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