Pension and Other Postretirement Benefit Plans (Tables)

11 Months Ended

Dec. 29, 2013

Compensation and Retirement Disclosure [Abstract]

Change in Benefit Obligation and Plan Assets

The following table sets forth the changes in benefit obligation, plan assets and funded status of the Company’s principal defined benefit plans and other postretirement benefit plans at December 29, 2013, June 7, 2013, April 28, 2013 and April 29, 2012.

	Successor			Predecessor									Successor			Predecessor
	Pension Benefits												Other Retiree Benefits
	February 8 - December 29, 2013			April 29 - June 7, 2013			April 28, 2013			April 29, 2012			February 8 - December 29, 2013			April 29 - June 7, 2013			April 28, 2013			April 29, 2012
	(In thousands)
Change in Benefit Obligation:
Benefit obligation at the beginning of the period	$	3,152,003		$	3,271,566		$	2,930,347		$	2,765,316		$	250,633		$	257,317		$	249,017		$	234,431
Service cost	20,684			3,967			31,580			33,719			3,550			743			6,486			5,967
Interest cost	71,850			13,557			132,110			139,525			5,053			938			9,923			11,457
Participants’ contributions	1,298			186			2,294			2,281			376			56			659			712
Amendments	—			—			(145		)	3,396			(20,603		)	—			—			735
Actuarial (gain) loss	(72,118		)	(91,756		)	428,881			196,606			(19,570		)	(6,038		)	9,153			17,278
Settlement	(113,075		)	—			(11,971		)	(1,854		)	—			—			—			—
Curtailment	(3,167		)	—			—			—			(1,017		)	—			—			—
Special/contractual termination benefits	36,385			17,230			—			—			—			—			—			—
Annuity plan transfers	81,144			—			—			—			—			—			—			—
Benefits paid	(93,630		)	(13,191		)	(157,672		)	(152,342		)	(8,372		)	(1,485		)	(15,760		)	(19,574		)
Translation adjustments	144,018			(49,556		)	(83,858		)	(56,300		)	(1,871		)	(898		)	(2,161		)	(1,989		)
Benefit obligation at the end of the period	$	3,225,392		$	3,152,003		$	3,271,566		$	2,930,347		$	208,179		$	250,633		$	257,317		$	249,017
Change in Plan Assets:
Fair value of plan assets at the beginning of the period	$	3,334,138		$	3,379,143		$	3,140,834		$	3,261,881		$	—		$	—		$	—		$	—
Actual return on plan assets	161,056			16,740			429,011			84,004			—			—			—			—
Settlement	(113,075		)	—			(11,971		)	(1,854		)	—			—			—			—
Special/contractual termination benefits	(714		)	—			—			—			—			—			—			—
Employer contribution	156,165			6,812			69,388			23,469			7,996			1,429			15,101			18,862
Participants’ contributions	1,298			186			2,294			2,281			376			56			659			712
Annuity plan transfers	41,149			—			—			—			—			—			—			—
Benefits paid	(93,630		)	(13,191		)	(157,672		)	(152,342		)	(8,372		)	(1,485		)	(15,760		)	(19,574		)
Translation adjustments	168,302			(55,552		)	(92,741		)	(76,605		)				—			—			—
Fair value of plan assets at the end of the period	3,654,689			3,334,138			3,379,143			3,140,834			—			—			—			—
Funded status	$	429,297		$	182,135		$	107,577		$	210,487		$	(208,179	)	$	(250,633	)	$	(257,317	)	$	(249,017	)

Benefit obligation recognized in consolidated balance sheet

Amounts recognized in the consolidated balance sheets consist of the following:

	Successor			Predecessor									Successor			Predecessor
	Pension Benefits												Other Retiree Benefits
	February 8 - December 29, 2013			April 29 - June 7, 2013			April 28, 2013			April 29, 2012			February 8 - December 29, 2013			April 29 - June 7, 2013			April 28, 2013			April 29, 2012
	(In thousands)
Other non-current assets	$	502,143		$	362,832		$	287,467		$	399,868		$	—		$	—		$	—		$	—
Other accrued liabilities	(3,309		)	(73,593		)	(32,271		)	(15,943		)	(14,625		)	(15,679		)	(16,998		)	(17,565		)
Other non-current liabilities	(69,537		)	(107,104		)	(147,619		)	(173,438		)	(193,554		)	(234,954		)	(240,319		)	(231,452		)
Net asset/(liabilities) recognized	$	429,297		$	182,135		$	107,577		$	210,487		$	(208,179	)	$	(250,633	)	$	(257,317	)	$	(249,017	)

Components of net periodic benefit cost

Total pension cost of the Company’s principal pension plans and postretirement plans consisted of the following:

	Successor			Predecessor												Successor			Predecessor
	Pension Benefits															Other Retiree Benefits
	February 8 - December 29, 2013			April 29 - June 7, 2013			April 28, 2013 FY 2013			April 29, 2012 FY 2012			April 27, 2011 FY 2011			February 8 - December 29, 2013			April 29 - June 7, 2013			April 28, 2013 FY 2013			April 29, 2012 FY 2012			April 27, 2011 FY 2011
	(In thousands)
Components of defined benefit net periodic benefit cost:
Service cost	$	20,684		$	3,967		$	31,580		$	33,719		$	32,329		$	3,550		$	743		$	6,486		$	5,967		$	6,311
Interest cost	71,850			13,557			132,110			139,525			142,133			5,053			938			9,923			11,457			12,712
Expected return on assets	(116,294		)	(28,784		)	(250,660		)	(234,717		)	(229,258		)	—			—			—			—			—
Amortization of:
Prior service cost/(credit)	—			245			2,495			1,995			2,455			—			(677		)	(6,178		)	(6,127		)	(5,155		)
Net actuarial loss	—			10,460			75,897			83,800			77,687			—			222			1,803			1,095			1,604
Loss due to curtailment, settlement and special termination benefits	56,584			17,230			4,524			1,120			2,039			(1,017		)	—			—			—			—
Net periodic benefit (income)/cost	32,824			16,675			(4,054		)	25,442			27,385			7,586			1,226			12,034			12,392			15,472
Defined contribution plans	24,039			4,573			47,382			46,572			49,089			—			—			—			—			—
Total cost	$	56,863		$	21,248		$	43,328		$	72,014		$	76,474		$	7,586		$	1,226		$	12,034		$	12,392		$	15,472

Accumulated other comprehensive loss before tax

Amounts recognized in accumulated other comprehensive loss, before tax, consist of the following:

	Successor			Predecessor						Successor			Predecessor
	Pension Benefits									Other Retiree Benefits
	December 29, 2013			June 7, 2013		April 28, 2013		April 29, 2012		December 29, 2013			June 7, 2013			April 28, 2013			April 29, 2012
	(In thousands)
Net actuarial (gain)/loss	$	(99,537	)	$	1,259,795	$	1,349,614	$	1,174,199	$	(19,570	)	$	29,089		$	35,349		$	28,000
Prior service cost/(credit)	—			27,165		27,410		30,051		(20,603		)	(6,619		)	(7,296		)	(13,474		)
Net amount recognized	$	(99,537	)	$	1,286,960	$	1,377,024	$	1,204,250	$	(40,173	)	$	22,470		$	28,053		$	14,526

Accumulated other comprehensive loss income expected to be recognized as components of net periodic benefit costs credits

Amounts in accumulated other comprehensive loss (income) expected to be recognized as components of net periodic benefit cost/(credit) in the following fiscal year are as follows:

	Successor			Predecessor				Successor			Predecessor
	Pension Benefits							Other Retiree Benefits
	December 29, 2013			April 28, 2013		April 29, 2012		December 29, 2013			April 28, 2013			April 29, 2012
	(In thousands)
Net actuarial (gain)/loss	$	(62	)	$	95,772	$	77,238	$	—		$	2,030		$	1,803
Prior service cost/(credit)	—			2,253		2,569		(6,306		)	(6,180		)	(6,174		)
Net amount recognized	$	(62	)	$	98,025	$	79,807	$	(6,306	)	$	(4,150	)	$	(4,371	)

Weighted average rates used for determining the projected benefit obligations

The weighted-average rates used in determining the projected benefit obligations for defined benefit pension plans and the accumulated postretirement benefit obligation for other postretirement plans were as follows:

	Successor		Predecessor						Successor		Predecessor
	Pension Benefits								Other Retiree Benefits
	December 29, 2013		June 7, 2013		April 28, 2013		April 29, 2012		December 29, 2013		June 7, 2013		April 28, 2013		April 29, 2012
Discount rate	4.5	%	4.1	%	4.0	%	4.8	%	4.3	%	3.7	%	3.4	%	4.1	%
Compensation increase rate	3.7	%	3.4	%	3.5	%	3.4	%	—	%	—	%	—	%	—	%

Weighted average rates used for determining the defined benefit plans

The weighted-average rates used in determining the defined benefit plans’ net pension costs and net postretirement benefit costs were as follows:

	Successor		Predecessor								Successor		Predecessor
	Pension Benefits										Other Retiree Benefits
	February 8 - December 29, 2013		April 29 - June 7, 2013		April 28, 2013 FY 2013		April 29, 2012 FY 2012		April 27, 2011 FY 2011		February 8 - December 29, 2013		April 29 - June 7, 2013		April 28, 2013 FY 2013		April 29, 2012 FY 2012		April 27, 2011 FY 2011
Expected rate of return	6.2	%	8.1	%	8.1	%	8.2	%	8.2	%	—	%	—	%	—	%	—	%	—	%
Discount rate	4.1	%	4.0	%	4.0	%	4.8	%	5.6	%	3.7	%	3.4	%	3.4	%	4.1	%	5.5	%
Compensation increase rate	3.5	%	3.5	%	3.5	%	3.4	%	4.0	%	—	%	—	%	—	%	—	%	—	%

One percentage point change

A one-percentage-point change in assumed health care cost trend rates would have the following effects:

	1% Increase		1% Decrease
	(In thousands)
Effect on total service and interest cost components	$	863	$	(763	)
Effect on postretirement benefit obligations	$	15,697	$	(14,209	)

Weighted average asset allocation

The Company’s defined benefit pension plans’ weighted average actual and target asset allocation at December 29, 2013, April 28, 2013 and April 29, 2012 were as follows:

	Successor		Predecessor				Successor		Predecessor
	Plan Assets at						Target Allocation at
Asset Category	December 29, 2013		April 28, 2013		April 29, 2012		December 29, 2013		April 28, 2013		April 29, 2012
Equity securities	53	%	62	%	61	%	58	%	58	%	59	%
Debt securities	26	%	29	%	31	%	33	%	33	%	32	%
Real estate	8	%	8	%	7	%	8	%	8	%	8	%
Cash and cash equivalents	13	%	1	%	1	%	1	%	1	%	1	%
	100	%	100	%	100	%	100	%	100	%	100	%

Direct Cash Holdings And Institutional Short Term Investment Vehicles

	Successor
	December 29, 2013
Asset Category	Level 1		Level 2		Level 3		Total
	(In thousands)
Equity Securities	$	624,154	$	—	$	—	$	624,154
Equity Securities (mutual and pooled funds)	126,001		1,187,306		—		1,313,307
Fixed Income Securities	44,621		886,388		11,235		942,244
Other Investments	—		—		296,880		296,880
Cash and Cash Equivalents	77,761		400,342		—		478,103
Total	$	872,537	$	2,474,036	$	308,115	$	3,654,688

	Predecessor
	April 28, 2013
Asset Category	Level 1		Level 2		Level 3		Total
	(In thousands)
Equity Securities	$	882,081	$	—	$	—	$	882,081
Equity Securities (mutual and pooled funds)	182,723		1,057,111		—		1,239,834
Fixed Income Securities	49,577		919,383		11,336		980,296
Other Investments	—		—		256,781		256,781
Cash and Cash Equivalents	6,787		13,364		—		20,151
Total	$	1,121,168	$	1,989,858	$	268,117	$	3,379,143

	Predecessor
	April 29, 2012
Asset Category	Level 1		Level 2		Level 3		Total
	(In thousands)
Equity Securities	$	822,184	$	—	$	—	$	822,184
Equity Securities (mutual and pooled funds)	147,865		943,745		—		1,091,610
Fixed Income Securities	76,032		894,978		10,486		981,496
Other Investments	—		—		216,234		216,234
Cash and Cash Equivalents	10,335		18,975		—		29,310
Total	$	1,056,416	$	1,857,698	$	226,720	$	3,140,834

Changes in fair value of Pension plan level 3 assets

Changes in the fair value of the Plan’s Level 3 assets are summarized as follows:

	Successor
	Fair Value April 28, 2013		Acquisitions		Transfers Out		Dispositions			Realized Gain/(Loss)		Unrealized Gain/(Loss)			Fair Value December 29, 2013
	(In thousands)
Fixed Income Securities	$	11,336	$	—	$	—	$	—		$	—	$	(101	)	$	11,235
Other Investments	256,781		8,211		—		(767		)	741		31,914			296,880
Total	$	268,117	$	8,211	$	—	$	(767	)	$	741	$	31,813		$	308,115

	Predecessor
	Fair Value April 29, 2012		Acquisitions		Transfers Out			Dispositions			Realized Gain/(Loss)			Unrealized Gain/(Loss)		Fair Value April 28, 2013
	(In thousands)
Fixed Income Securities	$	10,486	$	—	$	—		$	—		$	—		$	850	$	11,336
Other Investments	216,234		58,701		(10,498		)	(3,605		)	(6,637		)	2,586		256,781
Total	$	226,720	$	58,701	$	(10,498	)	$	(3,605	)	$	(6,637	)	$	3,436	$	268,117

	Predecessor
	Fair Value April 27, 2011		Acquisitions		Transfers In		Dispositions			Realized Gain/(Loss)		Unrealized Gain/(Loss)			Fair Value April 29, 2012
	(In thousands)
Fixed Income Securities	$	9,649	$	—	$	—	$	—		$	—	$	837		$	10,486
Other Investments	131,095		96,938		10,138		(21,262		)	753		(1,428		)	216,234
Total	$	140,744	$	96,938	$	10,138	$	(21,262	)	$	753	$	(591	)	$	226,720

Benefit payment expected in future years

Benefit payments expected in future years are as follows:

	Pension Benefits		Other Retiree Benefits
	(In thousands)
2014	$	168,604	$	14,674
2015	$	166,798	$	15,522
2016	$	170,395	$	16,334
2017	$	173,630	$	16,959
2018	$	176,858	$	17,244
Years 2019-2023	$	923,753	$	84,295