HEINZ H J CO | 2013 | FY | 3

Other Comprehensive Income/(Loss)
The following table summarizes the allocation of total other comprehensive income/(loss) between H. J. Heinz Company and the noncontrolling interest:

Successor

Predecessor

February 8 - December 29, 2013

April 29 - June 7, 2013

April 28, 2013
FY 2013

H. J. Heinz
Company

Noncontrolling
Interest

Total

H. J. Heinz
Company

Noncontrolling
Interest

Total

H. J. Heinz
Company

Noncontrolling
Interest

Total

(In thousands)
Net (loss)/income
$
(77,021
)
 
$
5,303

 
$
(71,718
)

$
(195,571
)
 
$
2,874

 
$
(192,697
)

$
1,012,903

 
$
14,430

 
$
1,027,333

Other comprehensive income/(loss), net of tax:
 
 
 
 
 

 
 
 
 
 

 
 
 
 
 
Foreign currency translation adjustments
140,242

 
(11,301
)
 
128,941


(93,780
)
 
(4,083
)
 
(97,863
)

(213,259
)
 
(15,721
)
 
(228,980
)
Net deferred (losses) on net investment hedges from periodic revaluations
(117,694
)
 
—

 
(117,694
)

—

 
—

 
—


—

 
—

 
—

Net pension and post-retirement benefit (losses)/gains
102,464

 
(12
)
 
102,452


—

 
—

 
—


(189,294
)
 
(8
)
 
(189,302
)
Reclassification of net pension and post-retirement benefit losses/(gains) to net income
—

 
—

 
—


7,291

 
(25
)
 
7,266


54,833

 
—

 
54,833

Net deferred (losses)/gains on other derivatives from periodic revaluations
110,686

 
510

 
111,196


(1,099
)
 
40

 
(1,059
)

(11,736
)
 
(7
)
 
(11,743
)
Net deferred losses/(gains) on derivatives reclassified to earnings
(2,688
)
 
(55
)
 
(2,743
)

6,551

 
1

 
6,552


29,646

 
(38
)
 
29,608

Total comprehensive income/(loss)
$
155,989


$
(5,555
)

$
150,434


$
(276,608
)

$
(1,193
)

$
(277,801
)

$
683,093


$
(1,344
)

$
681,749





The tax (expense)/benefit associated with each component of other comprehensive income/(loss) are as follows:
 
Fiscal Year Ending
 
H. J. Heinz Company
 
Noncontrolling Interest
 
Total
 
(In thousands)
Predecessor
 
 
 
 
 
April 27, 2011
 
 
 
 
 
Foreign currency translation adjustments
$
(1,158
)
 
$
—

 
$
(1,158
)
Net pension and post-retirement benefit losses
$
(25,670
)
 
$
14

 
$
(25,656
)
Reclassification of net pension and post-retirement benefit losses to net income
$
25,276

 
$
—

 
$
25,276

Net change in fair value of cash flow hedges
$
(10,348
)
 
$
132

 
$
(10,216
)
Net hedging gains/losses reclassified into earnings
$
(15,149
)
 
$
191

 
$
(14,958
)
April 29, 2012
 
 
 
 
 
Foreign currency translation adjustments
$
180

 
$
—

 
$
180

Net pension and post-retirement benefit losses
$
112,665

 
$
9

 
$
112,674

Reclassification of net pension and post-retirement benefit losses to net income
$
25,070

 
$
—

 
$
25,070

Net change in fair value of cash flow hedges
$
(17,770
)
 
$
9

 
$
(17,761
)
Net hedging gains/losses reclassified into earnings
$
(10,756
)
 
$
92

 
$
(10,664
)
April 28, 2013
 
 
 
 
 
Foreign currency translation adjustments
$
(115
)
 
$
—

 
$
(115
)
Net pension and post-retirement benefit losses
$
(75,526
)
 
$
—

 
$
(75,526
)
Reclassification of net pension and post-retirement benefit losses to net income
$
23,694

 
$
—

 
$
23,694

Net change in fair value of cash flow hedges
$
17,712

 
$
2

 
$
17,714

Net hedging gains/losses reclassified into earnings
$
25,954

 
$
(13
)
 
$
25,941

April 29 - June 7, 2013
 
 
 
 
 
Foreign currency translation adjustments
$
(116
)
 
$
—

 
$
(116
)
Reclassification of net pension and post-retirement benefit losses to net income
$
2,958

 
$
—

 
$
2,958

Net change in fair value of cash flow hedges
$
377

 
$
(13
)
 
$
364

Net hedging gains/losses reclassified into earnings
$
2,882

 
$
1

 
$
2,883

Successor
 
 
 
 
 
February 8 - December 29, 2013
 
 
 
 
 
Foreign currency translation adjustments
$
(422
)
 
$
—

 
$
(422
)
Net change in fair value of net investment hedges
$
72,903

 
$
—

 
$
72,903

Net pension and post-retirement benefit gains
$
(39,682
)
 
$
—

 
$
(39,682
)
Net change in fair value of cash flow hedges
$
(67,210
)
 
$
(166
)
 
$
(67,376
)
Net hedging gains/losses reclassified into earnings
$
1,505

 
$
18

 
$
1,523






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 Company:
 
 
 
Foreign currency translation adjustments
 
Net pension and post retirement benefit
 
Net cash flow hedges
 
Total
 
(In thousands)
Predecessor
 
 
 
 
 
 
 
Balance as of April 27, 2011
$
337,073

 
$
(626,938
)
 
$
(9,699
)
 
(299,564
)
Other comprehensive (loss)/income before reclassifications
(360,227
)
 
(258,067
)
 
30,405

 
(587,889
)
Amounts reclassified from accumulated other comprehensive loss
—

 
56,813

 
(14,088
)
 
42,725

Net current-period other comprehensive loss
(360,227
)
 
(201,254
)
 
16,317

 
(545,164
)
Balance as of April 29, 2012
$
(23,154
)
 
$
(828,192
)
 
$
6,618

 
$
(844,728
)
Other comprehensive (loss)/income before reclassifications
(213,258
)
 
(189,294
)
 
(11,736
)
 
(414,288
)
Amounts reclassified from accumulated other comprehensive loss
—

 
54,833

 
29,645

 
84,478

Net current-period other comprehensive loss
(213,258
)
 
(134,461
)
 
17,909

 
(329,810
)
Balance as of April 28, 2013
$
(236,412
)
 
$
(962,653
)
 
$
24,527

 
$
(1,174,538
)
Other comprehensive (loss)/income before reclassifications
(93,780
)
 
—

 
(1,099
)
 
(94,879
)
Amounts reclassified from accumulated other comprehensive loss
—

 
7,291

 
6,551

 
13,842

Net current-period other comprehensive loss
(93,780
)
 
7,291

 
5,452

 
(81,037
)
Balance as of June 7, 2013
$
(330,192
)
 
$
(955,362
)
 
$
29,979

 
$
(1,255,575
)
 
 
 
 
 
 
 
 
Successor
 
 
 
 
 
 
 
Balance as of February 8, 2013
$
—

 
$
—

 
$
—

 
—

Other comprehensive (loss)/income before reclassifications
140,242

 
102,464

 
110,686

 
353,392

Net change in fair value of net investment hedges
(117,694
)
 
—

 
—

 
(117,694
)
Amounts reclassified from accumulated other comprehensive loss
—

 
—

 
(2,688
)
 
(2,688
)
Net current-period other comprehensive loss
22,548

 
102,464

 
107,998

 
233,010

Balance as of December 29, 2013
$
22,548

 
$
102,464

 
$
107,998

 
$
233,010

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 Company:
Accumulated other comprehensive income/(loss) component
 
 Reclassified from accumulated other comprehensive income/(loss) to earnings
 
 Reclassified from accumulated other comprehensive income/(loss) to earnings
 
Line affected by reclassification
(In thousands)
 
 
Successor
 
Predecessor
 
 
 
 
February 8 - December 29, 2013
 
April 29 - June 7, 2013
 
 
Gains/(losses) on cash flow hedges:
 
 
 
 
 
 
     Foreign exchange contracts
 
$
(1,020
)
 
$
990

 
Sales
     Foreign exchange contracts
 
2,874

 
1,814

 
Cost of products sold
     Foreign exchange contracts
 
2,387

 
(1,859
)
 
Other income/(expense)
     Foreign exchange contracts
 
(83
)
 
—

 
Selling, general, and administrative expenses
     Foreign exchange contracts
 
—

 
61

 
Interest expense
     Interest rate contracts
 
35

 
(20
)
 
Interest expense
     Cross-currency interest rate swap contracts
 
—

 
(538
)
 
Other expense
     Cross-currency interest rate swap contracts
 
—

 
(9,821
)
 
Interest expense
 
 
4,193

 
(9,373
)
 
Gain/(loss) from continuing operations before income tax
 
 
(1,505
)
 
2,822

 
Provision for income taxes
 
 
$
2,688

 
$
(6,551
)
 
Gain/(loss) from continuing operations
 
 
 
 
 
 
 
Gains/(losses) on pension and post retirement benefit:
 
 
 
 
     Actuarial gains/(losses)
 
$
—

 
$
(10,681
)
 
(a)
     Prior service credit/(cost)
 
—

 
432

 
(a)
 
 
—

 
(10,249
)
 
Loss from continuing operations before income tax
 
 
—

 
2,958

 
Provision for income taxes
 
 
$
—

 
$
(7,291
)
 
Loss from continuing operations
______________________________________
(a) As these components are included in the computation of net periodic pension and post retirement benefit costs refer to Note 14 for further details.

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