BIG HEART PET BRANDS

CIK:0001259045|SEC Filings

Accumulated Other Comprehensive Income

9 Months Ended

Jan. 25, 2015

Note 8. Accumulated Other Comprehensive Income

The following table summarizes the reclassifications from accumulated other comprehensive income to the Condensed Consolidated Statements of Operations for the periods indicated (in millions):


Details about Accumulated Other Comprehensive Income Components		Amount Reclassified from Accumulated Other Comprehensive Income											Affected Line Item in the Condensed Consolidated Statements of Operations
		Three Months Ended						Nine Months Ended
		January 25, 2015			January 26, 2014			January 25, 2015			January 26, 2014
Gains (losses) on cash flow hedges:
Commodity and other contracts	$		(2.3)	$		4.7	$		(5.4)	$		7.0	Cost of products sold
Foreign currency exchange contracts			0.4			-			0.3			-	Cost of products sold

Total reclassifications, before tax			(1.9)			4.7			(5.1)			7.0

Tax provision (benefit)			(0.7)			1.8			(2.0)			2.7	Provision for income taxes

Total reclassifications, net of tax	$		(1.2)	$		2.9	$		(3.1)	$		4.3


Defined benefit plan items⁽¹⁾:
Amortization of prior service benefits (credits)	$		-	$		0.3	$		(0.7)	$		1.1
Amortization of actuarial gains (losses)			0.3			(0.3)			1.1			(1.0)

Total reclassifications, before tax			0.3			-			0.4			0.1

Tax provision			0.1			-			0.2			-	Provision for income taxes

Total reclassifications, net of tax	$		0.2	$		-	$		0.2	$		0.1

⁽¹⁾	These accumulated and other comprehensive income components are included in the computation of net periodic pension and postretirement benefit costs. See Note 7 for additional information.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Millions, unless otherwise specified	9 Months Ended
	Jan. 25, 2015	Jan. 26, 2014
Operating activities:
Net income (loss)	$ 62.2us-gaap_NetIncomeLoss	$ (38.6)us-gaap_NetIncomeLoss
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	74.5	102.3
Deferred taxes	(3.9)us-gaap_DeferredIncomeTaxExpenseBenefit	(62.3)us-gaap_DeferredIncomeTaxExpenseBenefit
Write off of debt issuance costs	0	1.7
Loss on asset disposals	1.3	3.7
Stock compensation expense	7.3us-gaap_ShareBasedCompensation	11.8us-gaap_ShareBasedCompensation
Unrealized (gain) loss on derivative financial instruments	23.0us-gaap_UnrealizedGainLossOnDerivatives	(25.1)us-gaap_UnrealizedGainLossOnDerivatives
Impairment on assets held for sale	0	193.8
Other items, net	(1.2)	(0.6)
Changes in operating assets and liabilities	(69.8)	(263.4)
Net cash provided by (used in) operating activities	93.4	(76.7)
Investing activities:
Capital expenditures	(38.6)	(64.5)
Net proceeds from asset disposals	9.1	0.2
Cash used in business acquisition, net of cash acquired	0	(334.6)
Investments in equity method investees	(7.6)	(14.6)
Other items, net	(0.2)	0
Net cash used in investing activities	(37.3)	(413.5)
Financing activities:
Proceeds from short-term borrowings	0us-gaap_ProceedsFromShortTermDebt	239.9us-gaap_ProceedsFromShortTermDebt
Payments on short-term borrowings	0us-gaap_RepaymentsOfShortTermDebt	(240.9)us-gaap_RepaymentsOfShortTermDebt
Principal payments on long-term debt	(13.0)us-gaap_RepaymentsOfLongTermDebt	(74.5)us-gaap_RepaymentsOfLongTermDebt
Payments of debt related costs	(0.2)us-gaap_PaymentsOfFinancingCosts	0us-gaap_PaymentsOfFinancingCosts
Capital contributions	0us-gaap_ProceedsFromContributedCapital	0.7us-gaap_ProceedsFromContributedCapital
Net cash used in financing activities	(13.2)	(74.8)
Effect of exchange rate changes on cash and cash equivalents	0.1	(0.1)
Net change in cash and cash equivalents	43.0	(565.1)
Cash and cash equivalents at beginning of period	112.8	594.2
Cash and cash equivalents at end of period	$ 155.8	$ 29.1

Supplemental Financial Statement Information (Tables)

9 Months Ended

Jan. 25, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Financial Statement Information


		January 25, 2015			April 27, 2014
		(in millions)
Trade accounts receivable, net of allowance:
Trade	$		146.4	$		127.2
Allowance for doubtful accounts			-			-

Total	$		146.4	$		127.2


Inventories, net:
Finished products	$		179.3	$		191.5
Raw materials and in-process materials			23.0			24.5
Packaging materials and other			11.3			11.5

Total	$		213.6	$		227.5


Prepaid expenses and other current assets:
Prepaid taxes	$		32.7	$		57.3
Other prepaid expenses			25.8			36.1
Other current assets			60.2			70.9

Total	$		118.7	$		164.3


Property, plant and equipment, net:
Land and land improvements	$		8.5	$		12.4
Buildings and leasehold improvements			120.1			123.3
Machinery and equipment			272.7			256.8
Computers and software			62.3			58.8
Construction in progress			39.9			35.8

			503.5			487.1
Accumulated depreciation			(139.9)			(111.7)

Total	$		363.6	$		375.4


Accounts payable and accrued expenses:
Accounts payable-trade	$		132.2	$		175.9
Marketing, advertising and trade promotion			49.1			67.6
Accrued benefits, payroll and related costs			33.8			37.3
Accrued interest			37.9			21.2
Other current liabilities			38.8			65.8

Total	$		291.8	$		367.8


Other non-current liabilities:
Accrued postretirement benefits	$		17.8	$		29.8
Pension liability			21.8			17.1
Other non-current liabilities			35.5			48.4

Total	$		75.1	$		95.3


Accumulated other comprehensive income:

Pension and other postretirement benefits adjustments, net of tax	$		12.9	$		6.0
Income (loss) on cash flow hedging instruments, net of tax			(5.3)			2.4

Total accumulated other comprehensive income	$		7.6	$		8.4