 44 R30.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Fair Value Measurements (Tables)
3 Months Ended
Jul. 27, 2011
Fair Value Measurements [Abstract]  
Fair value assets and liabilities measured on recurring basis
 
                                                                 
    July 27, 2011     April 27, 2011  
    Level 1     Level 2     Level 3     Total     Level 1     Level 2     Level 3     Total  
    (Thousands of Dollars)  
 
Assets:
                                                               
Derivatives(a)
  $     $ 103,327     $     $ 103,327     $     $ 115,705     $     $ 115,705  
Short-term investments(b)
  $ 57,165     $     $     $ 57,165     $ 60,125     $     $     $ 60,125  
                                                                 
Total assets at fair value
  $ 57,165     $ 103,327     $     $ 160,492     $ 60,125     $ 115,705     $     $ 175,830  
                                                                 
Liabilities:
                                                               
Derivatives(a)
  $     $ 43,318     $     $ 43,318     $     $ 43,007     $     $ 43,007  
Earn-out(c)
  $     $     $ 45,714     $ 45,714     $     $     $ 45,325     $ 45,325  
                                                                 
Total liabilities at fair value
  $     $ 43,318     $ 45,714     $ 89,032     $     $ 43,007     $ 45,325     $ 88,332  
                                                                 
 
 
  (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.
  (b)  The Company acquired Coniexpress in Brazil in Fiscal 2011. The acquisition included short-term investments that are valued based on observable market rates and classified within Level 1 of the fair value hierarchy.
  (c)  The Company acquired Foodstar Holding Pte (“Foodstar”) in China in Fiscal 2011. Consideration for this acquisition included a potential earn-out payment in Fiscal 2014 contingent upon certain net sales and EBITDA (earnings before interest, taxes, depreciation and amortization) targets during Fiscals 2013 and 2014. The fair value of the earn-out was estimated using a discounted cash flow model and is based on significant inputs not observed in the market and thus represents a Level 3 measurement. Key assumptions in determining the fair value of the earn-out include the discount rate and revenue and EBITDA projections for Fiscals 2013 and 2014. As of July 27, 2011 there were no significant changes to the fair value of the earn-out recorded for Foodstar at the acquisition date. A change in fair value of the earn-out could have a material impact on the Company’s earnings.
XML 45 R18.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Financing Arrangements
3 Months Ended
Jul. 27, 2011
Financing Arrangements [Abstract]  
Financing Arrangements
 
(13)   Financing Arrangements
 
In Fiscal 2010, the Company entered into a three-year $175 million accounts receivable securitization program. For the sale of receivables under the program, the Company receives initial cash funding and a deferred purchase price. The initial cash funding was $118.7 million and $116.2 million during the first quarters ended July 27, 2011 and July 28, 2010, respectively, resulting in an increase in cash for sales under this program for the first quarters ended July 27, 2011 and July 28, 2010 of $89.7 million and $32.0 million, respectively. The fair value of the deferred purchase price was $56.2 million and $173.9 million as of July 27, 2011 and April 27, 2011, respectively. The increase in cash proceeds related to the deferred purchase price was $117.7 million and $51.5 million for the first quarters ended July 27, 2011 and July 28, 2010, respectively. This deferred purchase price is included as a trade receivable on the consolidated balance sheets and has a carrying value which approximates fair value as of July 27, 2011 and April 27, 2011, due to the nature of the short-term underlying financial assets.
 
In addition, the Company acted as servicer for approximately $168 million and $146 million of trade receivables which were sold to unrelated third parties without recourse as of July 27, 2011 and April 27, 2011, respectively. These trade receivables are short-term in nature. The proceeds from these sales are also recognized on the statements of cash flows as a component of operating activities.
 
The Company has not recorded any servicing assets or liabilities as of July 27, 2011 or April 27, 2011 for the arrangements discussed above because the fair value of these servicing agreements as well as the fees earned were not material to the financial statements.
XML 46 R11.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Employees' Stock Incentive Plans and Management Incentive Plans
3 Months Ended
Jul. 27, 2011
Employees' Stock Incentive Plans and Management Incentive Plans [Abstract]  
Employees' Stock Incentive Plans and Management Incentive Plans
 
(6)   Employees’ Stock Incentive Plans and Management Incentive Plans
 
At July 27, 2011, the Company had outstanding stock option awards, restricted stock units and restricted stock awards issued pursuant to various shareholder-approved plans and a shareholder-authorized employee stock purchase plan, as described on pages 62 to 67 of the Company’s Annual Report on Form 10-K for the fiscal year ended April 27, 2011. The compensation cost related to these plans recognized in SG&A and the related tax benefit were $6.0 million and $1.7 million for the first quarter ended July 27, 2011, and $5.2 million and $1.6 million for the first quarter ended July 28, 2010, respectively.
 
In the first quarter of Fiscal 2012, the Company granted performance awards as permitted in the Fiscal Year 2003 Stock Incentive Plan, subject to the achievement of certain performance goals. These performance awards are tied to the Company’s relative Total Shareholder Return (“Relative TSR”) Ranking within the defined Long-term Performance Program (“LTPP”) peer group and the 2-year average after-tax Return on Invested Capital (“ROIC”) metrics. The Relative TSR metric is based on the two-year cumulative return to shareholders from the change in stock price and dividends paid between the starting and ending dates. The starting value was based on the average of each LTPP peer group company stock price for the 60 trading days prior to and including April 27, 2011. The ending value will be based on the average stock price for the 60 trading days prior to and including the close of the Fiscal 2013 year end, plus dividends paid over the 2 year performance period. The compensation cost related to LTPP awards recognized in SG&A was $5.6 million, with the related tax benefit of $1.9 million for the first quarter ended July 27, 2011. The compensation cost related to LTPP awards recognized in SG&A was $2.8 million, with the related tax benefit of $0.9 million for the first quarter ended July 28, 2010.
XML 47 R21.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Venezuela - Foreign Currency and Inflation
3 Months Ended
Jul. 27, 2011
Venezuela - Foreign Currency and Inflation [Abstract]  
Venezuela - Foreign Currency and Inflation
 
(16)   Venezuela- Foreign Currency and Inflation
 
The Company applies highly inflationary accounting to its business in Venezuela. Under highly inflationary accounting, the financial statements of our Venezuelan subsidiary are remeasured into the Company’s reporting currency (U.S. dollars) and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than accumulated other comprehensive loss on the balance sheet, until such time as the economy is no longer considered highly inflationary. The impact of applying highly inflationary accounting for Venezuela on our consolidated financial statements is dependent upon movements in the official exchange rate between the Venezuelan bolivar fuerte and the U.S. dollar and the amount of monetary assets and liabilities included in our subsidiary’s balance sheet. At July 27, 2011, the U.S. dollar value of monetary assets, net of monetary liabilities, which would be subject to an earnings impact from exchange rate movements for our Venezuelan subsidiary under highly inflationary accounting was $72.4 million.
XML 48 R39.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Income Per Common Share (Details) (USD $)
In Thousands, except Share data
3 Months Ended
Jul. 27, 2011
Jul. 28, 2010
Earnings Per Share Reconciliation    
Income from continuing operations attributable to H.J. Heinz Company common shareholders, net of tax $ 226,114 $ 240,427
Allocation to participating securities 360 186
Preferred dividends 3 3
Income from continuing operations applicable to common stock $ 225,751 $ 240,238
Average common shares outstanding-basic 321,411,000 318,060,000
Effect of dilutive securities:    
Convertible preferred stock 101,000 104,000
Stock options, restricted stock and the global stock purchase plan 2,734,000 2,845,000
Average common shares outstanding-diluted 324,246,000 321,009,000
Income Per Common Share (Textuals) [Abstract]    
Anti-dilutive stock options 200,000 2,900,000
XML 49 R29.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Changes In Equity (Tables)
3 Months Ended
Jul. 27, 2011
Equity [Abstract]  
Summary of changes in carrying amounts of total equity
 
                                                         
          H. J. Heinz Company        
          Capital
    Additional
    Retained
    Treasury
    Accum
    Noncontrolling
 
    Total     Stock     Capital     Earnings     Stock     OCI     Interest  
    (Thousands of Dollars)  
 
Balance as of April 27, 2011
  $ 3,182,466     $ 107,843     $ 629,367     $ 7,264,678     $ (4,593,362 )   $ (299,564 )   $ 73,504  
Comprehensive income(1)
    225,121                   226,114             (9,838 )     8,845  
Dividends paid to shareholders of H. J. Heinz Company
    (155,081 )                 (155,081 )                  
Stock options exercised, net of shares tendered for payment
    50,720             (11,564 )           62,284              
Stock option expense
    1,561             1,561                          
Restricted stock unit activity
    4,817             3,941             876              
Conversion of preferred into common stock
          (8 )     (539 )           547              
Shares reacquired
    (86,740 )                       (86,740 )            
Other
    27             (17 )     (526 )     570              
                                                         
Balance as of July 27, 2011
  $ 3,222,891     $ 107,835     $ 622,749     $ 7,335,185     $ (4,615,825 )   $ (309,402 )   $ 82,349  
                                                         
 
 
(1) The allocation of the individual components of comprehensive income attributable to H. J. Heinz Company and the noncontrolling interest is disclosed in Note 10.
XML 50 R5.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
3 Months Ended
Jul. 27, 2011
Jul. 28, 2010
Cash Flows from Operating Activities:    
Net income $ 234,959 $ 248,595
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 72,900 58,715
Amortization 11,104 10,604
Deferred tax provision 3,483 37,751
Pension contributions (3,351) (6,616)
Other items, net 43,086 (7,380)
Changes in current assets and liabilities, excluding effects of acquisitions and divestitures:    
Receivables (includes proceeds from securitization) 108,771 71,750
Inventories (39,593) 5,769
Prepaid expenses and other current assets (37,365) (29,277)
Accounts payable (147,755) (47,792)
Accrued liabilities (101,238) (143,130)
Income taxes 19,789 73,417
Cash provided by operating activities 164,790 272,406
Cash Flows from Investing Activities:    
Capital expenditures (74,270) (55,625)
Proceeds from disposals of property, plant and equipment 6,592 205
Other items, net (4,461) 1,932
Cash used for investing activities (72,139) (53,488)
Cash Flows from Financing Activities:    
Payments on long-term debt (806,282) (7,726)
Proceeds from long-term debt 610,349 9,457
Net proceeds/(payments) on commercial paper and short-term debt 259,904 (90,514)
Dividends (155,081) (143,726)
Exercise of stock options 43,913 19,434
Purchase of treasury stock (86,740) 0
Other items, net 13,248 15,068
Cash used for financing activities (120,689) (198,007)
Effect of exchange rate changes on cash and cash equivalents (18,545) (9,655)
Net (decrease)/increase in cash and cash equivalents (46,583) 11,256
Cash and cash equivalents at beginning of year 724,311 [1] 483,253
Cash and cash equivalents at end of period $ 677,728 $ 494,509
[1] The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America
XML 51 R22.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Redeemable Noncontrolling Interest
3 Months Ended
Jul. 27, 2011
Redeemable Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interest
 
(17)   Redeemable Noncontrolling Interest
 
The minority partner in Coniexpress has the right, at any time, to exercise a put option to require the Company to purchase his 20% equity interest at a redemption value determinable from a specified formula based on a multiple of EBITDA (subject to a fixed minimum linked to the original acquisition date value). The Company also has a call right on this noncontrolling interest exercisable at any time and subject to the same redemption price. The put and call options cannot be separated from the noncontrolling interest and the combination of a noncontrolling interest and the redemption feature require classification of the minority partner’s interest as a redeemable noncontrolling interest in the condensed consolidated balance sheet. The carrying amount of the redeemable noncontrolling interest approximates its maximum redemption value. Any subsequent change in maximum redemption value would be adjusted through retained earnings. We do not currently believe the exercise of the put option would materially impact our results of operations or financial condition.
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Fair Value Measurements (Details) (USD $)
3 Months Ended
Jul. 27, 2011
Apr. 27, 2011
Fair Value Measurements (Textuals) [Abstract]    
Interest rate on notes issued 7.125% 7.125%
Recognized non-cash asset write-offs $ 16,800,000  
Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
   
Assets:    
Derivatives 0 0
Short-term investments 57,165,000 60,125,000
Total assets at fair value 57,165,000 60,125,000
Liabilities:    
Derivatives 0 0
Earn-out 0 0
Total liabilities at fair value 0 0
Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
   
Assets:    
Derivatives 103,327,000 115,705,000
Short-term investments 0 0
Total assets at fair value 103,327,000 115,705,000
Liabilities:    
Derivatives 43,318,000 43,007,000
Earn-out 0 0
Total liabilities at fair value 43,318,000 43,007,000
Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
   
Assets:    
Derivatives 0 0
Short-term investments 0 0
Total assets at fair value 0 0
Liabilities:    
Derivatives 0 0
Earn-out 45,714,000 45,325,000
Total liabilities at fair value 45,714,000 45,325,000
Fair Value, Measurements, Recurring [Member]
   
Assets:    
Derivatives 103,327,000 115,705,000
Short-term investments 57,165,000 60,125,000
Total assets at fair value 160,492,000 175,830,000
Liabilities:    
Derivatives 43,318,000 43,007,000
Earn-out 45,714,000 45,325,000
Total liabilities at fair value $ 89,032,000 $ 88,332,000
XML 54 R24.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Goodwill and Other Intangible Assets (Tables)
3 Months Ended
Jul. 27, 2011
Goodwill and Other Intangible Assets [Abstract]  
Changes in the carrying amount of goodwill
 
                                                 
    North
                               
    American
                               
    Consumer
                U.S.
    Rest of
       
    Products     Europe     Asia/Pacific     Foodservice     World     Total  
    (Thousands of Dollars)  
 
Balance at April 28, 2010
  $ 1,102,891     $ 1,106,744     $ 289,425     $ 257,674     $ 14,184     $ 2,770,918  
Acquisitions
                77,345             300,227       377,572  
Purchase accounting adjustments
          (278 )     (10,688 )                 (10,966 )
Translation adjustments
    8,846       114,774       35,998             1,299       160,917  
                                                 
Balance at April 27, 2011
    1,111,737       1,221,240       392,080       257,674       315,710       3,298,441  
Purchase accounting adjustments
                            1,980       1,980  
Translation adjustments
    (16 )     (27,061 )     13,669             2,907       (10,501 )
                                                 
Balance at July 27, 2011
  $ 1,111,721     $ 1,194,179     $ 405,749     $ 257,674     $ 320,597     $ 3,289,920  
                                                 
Finite-Lived Trademarks and other intangible assets
 
                                                 
    July 27, 2011     April 27, 2011  
          Accum
                Accum
       
    Gross     Amort     Net     Gross     Amort     Net  
    (Thousands of Dollars)  
 
Trademarks
  $ 293,836     $ (84,453 )   $ 209,383     $ 297,020     $ (83,343 )   $ 213,677  
Licenses
    208,186       (159,657 )     48,529       208,186       (158,228 )     49,958  
Recipes/processes
    90,553       (33,056 )     57,497       90,553       (31,988 )     58,565  
Customer related assets
    224,771       (61,268 )     163,503       224,173       (57,555 )     166,618  
Other
    52,233       (27,933 )     24,300       79,045       (54,833 )     24,212  
                                                 
    $ 869,579     $ (366,367 )   $ 503,212     $ 898,977     $ (385,947 )   $ 513,030  
                                                 
XML 55 R7.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Recently Issued Accounting Standards
3 Months Ended
Jul. 27, 2011
Accounting Policies [Abstract]  
Recently Issued Accounting Standards
 
(2)   Recently Issued Accounting Standards
 
In June 2011, the Financial Accounting Standards Board (“FASB”) issued an amendment on the presentation of comprehensive income. This amendment is intended to improve comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. This amendment eliminates the current option to report other comprehensive income and its components in the statement of changes in equity. Under this amendment, an entity can elect to present items of net income and other comprehensive income in one continuous statement or in two separate, but consecutive, statements. The statement(s) would need to be presented with equal prominence as the other primary financial statements. While the options for presenting other comprehensive income change under this amendment, many items will not change, including: the items that constitute net income and other comprehensive income; when an item of other comprehensive income must be reclassified to net income; and the earnings-per-share computation. The Company is required to adopt this amendment retrospectively on the first day of Fiscal 2013. This adoption will only impact the presentation of the Company’s financial statements, not the financial results.
 
In May 2011, the FASB issued an amendment to revise the wording used to describe the requirements for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the FASB does not intend for the amendments to result in a change in the application of the current requirements. Some of the amendments clarify the FASB’s intent about the application of existing fair value measurement requirements, such as specifying that the concepts of highest and best use and valuation premise in a fair value measurement are relevant only when measuring the fair value of nonfinancial assets. Other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements such as specifying that, in the absence of a Level 1 input (refer to Note 14 for additional information), a reporting entity should apply premiums or discounts when market participants would do so when pricing the asset or liability. The Company is required to adopt this amendment on the first day of the fourth quarter of Fiscal 2012 and this adoption is not expected to have an impact on the Company’s financial statements.
 
In December 2010, the FASB issued an amendment to the disclosure requirements for Business Combinations. This amendment clarifies that if a public entity is required to disclose pro forma information for business combinations, the entity should disclose such pro forma information as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. This amendment also expands the supplemental pro forma disclosures for business combinations to include a description of the nature and amount of material nonrecurring pro forma adjustments directly attributable to the business combination included in reported pro forma revenue and earnings. The Company adopted this amendment on the first day of Fiscal 2012 and will apply such amendment for any business combinations that are material on an individual or aggregate basis if and when they occur.
 
In December 2010, the FASB issued an amendment to the accounting requirements for Goodwill and Other Intangibles. This amendment modifies Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. In determining whether it is more likely than not that a goodwill impairment exists, an entity should consider whether there are any adverse qualitative factors indicating that impairment may exist. The Company adopted this amendment on the first day of Fiscal 2012. This adoption did not have an impact on the Company’s financial statements.
XML 56 R16.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Changes in Equity
3 Months Ended
Jul. 27, 2011
Equity [Abstract]  
Changes in Equity
 
(11)   Changes in Equity
 
The following table provides a summary of the changes in the carrying amounts of total equity, H. J. Heinz Company shareholders’ equity and equity attributable to the noncontrolling interest:
 
                                                         
          H. J. Heinz Company        
          Capital
    Additional
    Retained
    Treasury
    Accum
    Noncontrolling
 
    Total     Stock     Capital     Earnings     Stock     OCI     Interest  
    (Thousands of Dollars)  
 
Balance as of April 27, 2011
  $ 3,182,466     $ 107,843     $ 629,367     $ 7,264,678     $ (4,593,362 )   $ (299,564 )   $ 73,504  
Comprehensive income(1)
    225,121                   226,114             (9,838 )     8,845  
Dividends paid to shareholders of H. J. Heinz Company
    (155,081 )                 (155,081 )                  
Stock options exercised, net of shares tendered for payment
    50,720             (11,564 )           62,284              
Stock option expense
    1,561             1,561                          
Restricted stock unit activity
    4,817             3,941             876              
Conversion of preferred into common stock
          (8 )     (539 )           547              
Shares reacquired
    (86,740 )                       (86,740 )            
Other
    27             (17 )     (526 )     570              
                                                         
Balance as of July 27, 2011
  $ 3,222,891     $ 107,835     $ 622,749     $ 7,335,185     $ (4,615,825 )   $ (309,402 )   $ 82,349  
                                                         
 
 
(1) The allocation of the individual components of comprehensive income attributable to H. J. Heinz Company and the noncontrolling interest is disclosed in Note 10.
XML 57 R34.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Goodwill and Other Intangible Assets 2 (Details) (USD $)
3 Months Ended 12 Months Ended
Jul. 27, 2011
Apr. 27, 2011
Apr. 28, 2010
Changes in the carrying amount of goodwill      
Goodwill, Beginning Balance $ 3,298,441,000 [1] $ 2,770,918,000  
Acquisitions   377,572,000  
Purchase accounting adjustments 1,980,000 (10,966,000)  
Translation adjustments (10,501,000) 160,917,000  
Goodwill, Ending Balance 3,289,920,000 3,298,441,000 [1]  
Goodwill (Textuals) [Abstract]      
Goodwill accumulated impairment losses 84,700,000 84,700,000 84,700,000
North American Consumer Products [Member]
     
Changes in the carrying amount of goodwill      
Goodwill, Beginning Balance 1,111,737,000 1,102,891,000  
Translation adjustments (16,000) 8,846,000  
Goodwill, Ending Balance 1,111,721,000 1,111,737,000  
Europe [Member]
     
Changes in the carrying amount of goodwill      
Goodwill, Beginning Balance 1,221,240,000 1,106,744,000  
Purchase accounting adjustments   (278,000)  
Translation adjustments (27,061,000) 114,774,000  
Goodwill, Ending Balance 1,194,179,000 1,221,240,000  
Goodwill (Textuals) [Abstract]      
Goodwill accumulated impairment losses 54,500,000 54,500,000 54,500,000
Asia/Pacific [Member]
     
Changes in the carrying amount of goodwill      
Goodwill, Beginning Balance 392,080,000 289,425,000  
Acquisitions   77,345,000  
Purchase accounting adjustments   (10,688,000)  
Translation adjustments 13,669,000 35,998,000  
Goodwill, Ending Balance 405,749,000 392,080,000  
Goodwill (Textuals) [Abstract]      
Goodwill accumulated impairment losses 2,700,000 2,700,000 2,700,000
U.S. Foodservice [Member]
     
Changes in the carrying amount of goodwill      
Goodwill, Beginning Balance     257,674,000
Goodwill, Ending Balance 257,674,000 257,674,000 257,674,000
Rest of World [Member]
     
Changes in the carrying amount of goodwill      
Goodwill, Beginning Balance 315,710,000 14,184,000  
Acquisitions   300,227,000  
Purchase accounting adjustments 1,980,000    
Translation adjustments 2,907,000 1,299,000  
Goodwill, Ending Balance 320,597,000 315,710,000  
Goodwill (Textuals) [Abstract]      
Goodwill accumulated impairment losses $ 27,400,000 $ 27,400,000 $ 27,400,000
[1] The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America
XML 58 R20.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Derivative Financial Instruments and Hedging Activities
3 Months Ended
Jul. 27, 2011
Derivative Financial Instruments and Hedging Activities [Abstract]  
Derivative Financial Instruments and Hedging Activities
(15)   Derivative Financial Instruments and Hedging Activities
 
The Company operates internationally, with manufacturing and sales facilities in various locations around the world, and utilizes certain derivative financial instruments to manage its foreign currency, debt and interest rate exposures. At July 27, 2011, the Company had outstanding currency exchange, interest rate, and cross-currency interest rate derivative contracts with notional amounts of $1.90 billion, $760 million and $398 million, respectively. At April 27, 2011, the Company had outstanding currency exchange, interest rate, and cross-currency interest rate derivative contracts with notional amounts of $1.86 billion, $1.51 billion and $377 million, respectively.
 
The following table presents the fair values and corresponding balance sheet captions of the Company’s derivative instruments as of July 27, 2011 and April 27, 2011:
 
                                                 
    July 27, 2011     April 27, 2011  
                Cross-
                Cross-
 
                Currency
                Currency
 
    Foreign
    Interest
    Interest Rate
    Foreign
    Interest
    Interest Rate
 
    Exchange
    Rate
    Swap
    Exchange
    Rate
    Swap
 
    Contracts     Contracts     Contracts     Contracts     Contracts     Contracts  
    (Dollars in Thousands)  
 
Assets:
                                               
Derivatives designated as hedging instruments:
                                               
Other receivables, net
  $ 15,354     $ 22,769     $     $ 28,139     $ 38,703     $  
Other non-current assets
    9,274       19,534       34,380       7,913       16,723       14,898  
                                                 
      24,628       42,303       34,380       36,052       55,426       14,898  
                                                 
Derivatives not designated as hedging instruments:
                                               
Other receivables, net
    2,016                   9,329              
Other non-current assets
                                   
                                                 
      2,016                   9,329              
                                                 
Total assets
  $ 26,644     $ 42,303     $ 34,380     $ 45,381     $ 55,426     $ 14,898  
                                                 
Liabilities:
                                               
Derivatives designated as hedging instruments:
                                               
Other payables
  $ 23,946     $     $ 5,778     $ 27,804     $     $ 6,125  
Other non-current liabilities
    6,990                   8,054              
                                                 
      30,936             5,778       35,858             6,125  
                                                 
Derivatives not designated as hedging instruments:
                                               
Other payables
    6,604                   1,024              
Other non-current liabilities
                                   
                                                 
      6,604                   1,024              
                                                 
Total liabilities
  $ 37,540     $     $ 5,778     $ 36,882     $     $ 6,125  
                                                 
 
Refer to Note 14 for further information on how fair value is determined for the Company’s derivatives.
 
The following table presents the pre-tax effect of derivative instruments on the statement of income for the first quarter ended July 27, 2011:
 
                         
    First Quarter Ended  
    July 27, 2011  
                Cross-Currency
 
    Foreign Exchange
    Interest Rate
    Interest Rate
 
    Contracts     Contracts     Swap Contracts  
    (Dollars in Thousands)  
 
Cash flow hedges:
                       
Net gains recognized in other comprehensive loss (effective portion)
  $ 7,386     $     $ 18,329  
                         
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):
                       
Sales
  $ 2,104     $     $  
Cost of products sold
    (5,588 )            
Selling, general and administrative expenses
    123              
Other income, net
    5,150             20,264  
Interest income/(expense)
    107             (1,506 )
                         
      1,896             18,758  
                         
Fair value hedges:
                       
Net losses recognized in other expense, net
          (13,123 )      
Derivatives not designated as hedging instruments:
                       
Net losses recognized in other expense, net
    (8,863 )            
                         
Total amount recognized in statement of income
  $ (6,967 )   $ (13,123 )   $ 18,758  
                         
 
The following table presents the pre-tax effect of derivative instruments on the statement of income for the first quarter ended July 28, 2010:
 
                         
    First Quarter Ended  
    July 28, 2010  
                Cross-Currency
 
    Foreign Exchange
    Interest Rate
    Interest Rate
 
    Contracts     Contracts     Swap Contracts  
    (Dollars in Thousands)  
 
Cash flow hedges:
                       
Net (losses)/gains recognized in other comprehensive loss (effective portion)
  $ (3,167 )   $     $ 9,855  
                         
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):
                       
Sales
  $ 380     $     $  
Cost of products sold
    (3,793 )            
Selling, general and administrative expenses
    (97 )            
Other (expense)/income, net
    (3,642 )           12,000  
Interest expense
    (2 )           (891 )
                         
      (7,154 )           11,109  
                         
Fair value hedges:
                       
Net gains recognized in other income, net
          1,681        
Derivatives not designated as hedging instruments:
                       
Net losses recognized in other expense, net
    (5,285 )            
                         
Total amount recognized in statement of income
  $ (12,439 )   $ 1,681     $ 11,109  
                         
 
Foreign Currency Hedging:
 
The Company uses forward contracts and to a lesser extent, option contracts to mitigate its foreign currency exchange rate exposure due to forecasted purchases of raw materials and sales of finished goods, and future settlement of foreign currency denominated assets and liabilities. The Company’s principal foreign currency exposures include the Australian dollar, British pound sterling, Canadian dollar, euro, and the New Zealand dollar. Derivatives used to hedge forecasted transactions and specific cash flows associated with foreign currency denominated financial assets and liabilities that meet the criteria for hedge accounting are designated as cash flow hedges. Consequently, the effective portion of gains and losses is deferred as a component of accumulated other comprehensive loss and is recognized in earnings at the time the hedged item affects earnings, in the same line item as the underlying hedged item.
 
During the first quarter of Fiscal 2011, the Company early terminated certain foreign currency forward contracts, receiving cash proceeds of $11.6 million, and will release the gain in accumulated other comprehensive loss to earnings when the underlying transactions occur. The underlying transactions are scheduled to occur at various points in time through 2014.
 
Interest Rate Hedging:
 
The Company uses interest rate swaps to manage debt and interest rate exposures. The Company is exposed to interest rate volatility with regard to existing and future issuances of fixed and floating rate debt. Primary exposures include U.S. Treasury rates, London Interbank Offered Rates (LIBOR), and commercial paper rates in the United States. Derivatives used to hedge risk associated with changes in the fair value of certain fixed-rate debt obligations are primarily designated as fair value hedges. Consequently, changes in the fair value of these derivatives, along with changes in the fair value of the hedged debt obligations that are attributable to the hedged risk, are recognized in current period earnings.
 
The Company had outstanding cross-currency interest rate swaps with a total notional amount of $397.5 million and $377.3 million as of July 27, 2011 and April 27, 2011, respectively, which were designated as cash flow hedges of the future payments of loan principal and interest associated with certain foreign denominated variable rate debt obligations. These swaps are scheduled to mature in Fiscal 2013 and 2014.
 
Deferred Hedging Gains and Losses:
 
As of July 27, 2011, the Company is hedging forecasted transactions for periods not exceeding 3 years. During the next 12 months, the Company expects $5.1 million of net deferred losses reported in accumulated other comprehensive loss to be reclassified to earnings, assuming market rates remain constant through contract maturities. Hedge ineffectiveness related to cash flow hedges, which is reported in current period earnings as other income/(expense), net, was not significant for the first quarters ended July 27, 2011 and July 28, 2010. Amounts reclassified to earnings because the hedged transaction was no longer expected to occur were not significant for the first quarters ended July 27, 2011 and July 28, 2010.
 
Other Activities:
 
The Company enters into certain derivative contracts in accordance with its risk management strategy that do not meet the criteria for hedge accounting but which have the economic impact of largely mitigating foreign currency or interest rate exposures. The Company maintained foreign currency forward contracts with a total notional amount of $376.6 million and $309.9 million that did not meet the criteria for hedge accounting as of July 27, 2011 and April 27, 2011, respectively. These forward contracts are accounted for on a full mark-to-market basis through current earnings, with gains and losses recorded as a component of Other income/(expense), net. Net unrealized (losses)/gains related to outstanding contracts totaled $(4.6) million and $8.3 million as of July 27, 2011 and April 27, 2011, respectively. These contracts are scheduled to mature within one year.
 
Concentration of Credit Risk:
 
Counterparties to currency exchange and interest rate derivatives consist of major international financial institutions. The Company continually monitors its positions and the credit ratings of the counterparties involved and, by policy, limits the amount of credit exposure to any one party. While the Company may be exposed to potential losses due to the credit risk of non-performance by these counterparties, losses are not anticipated. The Company closely monitors the credit risk associated with its counterparties and customers and to date has not experienced material losses.
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Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data
3 Months Ended
Jul. 27, 2011
Jul. 28, 2010
Consolidated Statements of Income [Abstract]    
Sales $ 2,849,581 $ 2,480,825
Cost of products sold 1,864,088 1,572,848
Gross profit 985,493 907,977
Selling, general and administrative expenses 615,930 502,262
Operating income 369,563 405,715
Interest income 9,777 4,117
Interest expense 70,955 66,752
Other expense, net 2,280 10,289
Income before income taxes 306,105 332,791
Provision for income taxes 71,146 84,196
Net income 234,959 248,595
Less: Net income attributable to the noncontrolling interest 8,845 8,168
Net income attributable to H. J. Heinz Company $ 226,114 $ 240,427
Net income per share attributable to H. J. Heinz Company common shareholders- Diluted $ 0.70 $ 0.75
Average common shares outstanding-diluted 324,246 321,009
Net income per share attributable to H. J. Heinz Company common shareholders- basic $ 0.70 $ 0.76
Average common shares outstanding-basic 321,411 318,060
Cash dividends per share $ 0.48 $ 0.45
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Employees' Stock Incentive Plans and Management Incentive Plans (Details) (USD $)
In Millions
3 Months Ended
Jul. 27, 2011
Jul. 28, 2010
Employees' Stock Incentive Plans and Management Incentive Plans [Abstract]    
Compensation cost related to Employees Stock Incentive Plans and Management Incentive Plans recognized in SG&A $ 6.0 $ 5.2
Tax benefit from compensation cost related to Employees' Stock Incentive Plans and Management Incentive Plans 1.7 1.6
Performance period in years for dividends paid 2 years  
Number of Trading Days for LTTP Peer Group Company Stock Price 60 days  
Compensation cost related to long-term performance program recognized in G & A 5.6 2.8
Tax benefit from compensation cost related to long-term performance program $ 1.9 $ 0.9
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Derivative Financial Instruments and Hedging Activities 1 (Details) (USD $)
In Thousands
Jul. 27, 2011
Apr. 27, 2011
Foreign Exchange Contract [Member]
   
Assets:    
Total assets $ 26,644 $ 45,381
Liabilities:    
Total liabilities 37,540 36,882
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]
   
Assets:    
Total assets 24,628 36,052
Liabilities:    
Total liabilities 30,936 35,858
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Receivables, Net [Member]
   
Assets:    
Total assets 15,354 28,139
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Non-Current Assets [Member]
   
Assets:    
Total assets 9,274 7,913
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Payables [Member]
   
Liabilities:    
Total liabilities 23,946 27,804
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other Non-Current Liabilities [Member]
   
Liabilities:    
Total liabilities 6,990 8,054
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]
   
Assets:    
Total assets 2,016 9,329
Liabilities:    
Total liabilities 6,604 1,024
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Receivables, Net [Member]
   
Assets:    
Total assets 2,016 9,329
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Non-Current Assets [Member]
   
Assets:    
Total assets 0 0
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Payables [Member]
   
Liabilities:    
Total liabilities 6,604 1,024
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Non-Current Liabilities [Member]
   
Liabilities:    
Total liabilities 0 0
Interest Rate Contract [Member]
   
Assets:    
Total assets 42,303 55,426
Liabilities:    
Total liabilities 0 0
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member]
   
Assets:    
Total assets 42,303 55,426
Liabilities:    
Total liabilities 0 0
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Receivables, Net [Member]
   
Assets:    
Total assets 22,769 38,703
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Non-Current Assets [Member]
   
Assets:    
Total assets 19,534 16,723
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Payables [Member]
   
Liabilities:    
Total liabilities 0 0
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Non-Current Liabilities [Member]
   
Liabilities:    
Total liabilities 0 0
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member]
   
Assets:    
Total assets 0 0
Liabilities:    
Total liabilities 0 0
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Receivables, Net [Member]
   
Assets:    
Total assets 0 0
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Non-Current Assets [Member]
   
Assets:    
Total assets 0 0
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Payables [Member]
   
Liabilities:    
Total liabilities 0 0
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Non-Current Liabilities [Member]
   
Liabilities:    
Total liabilities 0 0
Cross Currency Interest Rate Contract [Member]
   
Assets:    
Total assets 34,380 14,898
Liabilities:    
Total liabilities 5,778 6,125
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member]
   
Assets:    
Total assets 34,380 14,898
Liabilities:    
Total liabilities 5,778 6,125
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Receivables, Net [Member]
   
Assets:    
Total assets 0 0
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Non-Current Assets [Member]
   
Assets:    
Total assets 34,380 14,898
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Payables [Member]
   
Liabilities:    
Total liabilities 5,778 6,125
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Non-Current Liabilities [Member]
   
Liabilities:    
Total liabilities 0 0
Cross Currency Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member]
   
Assets:    
Total assets 0 0
Liabilities:    
Total liabilities 0 0
Cross Currency Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Receivables, Net [Member]
   
Assets:    
Total assets 0 0
Cross Currency Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Non-Current Assets [Member]
   
Assets:    
Total assets 0 0
Cross Currency Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Payables [Member]
   
Liabilities:    
Total liabilities 0 0
Cross Currency Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Non-Current Liabilities [Member]
   
Liabilities:    
Total liabilities $ 0 $ 0
XML 64 R46.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Derivative Financial Instruments and Hedging Activities 2 (Details) (USD $)
In Thousands
3 Months Ended
Jul. 27, 2011
Jul. 28, 2010
Foreign Exchange Contract [Member]
   
Cash flow hedges:    
Net (losses)/gains recognized in other comprehensive loss (effective portion) $ 7,386 $ (3,167)
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):    
Sales 2,104 380
Cost of products sold (5,588) (3,793)
Selling, general and administrative expenses 123 (97)
Other (expense)/income, net 5,150 (3,642)
Interest income/(expense) 107 (2)
Total 1,896 (7,154)
Derivatives not designated as hedging instruments:    
Net (losses)/gains recognized in other (expense)/income, net (8,863) (5,285)
Total amount recognized in statement of income (6,967) (12,439)
Interest Rate Contract [Member]
   
Fair value hedges:    
Net (losses)/gains recognized in other (expense)/income, net (13,123) 1,681
Derivatives not designated as hedging instruments:    
Total amount recognized in statement of income (13,123) 1,681
Cross Currency Interest Rate Contract [Member]
   
Cash flow hedges:    
Net (losses)/gains recognized in other comprehensive loss (effective portion) 18,329 9,855
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):    
Other (expense)/income, net 20,264 12,000
Interest income/(expense) (1,506) (891)
Total 18,758 11,109
Derivatives not designated as hedging instruments:    
Total amount recognized in statement of income $ 18,758 $ 11,109
XML 65 R37.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Pensions and Other Postretirement Benefits (Details) (USD $)
3 Months Ended 3 Months Ended
Jul. 27, 2011
Apr. 27, 2011
Jul. 27, 2011
Pension Benefits [Member]
Jul. 28, 2010
Pension Benefits [Member]
Jul. 27, 2011
Other Retiree Benefits [Member]
Jul. 28, 2010
Other Retiree Benefits [Member]
Components of net periodic benefit cost            
Service cost     $ 8,611,000 $ 7,737,000 $ 1,508,000 $ 1,561,000
Interest cost     35,547,000 34,279,000 2,887,000 3,154,000
Expected return on assets     (59,781,000) (55,292,000) 0 0
Amortization of prior service cost/(credit)     498,000 591,000 (1,530,000) (1,290,000)
Amortization of unrecognized loss     21,229,000 18,968,000 273,000 401,000
Net periodic benefit cost     6,104,000 6,283,000 3,138,000 3,826,000
Pensions and Other Post-Retirement Benefits (Textuals) [Abstract]            
Benefit obligation recognized for pension benefits as other non-current assets 654,900,000 644,600,000        
Employer contribution $ 3,000,000          
Defined Benefit plan, Expected full year combined cash contributions less than 40 million