Pinnacle Foods Finance LLC

CIK:0001420566|SEC Filings

Taxes on Earnings Schedule of deferred tax assets and liabilities (Details) (USD $) In Thousands, unless otherwise specified	Dec. 30, 2012	Dec. 25, 2011
Deferred Tax Assets, Gross [Abstract]
Accrued liabilities	$ 18,298	$ 11,468
Inventories	12,173	15,447
Benefits and compensation	18,645	19,135
Hedges	1,362	3,933
Assets held for sale	3,738	0
Net operating loss carryforwards	326,667	338,718
Federal & state tax credits	10,529	12,101
Postretirement benefits	37,881	33,160
Alternative minimum tax	1,901	1,901
Other	2,815	1,398
Subtotal	434,009	437,261
Valuation allowance	(13,354)	(14,202)
Total net deferred tax assets	420,655	423,059
Deferred Tax Liabilities, Gross [Abstract]
Other intangible assets	(697,043)	(677,393)
Partnership interest	(8,902)	(8,885)
Plant assets	(82,992)	(80,767)
Unremitted earnings	(2,560)	(2,240)
Other	(1,488)	(631)
Total deferred tax liabilities	(792,985)	(769,916)
Net deferred tax asset (liability)	(372,330)	(346,857)
Amounts recognized in the Consolidated Balance Sheets
Current net deferred tax assets	99,199	71,109
Long-term net deferred tax liability	(471,529)	(417,966)
Net deferred tax asset (liability)	$ (372,330)	$ (346,857)

Guarantor And Nonguarantor Statements Statements of Cash Flows (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 30, 2012	Dec. 25, 2011	Dec. 26, 2010
Cash flows from operating activities
Net cash provided by (used in) operating activities	$ 202,853	$ 204,212	$ 256,978
Cash flows from investing activities
Intercompany accounts receivable/payable	0	0	0
Intercompany loans
Repayments of intercompany loans	0	0	0
Capital expenditures	(78,279)	(117,306)	(81,272)
Sale of plant assets	570	7,900	0
Net cash used in investing activities	(77,709)	(109,406)	(81,272)
Cash flows from financing activities
Proceeds from bond offerings	0	0	400,000
Proceeds from bank term loans	842,625	0	442,300
Repayments of long-term obligations	(632,025)	(57,547)	(946,558)
Repurchase of notes	(373,255)	0	0
Proceeds from short-term borrowing	4,294	3,070	3,409
Repayments of short-term borrowing	(3,863)	(2,954)	(3,049)
Borrowings under revolving credit facility	40,000	0	0
Repayments of revolving credit facility	(40,000)	0	0
Intercompany accounts receivable/payable	0	0	0
Proceeds from Intercompany loans		0
Repayments of intercompany loans	0	0	0
Repayment of capital lease obligations	(3,511)	(2,543)	(2,658)
Debt acquisition costs	(17,498)	(721)	(13,370)
Changes in bank overdrafts	0	0	(14,304)
Equity contributions	0	558	626
Repurchases of equity	(878)	(1,624)	(1,282)
Repayment of notes receivable from officers	0	0	565
Other Financing	0	2,730	0
Net cash used in financing activities	(184,111)	(59,031)	(134,321)
Effect of exchange rate changes on cash	217	(30)	27
Net change in cash and cash equivalents	(58,750)	35,745	41,412
Cash and cash equivalents - beginning of period	151,031	115,286	73,874
Cash and cash equivalents - end of period	92,281	151,031	115,286
Supplemental disclosures of cash flow information:
Interest paid	179,427	196,339	179,766
Interest received	110	241	271
Income taxes paid	1,981	(1,954)	6,998
Non-cash investing and financing activities:
New capital leases	1,548	11,240	13,587
Pinnacle Foods Finance LLC [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities	(87,051)	(90,347)	(58,465)
Cash flows from investing activities
Intercompany accounts receivable/payable	100,590	(291,525)	16,986
Intercompany loans		0
Repayments of intercompany loans	167,492	440,552	159,198
Capital expenditures	0	0	0
Sale of plant assets	0	0
Net cash used in investing activities	268,082	149,027	176,184
Cash flows from financing activities
Proceeds from bond offerings			400,000
Proceeds from bank term loans	842,625		442,300
Repayments of long-term obligations	(632,025)	(57,547)	(946,558)
Repurchase of notes	(373,255)
Proceeds from short-term borrowing	0	0	0
Repayments of short-term borrowing	0	0	0
Borrowings under revolving credit facility	40,000
Repayments of revolving credit facility	(40,000)
Intercompany accounts receivable/payable	0	0	0
Proceeds from Intercompany loans		0
Repayments of intercompany loans	0	0	0
Repayment of capital lease obligations	0	0	0
Debt acquisition costs	(17,498)	(67)	(13,370)
Changes in bank overdrafts			0
Equity contributions		558	626
Repurchases of equity	(878)	(1,624)	(1,282)
Repayment of notes receivable from officers			565
Other Financing		0
Net cash used in financing activities	(181,031)	(58,680)	(117,719)
Effect of exchange rate changes on cash	0	0	0
Net change in cash and cash equivalents	0	0	0
Cash and cash equivalents - beginning of period	0	0	0
Cash and cash equivalents - end of period	0	0	0
Supplemental disclosures of cash flow information:
Interest paid	177,296	194,644	178,530
Interest received	1	0	20
Income taxes paid	0	0	0
Non-cash investing and financing activities:
New capital leases	0	0	0
Guarantor Subsidiaries [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities	281,501	299,953	315,133
Cash flows from investing activities
Intercompany accounts receivable/payable	0	0	0
Intercompany loans		(7,270)
Repayments of intercompany loans	0	0	0
Capital expenditures	(78,279)	(117,306)	(81,272)
Sale of plant assets	570	7,900
Net cash used in investing activities	(77,709)	(116,676)	(81,272)
Cash flows from financing activities
Proceeds from bond offerings			0
Proceeds from bank term loans	0		0
Repayments of long-term obligations	0	0	0
Repurchase of notes	0
Proceeds from short-term borrowing	4,294	3,070	3,409
Repayments of short-term borrowing	(3,863)	(2,954)	(3,049)
Borrowings under revolving credit facility	0
Repayments of revolving credit facility	0
Intercompany accounts receivable/payable	(100,590)	291,525	(16,986)
Proceeds from Intercompany loans		9,800
Repayments of intercompany loans	(167,492)	(440,552)	(159,198)
Repayment of capital lease obligations	(3,511)	(2,543)	(2,658)
Debt acquisition costs	0	(454)	0
Changes in bank overdrafts			(14,304)
Equity contributions		0	0
Repurchases of equity	0	0	0
Repayment of notes receivable from officers			0
Other Financing		0
Net cash used in financing activities	(271,162)	(142,108)	(192,786)
Effect of exchange rate changes on cash	0	0	0
Net change in cash and cash equivalents	(67,370)	41,169	41,075
Cash and cash equivalents - beginning of period	150,493	109,324	68,249
Cash and cash equivalents - end of period	83,123	150,493	109,324
Supplemental disclosures of cash flow information:
Interest paid	2,131	1,695	1,236
Interest received	109	240	251
Income taxes paid	1,638	(2,849)	6,989
Non-cash investing and financing activities:
New capital leases	1,548	11,240	13,587
Nonguarantor Subsidiaries [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities	8,403	(5,394)	310
Cash flows from investing activities
Intercompany accounts receivable/payable	0	0	0
Intercompany loans		(9,800)
Repayments of intercompany loans			0
Capital expenditures	0	0	0
Sale of plant assets	0	0
Net cash used in investing activities	0	(9,800)	0
Cash flows from financing activities
Proceeds from bond offerings			0
Proceeds from bank term loans	0		0
Repayments of long-term obligations	0	0	0
Repurchase of notes	0
Proceeds from short-term borrowing	0	0	0
Repayments of short-term borrowing	0	0	0
Borrowings under revolving credit facility	0
Repayments of revolving credit facility	0
Intercompany accounts receivable/payable			0
Proceeds from Intercompany loans		7,270
Repayments of intercompany loans	0	0	0
Repayment of capital lease obligations	0	0	0
Debt acquisition costs	0	(200)	0
Changes in bank overdrafts			0
Equity contributions		0	0
Repurchases of equity	0	0	0
Repayment of notes receivable from officers			0
Other Financing		2,730
Net cash used in financing activities	0	9,800	0
Effect of exchange rate changes on cash	217	(30)	27
Net change in cash and cash equivalents	8,620	(5,424)	337
Cash and cash equivalents - beginning of period	538	5,962	5,625
Cash and cash equivalents - end of period	9,158	538	5,962
Supplemental disclosures of cash flow information:
Interest paid	0	0	0
Interest received	0	1	0
Income taxes paid	343	895	9
Non-cash investing and financing activities:
New capital leases	0	0	0
Eliminations and Reclassifications [Member]
Cash flows from operating activities
Net cash provided by (used in) operating activities	0	0	0
Cash flows from investing activities
Intercompany accounts receivable/payable	(100,590)	291,525	(16,986)
Intercompany loans		17,070
Repayments of intercompany loans	(167,492)	(440,552)	(159,198)
Capital expenditures	0	0	0
Sale of plant assets	0	0
Net cash used in investing activities	(268,082)	(131,957)	(176,184)
Cash flows from financing activities
Proceeds from bond offerings			0
Proceeds from bank term loans	0		0
Repayments of long-term obligations	0	0	0
Repurchase of notes	0
Proceeds from short-term borrowing	0	0	0
Repayments of short-term borrowing	0	0	0
Borrowings under revolving credit facility	0
Repayments of revolving credit facility	0
Intercompany accounts receivable/payable	100,590	(291,525)	16,986
Proceeds from Intercompany loans		(17,070)
Repayments of intercompany loans	167,492	440,552	159,198
Repayment of capital lease obligations	0	0	0
Debt acquisition costs	0	0	0
Changes in bank overdrafts			0
Equity contributions		0	0
Repurchases of equity	0	0	0
Repayment of notes receivable from officers			0
Other Financing		0
Net cash used in financing activities	268,082	131,957	176,184
Effect of exchange rate changes on cash	0	0	0
Net change in cash and cash equivalents	0	0	0
Cash and cash equivalents - beginning of period	0	0	0
Cash and cash equivalents - end of period	0	0	0
Supplemental disclosures of cash flow information:
Interest paid	0	0	0
Interest received	0	0	0
Income taxes paid	0	0	0
Non-cash investing and financing activities:
New capital leases	$ 0	$ 0	$ 0

Guarantor And Nonguarantor Statements Balance Sheets (Details) (USD $) In Thousands, unless otherwise specified	Dec. 30, 2012	Dec. 25, 2011	Dec. 26, 2010	Dec. 27, 2009
Current assets:
Cash and cash equivalents	$ 92,281	$ 151,031	$ 115,286	$ 73,874
Accounts receivable, net	143,884	159,981
Intercompany accounts receivable	0	0
Inventories, net	358,051	335,812
Other current assets	11,862	7,549
Deferred tax assets	99,199	71,109
Total current assets	705,277	725,482
Plant assets, net	493,666	501,283
Investment in subsidiaries	0	0
Intercompany note receivable	0	0
Tradenames	1,603,992	1,604,512	1,629,812
Other assets, net	155,558	178,849
Deferred tax assets	0	0
Goodwill	1,441,495	1,441,495	1,564,395
Total assets	4,399,988	4,451,621
Current liabilities:
Short-term borrowings	2,139	1,708
Current portion of long-term obligations	30,419	15,661
Accounts payable	137,326	152,869
Intercompany accounts payable	0	0
Accrued trade marketing expense	44,571	35,125
Accrued liabilities	119,269	128,785
Total current liabilities	333,724	334,148
Long-term debt	2,576,386	2,738,650
Intercompany note payable	0	0
Pension and other postretirement benefits	100,918	93,406
Other long-term liabilities	28,705	22,099
Deferred tax liabilities	471,529	417,966
Total liabilities	3,511,262	3,606,269
Commitments and contingencies (Note 12)
Member’s equity:
Limited liability company interests and other equity	0	0
Additional paid-in-capital	697,324	697,352
Retained earnings	252,955	200,436
Accumulated other comprehensive loss	(61,553)	(52,436)
Total member’s equity	888,726	845,352	895,085	874,353
Total liabilities and member’s equity	4,399,988	4,451,621
Pinnacle Foods Finance LLC [Member]
Current assets:
Cash and cash equivalents	0	0	0	0
Accounts receivable, net	0	0
Intercompany accounts receivable	0	129,142
Inventories, net	0	0
Other current assets	1,130	1,072
Deferred tax assets	0	1,563
Total current assets	1,130	131,777
Plant assets, net	0	0
Investment in subsidiaries	1,840,632	1,726,711
Intercompany note receivable	1,469,135	1,541,341
Tradenames	0	0
Other assets, net	23,691	31,604
Deferred tax assets	239,347	191,289
Goodwill	0	0
Total assets	3,573,935	3,622,722
Current liabilities:
Short-term borrowings	0	0
Current portion of long-term obligations	27,411	12,500
Accounts payable	37	0
Intercompany accounts payable	65,888	0
Accrued trade marketing expense	0	0
Accrued liabilities	29,662	46,012
Total current liabilities	122,998	58,512
Long-term debt	2,558,404	2,718,858
Intercompany note payable	0	0
Pension and other postretirement benefits	0	0
Other long-term liabilities	3,807	0
Deferred tax liabilities	0	0
Total liabilities	2,685,209	2,777,370
Commitments and contingencies (Note 12)
Member’s equity:
Limited liability company interests and other equity	0	0
Additional paid-in-capital	697,324	697,352
Retained earnings	252,955	200,436
Accumulated other comprehensive loss	(61,553)	(52,436)
Total member’s equity	888,726	845,352
Total liabilities and member’s equity	3,573,935	3,622,722
Guarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents	83,123	150,493	109,324	68,249
Accounts receivable, net	135,791	152,041
Intercompany accounts receivable	73,769	0
Inventories, net	350,922	330,136
Other current assets	10,546	6,189
Deferred tax assets	100,245	69,575
Total current assets	754,396	708,434
Plant assets, net	493,640	501,245
Investment in subsidiaries	11,222	10,438
Intercompany note receivable	7,270	7,270
Tradenames	1,603,992	1,604,512
Other assets, net	131,707	147,057
Deferred tax assets	0	0
Goodwill	1,441,495	1,441,495
Total assets	4,443,722	4,420,451
Current liabilities:
Short-term borrowings	2,139	1,708
Current portion of long-term obligations	3,008	3,161
Accounts payable	136,220	151,693
Intercompany accounts payable	0	130,089
Accrued trade marketing expense	41,396	32,020
Accrued liabilities	90,000	82,312
Total current liabilities	272,763	400,983
Long-term debt	17,982	19,792
Intercompany note payable	1,478,593	1,551,141
Pension and other postretirement benefits	100,918	93,406
Other long-term liabilities	22,168	19,369
Deferred tax liabilities	710,666	609,049
Total liabilities	2,603,090	2,693,740
Commitments and contingencies (Note 12)
Member’s equity:
Limited liability company interests and other equity	0	0
Additional paid-in-capital	1,284,155	1,284,155
Retained earnings	608,788	483,821
Accumulated other comprehensive loss	(52,311)	(41,265)
Total member’s equity	1,840,632	1,726,711
Total liabilities and member’s equity	4,443,722	4,420,451
Nonguarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents	9,158	538	5,962	5,625
Accounts receivable, net	8,093	7,940
Intercompany accounts receivable	0	947
Inventories, net	7,129	5,676
Other current assets	186	288
Deferred tax assets	74	(29)
Total current assets	24,640	15,360
Plant assets, net	26	38
Investment in subsidiaries	0	0
Intercompany note receivable	9,800	9,800
Tradenames	0	0
Other assets, net	160	188
Deferred tax assets	0	0
Goodwill	0	0
Total assets	34,626	25,386
Current liabilities:
Short-term borrowings	0	0
Current portion of long-term obligations	0	0
Accounts payable	1,069	1,176
Intercompany accounts payable	7,881	0
Accrued trade marketing expense	3,175	3,105
Accrued liabilities	727	461
Total current liabilities	12,852	4,742
Long-term debt	0	0
Intercompany note payable	7,612	7,270
Pension and other postretirement benefits	0	0
Other long-term liabilities	2,730	2,730
Deferred tax liabilities	210	206
Total liabilities	23,404	14,948
Commitments and contingencies (Note 12)
Member’s equity:
Limited liability company interests and other equity	0	0
Additional paid-in-capital	2,324	2,324
Retained earnings	8,842	8,011
Accumulated other comprehensive loss	56	103
Total member’s equity	11,222	10,438
Total liabilities and member’s equity	34,626	25,386
Eliminations and Reclassifications [Member]
Current assets:
Cash and cash equivalents	0	0	0	0
Accounts receivable, net	0	0
Intercompany accounts receivable	(73,769)	(130,089)
Inventories, net	0	0
Other current assets	0	0
Deferred tax assets	(1,120)	0
Total current assets	(74,889)	(130,089)
Plant assets, net	0	0
Investment in subsidiaries	(1,851,854)	(1,737,149)
Intercompany note receivable	(1,486,205)	(1,558,411)
Tradenames	0	0
Other assets, net	0	0
Deferred tax assets	(239,347)	(191,289)
Goodwill	0	0
Total assets	(3,652,295)	(3,616,938)
Current liabilities:
Short-term borrowings	0	0
Current portion of long-term obligations	0	0
Accounts payable	0	0
Intercompany accounts payable	(73,769)	(130,089)
Accrued trade marketing expense	0	0
Accrued liabilities	(1,120)	0
Total current liabilities	(74,889)	(130,089)
Long-term debt	0	0
Intercompany note payable	(1,486,205)	(1,558,411)
Pension and other postretirement benefits	0	0
Other long-term liabilities	0	0
Deferred tax liabilities	(239,347)	(191,289)
Total liabilities	(1,800,441)	(1,879,789)
Commitments and contingencies (Note 12)
Member’s equity:
Limited liability company interests and other equity	0	0
Additional paid-in-capital	(1,286,479)	(1,286,479)
Retained earnings	(617,630)	(491,832)
Accumulated other comprehensive loss	52,255	41,162
Total member’s equity	(1,851,854)	(1,737,149)
Total liabilities and member’s equity	$ (3,652,295)	$ (3,616,938)