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Hawk Acquisition Intermediate Corp II

SIC 2030 · Canned, Frozen & Preservd Fruit, Veg & Food Specialties
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Hawk Acquisition Intermediate Corp II

CIK:0001600508|SEC Filings
v2.4.1.9
Comprehensive Income/(Loss)
 3 Months Ended
Mar. 29, 2015
Equity [Abstract]  
Comprehensive Income/(Loss)
Comprehensive Income/(Loss)
The following tables summarize the allocation of total comprehensive income between H. J. Heinz Corporation II and the noncontrolling interest for the first quarters ended March 29, 2015 and March 30, 2014, respectively:
 
First Quarter Ended
 
March 29, 2015
 
March 30, 2014
 
H. J. Heinz Corporation II
 
Noncontrolling
Interest
 
Total
 
H. J. Heinz Corporation II
 
Noncontrolling
Interest
 
Total
 
(In thousands)
Net income/(loss)
$
276,431

 
$
2,778

 
$
279,209

 
$
195,202

 
$
3,283

 
$
198,485

Other comprehensive income/(loss), net of tax:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(779,979
)
 
(14,213
)
 
(794,192
)
 
105,287

 
8,160

 
113,447

Net deferred gains/(losses) on net investment hedges from periodic revaluations
432,089

 
—

 
432,089

 
(115,446
)
 
—

 
(115,446
)
Net pension and post-retirement benefit (losses)/gains
(1,230
)
 
—

 
(1,230
)
 
—

 
—

 
—

Reclassification of net pension and post-retirement benefit (gains)/losses to net income
(315
)
 
—

 
(315
)
 
(993
)
 
(1
)
 
(994
)
Net deferred gains/(losses) on cash flow hedges from periodic revaluations
(66,869
)
 
326

 
(66,543
)
 
(58,989
)
 
(620
)
 
(59,609
)
Net deferred (gains)/losses on cash flow hedges reclassified to earnings
1,027

 
—

 
1,027

 
(2,591
)
 
(204
)
 
(2,795
)
Total comprehensive income/(loss)
(138,846
)
 
(11,109
)
 
(149,955
)
 
122,470

 
10,618

 
133,088

The tax (expense)/benefit associated with each component of other comprehensive income/(loss) is as follows:
 
First Quarter Ended
 
H. J. Heinz Corporation II
 
Noncontrolling
Interest
 
Total
 
(In thousands)
March 30, 2014
 
 
 
 
 
Foreign currency translation adjustments
$
73

 
$
—

 
$
73

Net deferred gains/(losses) on net investment hedges from periodic revaluations
$
71,511

 
$
—

 
$
71,511

Reclassification of net pension and post-retirement benefit (gains)/losses to net income
$
(599
)
 
$
—

 
$
(599
)
Net deferred gains/(losses) on cash flow hedges from periodic revaluations
$
30,701

 
$
206

 
$
30,907

Net deferred (gains)/losses on cash flow hedges reclassified to earnings
$
(2,784
)
 
$
(69
)
 
$
(2,853
)
 
 
 
 
 
 
March 29, 2015
 

 
 

 
 

Foreign currency translation adjustments
$
—

 
$
—

 
$
—

Net deferred gains/(losses) on net investment hedges from periodic revaluations
$
(319,151
)
 
$
—

 
$
(319,151
)
Net pension and post-retirement benefit gains/(losses)
$
750

 
$
—

 
$
750

Reclassification of net pension and post-retirement benefit (gains)/losses to net income
$
(254
)
 
$
—

 
$
(254
)
Net deferred gains/(losses) on cash flow hedges from periodic revaluations
$
45,211

 
$
(109
)
 
$
45,102

Net deferred (gains)/losses on cash flow hedges reclassified to earnings
$
(1,829
)
 
$
—

 
$
(1,829
)
The following table provides a summary of the changes in the carrying amount of accumulated other comprehensive (loss)/income, net of tax, by component attributable to H. J. Heinz Corporation II:

Foreign currency translation adjustments

Net pension and post retirement benefit

Net cash flow hedges

Total

(In thousands)
Balance as of December 28, 2014
(573,555
)
 
61,560

 
(61,491
)
 
(573,486
)
Foreign currency translation adjustments
(779,979
)
 
—

 
—

 
(779,979
)
Net deferred gains/(losses) on net investment hedges from periodic revaluations
432,089

 
—

 
—

 
432,089

Net pension and post-retirement benefit gains/(losses)
—

 
(1,230
)
 
—

 
(1,230
)
Reclassification of net pension and post-retirement benefit (gains)/losses to net income
—

 
(315
)
 
—

 
(315
)
Net deferred gains/(losses) on cash flow hedges from periodic revaluations
—

 
—

 
(66,869
)
 
(66,869
)
Net deferred (gains)/losses on cash flow hedges reclassified to earnings
—

 
—

 
1,027

 
1,027

Net current-period other comprehensive income/(loss)
(347,890
)
 
(1,545
)
 
(65,842
)
 
(415,277
)
Balance as of March 29, 2015
$
(921,445
)
 
$
60,015

 
$
(127,333
)
 
$
(988,763
)

The following table presents the affected earnings line for reclassifications out of accumulated other comprehensive income/(loss), net of tax, by component attributable to H. J. Heinz Corporation II for the first quarters ended March 29, 2015 and March 30, 2014:
Accumulated other comprehensive income/(loss) component

 Reclassified from accumulated other comprehensive income/(loss) to earnings

Line affected by reclassification
 
 
Three months ended March 29, 2015
 
Three months ended March 30, 2014
 
 
 
 
(In thousands)
 
 
Gains/(losses) on cash flow hedges:


 
 


     Foreign exchange contracts
 
$
(612
)
 
$
(459
)

Sales
     Foreign exchange contracts
 
4,488

 
5,048


Cost of products sold
     Foreign exchange contracts
 
(179
)
 
(38
)

Selling, general, and administrative expenses
     Foreign exchange contracts
 
854

 
818

 
Other income/(expense)
     Foreign exchange contracts
 
—

 
6


Interest expense
     Interest rate swap contracts
 
(3,749
)
 
—


Interest expense
 
 
802

 
5,375


Gains/(losses) in income before income taxes
 
 
(1,829
)
 
(2,784
)

Provision for income taxes
 
 
$
(1,027
)
 
$
2,591


Gains/(losses) in net income
 
 
 
 
 


Gains/(losses) on pension and post retirement benefit:
 
 
 
 


     Amortization of unrecognized gains/(losses)
 
$
(743
)
 
$
15


(a)
     Prior service credit/(cost)
 
1,577

 
1,577


(a)
     Settlement loss
 
(265
)
 
—


(a)
 
 
569

 
1,592


Gains/(losses) in income before income taxes
 
 
(254
)
 
(599
)

Provision for income taxes
 
 
$
315

 
$
993


Gains/(losses) in net income
______________________________________
(a) As these components are included in the computation of net periodic pension and post retirement benefit costs refer to Note 8 for further details.