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Derivative Financial Instruments and Hedging Activities (Tables)
 11 Months Ended
Dec. 29, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair values and corresponding balance sheet captions of the Company's derivative instruments
The following table presents the fair values and corresponding balance sheet captions of the Company’s derivative instruments as of December 29, 2013, April 28, 2013 and April 29, 2012:
 
Successor
 
Predecessor
 
December 29, 2013
 
April 28, 2013
 
April 29, 2012
 
Foreign
Exchange
Contracts
 
Interest
Rate
Contracts
 
Cross-Currency Swap Contracts
 
Foreign
Exchange
Contracts
 
Interest
Rate
Contracts
 
Cross-
Currency
Interest Rate
Swap
Contracts
 
Foreign
Exchange
Contracts
 
Interest
Rate
Contracts
 
Cross-
Currency
Interest Rate
Swap
Contracts
 
(In thousands)
Assets:
 
 
 
 
 
 
 

 
 

 
 

 
 

 
 

 
 

Derivatives designated as hedging instruments:
 
 
 
 
 
 
 

 
 

 
 

 
 

 
 

 
 

Other receivables, net
$
37,072

 
$
—

 
$
—

 
$
23,240

 
$
4,226

 
$
—

 
$
17,318

 
$
6,851

 
$
18,222

Other non-current assets
4,129

 
265,390

 
31,303

 
11,498

 
29,103

 
—

 
8,188

 
29,393

 
4,974

 
41,201

 
265,390

 
31,303

 
34,738

 
33,329

 
—

 
25,506

 
36,244

 
23,196

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 

 
 

 
 

 
 

 
 

 
 

Other receivables, net
8,771

 
—

 
—

 
825

 
—

 
—

 
5,041

 
—

 
—

Other non-current assets
—

 
—

 
—

 
—

 
—

 
—

 
—

 
234

 
—

 
8,771

 
—

 
—

 
825

 
—

 
—

 
5,041

 
234

 
—

Total assets(1)
$
49,972

 
$
265,390

 
$
31,303

 
$
35,563

 
$
33,329

 
$
—

 
$
30,547

 
$
36,478

 
$
23,196

Liabilities:
 
 
 
 
 
 
 

 
 

 
 

 
 

 
 

 
 

Derivatives designated as hedging instruments:
 
 
 
 
 
 
 

 
 

 
 

 
 

 
 

 
 

Other payables
$
5,251

 
$
—

 
$
—

 
$
1,508

 
$
—

 
$
34,805

 
$
10,653

 
$
—

 
$
2,760

Other non-current liabilities
—

 
—

 
221,899

 
217

 
—

 
37,520

 
14

 
—

 
—

 
5,251

 
—

 
221,899

 
1,725

 
—

 
72,325

 
10,667

 
—

 
2,760

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 

 
 

 
 

 
 

 
 

 
 

Other payables
—

 
—

 
—

 
4,860

 
—

 
—

 
1,952

 
—

 
—

Other non-current liabilities
10,286

 
—

 
—

 
—

 
960

 
—

 
—

 
—

 
—

 
10,286

 
—

 
—

 
4,860

 
960

 
—

 
1,952

 
—

 
—

Total liabilities(1)
$
15,537

 
$
—

 
$
221,899

 
$
6,585

 
$
960

 
$
72,325

 
$
12,619

 
$
—

 
$
2,760


(1) The Company’s derivative financial instruments are subject to master netting arrangements that allow for the offset of asset and liabilities in the event of default or early termination of the contract. The Company elects to record the gross assets and liabilities of its derivative financial instruments in the consolidated balance sheets. If the derivative financial instruments had been netted in the consolidated balance sheets, the asset and liability positions each would have been reduced by $237.4 million, $68.9 million and $15.4 million at December 29, 2013, April 28, 2013 and April 29, 2012. No material amounts of collateral were received or posted on the Company’s derivative assets and liabilities as at December 29, 2013.
Effect of derivative instruments on the statement of income
The following table presents the pre-tax effect of derivative instruments on the statement of income for the Successor period February 8, 2013 to December 29, 2013, the Predecessor period April 29, 2013 to June 7, 2013, and fiscal year ended April 28, 2013:
 
Successor
 
Predecessor
 
February 8 - December 29, 2013
 
April 29 - June 7, 2013
 
April 28, 2013 FY2013
 
Foreign Exchange
Contracts
 
Interest Rate
Contracts
 
Cross-Currency Swap Contracts
 
Foreign Exchange
Contracts
 
Interest Rate
Contracts
 
Cross-Currency
Interest Rate
Swap Contracts
 
Foreign Exchange
Contracts
 
Interest Rate
Contracts
 
Cross-Currency
Interest Rate
Swap Contracts
 
(In thousands)
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

 
 

Net gains/(losses) recognized in other comprehensive loss (effective portion)
$
30,441

 
$
147,455

 
$
(190,597
)
 
$
2,603

 
$
—

 
$
(4,079
)
 
$
47,623

 
$
—

 
$
(77,080
)
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

 
 

Sales
$
(1,020
)
 
$
—

 
$
—

 
$
990

 
$
—

 
$
—

 
$
10,940

 
$
—

 
$
—

Cost of products sold
2,874

 
—

 
—

 
1,814

 
—

 
—

 
(4,584
)
 
—

 
—

Selling, general and administrative expenses
(83
)
 
—

 
—

 
—

 
—

 
—

 
(102
)
 
—

 
—

Other income/(expense), net
2,387

 
—

 
—

 
(1,858
)
 
—

 
(9,821
)
 
13,924

 
—

 
(70,135
)
Interest income/(expense)
35

 
—

 
—

 
61

 
(20
)
 
(538
)
 
29

 
(236
)
 
(5,389
)
 
4,193

 
—

 
—

 
1,007

 
(20
)
 
(10,359
)
 
20,207

 
(236
)
 
(75,524
)
Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

 
 

Net losses recognized in other expense, net
—

 
(180
)
 
—

 
—

 
(5,925
)
 
—

 
—

 
(2,915
)
 
70,135

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 

 
 

Unrealized gain on derivative instruments
—

 
117,934

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Net losses recognized in other expense, net
(31,241
)
 
—

 
—

 
(3,890
)
 
—

 
—

 
(7,976
)
 
—

 
—

Net losses recognized in interest income
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(1,193
)
 
—

 
(31,241
)
 
117,934

 
—

 
(3,890
)
 
—

 
—

 
(7,976
)
 
(1,193
)
 
—

Total amount recognized in statement of income
$
(27,048
)
 
$
117,754

 
$
—

 
$
(2,883
)
 
$
(5,945
)
 
$
(10,359
)
 
$
12,231

 
$
(4,344
)
 
$
(5,389
)

The following table presents the pre-tax effect of derivative instruments on the statement of income for the fiscal years ended April 29, 2012 and April 27, 2011:
 
Fiscal Year Ended
 
April 29, 2012
 
April 27, 2011
 
Foreign Exchange
Contracts
 
Interest Rate
Contracts
 
Cross-Currency
Interest Rate
Swap Contracts
 
Foreign Exchange
Contracts
 
Interest Rate
Contracts
 
Cross-Currency
Interest Rate
Swap Contracts
 
(In thousands)
Cash flow hedges:
 
 
 
 
 
 
 

 
 

 
 

Net gains/(losses) recognized in other comprehensive loss (effective portion)
$
45,658

 
$
(2,341
)
 
$
5,725

 
$
3,626

 
$
—

 
$
16,649

Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):
 

 
 

 
 

 
 

 
 

 
 

Sales
$
8,033

 
$
—

 
$
—

 
$
3,375

 
$
—

 
$
—

Cost of products sold
(19,880
)
 
—

 
—

 
(23,372
)
 
—

 
—

Selling, general and administrative expenses
(62
)
 
—

 
—

 
(141
)
 
—

 
—

Other income, net
33,401

 
—

 
8,901

 
35,744

 
—

 
24,644

Interest income/(expense)
199

 
(146
)
 
(5,966
)
 
226

 
—

 
(4,484
)
 
21,691

 
(146
)
 
2,935

 
15,832

 
—

 
20,160

Fair value hedges:
 

 
 

 
 

 
 

 
 

 
 

Net losses recognized in other expense, net
—

 
(19,181
)
 
—

 
—

 
(51,125
)
 
—

  Net losses recognized in interest expense, net
—

 
—

 
—

 
—

 
(351
)
 
—

 
—

 
(19,181
)
 
—

 
—

 
(51,476
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 

 
 

 
 

Net (losses)/gains recognized in other expense, net
(2,183
)
 
—

 
—

 
3,351

 
—

 
—

  Net gains recognized in interest income
—

 
234

 
—

 
—

 
—

 
—

 
(2,183
)
 
234

 
—

 
3,351

 
—

 
—

Total amount recognized in statement of income
$
19,508

 
$
(19,093
)
 
$
2,935

 
$
19,183

 
$
(51,476
)
 
$
20,160