TREEHOUSE FOODS, INC., 10-Q filed on 5/5/2016
Quarterly Report
v3.4.0.3
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2016
Apr. 30, 2016
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2016  
Document Fiscal Year Focus 2016  
Document Fiscal Period Focus Q1  
Trading Symbol THS  
Entity Registrant Name TREEHOUSE FOODS, INC.  
Entity Central Index Key 0001320695  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   56,433,176
v3.4.0.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 61,089 $ 34,919
Investments 9,229 8,388
Receivables, net 359,744 203,198
Inventories, net 978,508 584,115
Assets held for sale 2,674  
Prepaid expenses and other current assets 50,385 16,583
Total current assets 1,461,629 847,203
Property, plant, and equipment, net 1,345,786 541,528
Goodwill 2,782,338 1,649,794
Intangible assets, net 1,218,853 646,655
Other assets, net 55,641 17,616
Total assets 6,864,247 3,702,796
Current liabilities:    
Accounts payable and accrued expenses 521,011 260,580
Current portion of long-term debt 41,582 14,893
Total current liabilities 562,593 275,473
Long-term debt 2,942,336 1,221,741
Deferred income taxes 411,071 279,108
Other long-term liabilities 228,910 71,615
Total liabilities $ 4,144,910 $ 1,847,937
Commitments and contingencies (Note 19)
Stockholders' equity:    
Preferred stock, par value $0.01 per share, 10,000 shares authorized, none issued $ 0 $ 0
Common stock, par value $0.01 per share, 90,000 shares authorized, 56,433 and 43,126 shares issued and outstanding, respectively 564 431
Additional paid-in capital 2,050,334 1,207,167
Retained earnings 757,383 760,729
Accumulated other comprehensive loss (88,944) (113,468)
Total stockholders' equity 2,719,337 1,854,859
Total liabilities and stockholders' equity $ 6,864,247 $ 3,702,796
v3.4.0.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2016
Dec. 31, 2015
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 90,000,000 90,000,000
Common stock, shares issued 56,433,000 43,126,000
Common stock, shares outstanding 56,433,000 43,126,000
v3.4.0.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Net sales $ 1,270,173 $ 783,145
Cost of sales 1,045,610 630,708
Gross profit 224,563 152,437
Operating expenses:    
Selling and distribution 85,472 45,798
General and administrative 94,634 44,400
Amortization expense 23,836 15,328
Other operating expense, net 1,694 215
Total operating expenses 205,636 105,741
Operating (loss) income 18,927 46,696
Other expense (income):    
Interest expense 25,668 11,692
Interest income (2,819) (1,769)
(Gain) loss on foreign currency exchange (4,124) 11,386
Other expense (income), net 4,982 (414)
Total other expense 23,707 20,895
(Loss) income before income taxes (4,780) 25,801
Income taxes (1,434) 7,949
Net (loss) income $ (3,346) $ 17,852
Net (loss) earnings per common share:    
Basic $ (0.06) $ 0.42
Diluted $ (0.06) $ 0.41
Weighted average common shares:    
Basic 52,708 42,873
Diluted 52,708 43,639
v3.4.0.3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Net (loss) income $ (3,346) $ 17,852
Other comprehensive income (loss):    
Foreign currency translation adjustments 24,266 (26,537)
Pension and postretirement reclassification adjustment [1] 258 256
Other comprehensive (loss) income 24,524 (26,281)
Comprehensive income (loss) $ 21,178 $ (8,429)
[1] Net of tax of $159 and $158 for the three months ended March 31, 2016 and 2015, respectively.
v3.4.0.3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Pension and post-retirement reclassification adjustment, tax $ 159 $ 158
v3.4.0.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net (loss) income $ (3,346) $ 17,852
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation 35,629 15,405
Amortization 23,836 15,328
Stock-based compensation 6,177 5,949
Excess tax benefits from stock-based compensation (206) (3,132)
Mark-to-market loss (gain) on derivative contracts 4,703 (417)
Mark-to-market loss (gain) on investments 11 (259)
Loss on disposition of assets 743 147
Deferred income taxes (714) (1,867)
(Gain) loss on foreign currency exchange (4,124) 11,386
Other (375) (379)
Changes in operating assets and liabilities, net of effect of acquisitions:    
Receivables 15,508 11,746
Inventories 46,764 29,164
Prepaid expenses and other assets (16,442) 1,744
Accounts payable, accrued expenses and other liabilities 2,556 (21,065)
Net cash provided by operating activities 110,720 81,602
Cash flows from investing activities:    
Additions to property, plant, and equipment (24,898) (21,235)
Additions to intangible assets (1,995) (3,841)
Acquisitions, less cash acquired (2,640,201)  
Proceeds from sale of fixed assets 59 121
Purchase of investments (262) (103)
Other (11)  
Net cash (used in) provided by investing activities (2,667,308) (25,058)
Cash flows from financing activities:    
Borrowings under Revolving Credit Facility 106,000 20,000
Payments under Revolving Credit Facility (124,000) (78,000)
Proceeds from issuance of Term Loan A-2 1,025,000  
Proceeds from issuance of 2024 Notes 775,000  
Payments on capitalized lease obligations and other debt (811) (730)
Payment of deferred financing costs (34,328)  
Payments on Term Loans (4,375) (2,000)
Net proceeds from issuance of common stock 835,128  
Net receipts related to stock-based award activities 1,789 5,273
Excess tax benefits from stock-based compensation 206 3,132
Net cash provided by (used in) financing activities 2,579,609 (52,325)
Effect of exchange rate changes on cash and cash equivalents 3,149 (1,549)
Net increase in cash and cash equivalents 26,170 2,670
Cash and cash equivalents, beginning of period 34,919 51,981
Cash and cash equivalents, end of period $ 61,089 $ 54,651
v3.4.0.3
Basis of Presentation
 3 Months Ended
Mar. 31, 2016
Basis of Presentation

1. BASIS OF PRESENTATION

The unaudited Condensed Consolidated Financial Statements included herein have been prepared by TreeHouse Foods, Inc. and its consolidated subsidiaries (the “Company,” “TreeHouse,” “we,” “us,” or “our”), pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to quarterly reporting on Form 10-Q. In our opinion, these statements include all adjustments necessary for a fair presentation of the results of all interim periods reported herein. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted as permitted by such rules and regulations. The Condensed Consolidated Financial Statements and related notes should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015. Results of operations for interim periods are not necessarily indicative of annual results.

On February 1, 2016, the Company acquired all of the outstanding common stock of Ralcorp Holdings, Inc., the Missouri corporation through which the private brands business (“Private Brands Business”) of ConAgra Foods, Inc. was operated. Ralcorp Holdings, Inc. was renamed TreeHouse Private Brands, Inc. during the first quarter of 2016. The results of operations of the Private Brands Business are included in our financial statements from the date of acquisition and are included in the North American Retail Grocery, Food Away From Home, and Industrial and Export segments, as applicable. The Private Brands Business is on a 4-4-5 fiscal calendar, and March 27, 2016 was the fiscal period end closest to the Company’s fiscal quarter end. This difference did not have a significant impact on the results of operations of the Private Brands Business.

The preparation of our Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to use our judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements, and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from these estimates.

A detailed description of the Company’s significant accounting policies can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015.
v3.4.0.3
Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 2016
Recent Accounting Pronouncements

2. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Improvements to Employee Share-Based Payment Accounting, to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is currently assessing the impact that this standard will have upon adoption.

In February 2016, the FASB issued ASU No. 2016-02, Leases, to increase transparency and comparability by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The main difference between existing GAAP and this ASU is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under existing GAAP. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. The standard requires that entities apply the effects of these changes using a modified retrospective approach, which includes a number of optional practical expedients. The Company is currently assessing the impact that this standard will have upon adoption.

In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, to simplify the accounting for adjustments made to provisional amounts. This ASU requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The ASU also requires acquirers to present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This ASU is effective for fiscal periods beginning after December 15, 2015. The Company prospectively adopted the ASU during the first quarter of 2016, which had no impact as no adjustments to provisional amounts recorded in previous periods were recognized during the quarter.

In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory, which requires entities to measure inventory at the lower of cost and net realizable value (“NRV”). This ASU will not apply to inventory valued under the last-in-first-out method. Under current guidance, an entity is required to measure inventory at the lower of cost or market, with market defined as replacement cost, NRV, or NRV less a normal profit margin. The three market measurements added complexity and reduced comparability in the valuation of inventory. FASB issued this ASU as part of its simplification initiative to address these issues. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is in the process of evaluating the impact of the standard.

In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, providing additional guidance surrounding the disclosure of going concern uncertainties in the financial statements and implementing requirements for management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. The ASU is effective for fiscal years ending after December 15, 2016 and for interim periods thereafter. The Company does not anticipate the adoption of the ASU will result in additional disclosures, however, management will begin performing the periodic assessments required by the ASU on its effective date.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which introduced a new framework to be used when recognizing revenue in an attempt to reduce complexity and increase comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The standard requires that entities apply the effects of these changes to all prior years presented, upon adoption, using either the full retrospective method, which presents the impact of the change separately in each prior year presented, or the modified retrospective method, which includes the cumulative changes to all prior years presented in beginning retained earnings in the year of initial adoption. The Company has not yet determined which of the two adoption methods to elect. The Company is currently assessing the impact that this standard will have upon adoption.
v3.4.0.3
Restructuring
 3 Months Ended
Mar. 31, 2016
Restructuring

3. RESTRUCTURING

City of Industry, California — On November 18, 2015, the Company announced the planned closing of the City of Industry, California facility after reviewing the operation and identifying an opportunity to lower production costs. Production at the facility, which primarily relates to liquid non-dairy creamer and refrigerated salad dressings in the Food Away From Home segment, ceased in the first quarter of 2016, with full closure of the facility expected in the third quarter of 2016. Production will be moved to other Company-owned manufacturing facilities, as well as to third-party co-manufacturers. Total costs to close the City of Industry facility are expected to be approximately $11.1 million as detailed below, a reduction of approximately $0.8 million since the initial announcement, of which approximately $7.2 million is expected to be in cash. Expenses associated with the facility closure are primarily aggregated in the Other operating expense, net line of the Condensed Consolidated Statements of Operations, with the exception of asset-related costs, which are recorded in Cost of sales.

Below is a summary of the plant closing costs:

 

                                                                                                  
     City of Industry Closure  
     Three Months Ended      Cumulative Costs      Total Expected  
     March 31, 2016      To Date      Costs  
     (In thousands)  

Asset-related

    $ 832       $ 3,852       $ 3,852   

Employee-related

      582         1,744         1,890   

Other closure costs

      84         113         5,308   
  

 

 

     

 

 

     

 

 

  

Total

    $ 1,498       $ 5,709       $ 11,050   
  

 

 

     

 

 

     

 

 

  

Liabilities recorded as of March 31, 2016 associated with this plant closing relate to severance and the partial withdrawal from a multiemployer pension plan. The severance liability is included in the Accounts payable and accrued expenses line of the Condensed Consolidated Balance Sheets while the multiemployer pension plan withdrawal liability is included in the Other long-term liabilities line of the Condensed Consolidated Balance Sheets. The table below presents a reconciliation of the liabilities as of March 31, 2016:

 

                                                                                                  
     City of Industry Closure  
     Multiemployer Pension  
     Severance     Plan Withdrawal      Total Liabilities  
     (In thousands)  

Balance as of December 31, 2015

    $ 395      $ 767       $ 1,162   

Expense

      582        —         582   

Payments

      (49 )      —         (49 ) 
  

 

 

    

 

 

     

 

 

  

Balance as of March 31, 2016

    $ 928      $ 767       $ 1,695   
  

 

 

    

 

 

     

 

 

  
v3.4.0.3
Acquisitions
 3 Months Ended
Mar. 31, 2016
Acquisitions

4. ACQUISITIONS

Private Brands Business

On February 1, 2016, the Company acquired the Private Brands Business, which is primarily engaged in manufacturing, distributing, and marketing private label products to retail grocery, food away from home, and industrial and export customers. The business’s primary product categories include snacks, retail bakery, pasta, cereal, bars, and condiments. The purchase price was approximately $2,640.2 million, net of acquired cash, including an estimated adjustment for working capital. The acquisition was funded by $835.1 million in net proceeds from a public sale of the Company’s common stock, $760.7 million in net proceeds from a private issuance of senior unsecured notes (“2024 Notes”), and a new $1,025.0 million term loan (“Term Loan A-2”), with the remaining balance funded by borrowings from the Company’s $900 million revolving credit facility (“Revolving Credit Facility”). The acquisition results in a broader portfolio of products and further diversifies the Company’s product categories.

The Private Brands Business acquisition is accounted for under the acquisition method of accounting and the results of operations are included in our financial statements from the date of acquisition in the North American Retail Grocery, Food Away From Home, and Industrial and Export segments. Included in the Company’s Condensed Consolidated Statements of Operations for the first quarter of 2016 are the Private Brands Business’s net sales of approximately $506.4 million and net income of $11.5 million. Integration costs of $5.8 million were included in determining the net income.

We have made a preliminary allocation to net tangible and intangible assets acquired and liabilities assumed as follows:

 

         (In thousands)      

Cash

      $ 43,358   

Receivables

      171,008   

Inventory

      435,360   

Property, plant, and equipment

      803,491   

Customer relationships

      510,900   

Trade names

      33,000   

Software

      19,576   

Formulas

      23,200   

Other assets

      52,418   

Goodwill

      1,123,924   
  

 

 

  

Assets acquired

      3,216,235   

Deferred taxes

      (132,384 ) 

Assumed current liabilities

      (244,747 ) 

Assumed long-term liabilities

      (155,545 ) 
  

 

 

  

Total purchase price

      $     2,683,559   
  

 

 

  

The Company allocated $496.1 million to customer relationships in the North American Retail Grocery segment, which have a preliminary estimated life of 13 years, and $14.8 million to customer relationships in the Food Away From Home segment, which have a preliminary estimated life of 10 years. The Company allocated $33.0 million to trade names, which have a preliminary estimated life of 10 years. The Company allocated $23.2 million to formulas, which have a preliminary estimated life of 5 years. The Company allocated $19.6 million to capitalized software with estimated lives of 1 to 5 years, depending on expected use. The aforementioned intangibles will be amortized on a straight line basis. The Company increased the cost of acquired inventories by approximately $8.2 million, and expensed the amount as a component of cost of sales in the first quarter of 2016. The Company has preliminarily allocated $1,050.4 million and $73.5 million of goodwill to the North American Retail Grocery and Food Away From Home segments, respectively. Goodwill arises principally as a result of expansion opportunities and synergies across both new and legacy product categories. None of the goodwill resulting from this acquisition is tax deductible. The Company incurred approximately $35.2 million in acquisition costs. These costs are included in the General and administrative expense line of the Condensed Consolidated Statements of Operations. The purchase price allocation in the table above is preliminary and subject to the finalization of the Company’s valuation analysis, including adjustments to certain assets and liabilities, taxes, and working capital.

 

The following unaudited pro forma information shows the results of operations for the Company as if its acquisition of the Private Brands Business had been completed as of January 1, 2015. Adjustments have been made for the pro forma effects of depreciation and amortization of tangible and intangible assets recognized as part of the business combination, the issuance of common stock, interest expense related to the financing of the business combination, and related income taxes. Excluded from the 2016 pro forma results are $35.2 million of costs incurred by the Company in connection with the acquisition. The 2015 pro forma results include $1.3 billion in asset impairment charges incurred by the seller. The pro forma results may not necessarily reflect actual results of operations that would have been achieved, nor are they necessarily indicative of future results of operations.

 

                                                             
     Three Months Ended
March 31,		  
     2016      2015  
     (In thousands, except per share data)  

Pro forma net sales

    $ 1,594,136       $ 1,670,398   
  

 

 

     

 

 

  

Pro forma net income (loss)

    $ 18,369       $ (770,875 )
  

 

 

     

 

 

  

Pro forma basic earnings (loss) per common share

    $ 0.32       $ (13.73 )
  

 

 

     

 

 

  

Pro forma diluted earnings (loss) per common share

    $ 0.32       $ (13.73 )
  

 

 

     

 

 

  
v3.4.0.3
Investments
 3 Months Ended
Mar. 31, 2016
Investments

5. INVESTMENTS

 

                                                         
     March 31,      December 31,  
     2016      2015  
     (In thousands)  

U.S. equity

    $ 6,641       $ 5,283   

Non-U.S. equity

      1,601         1,574   

Fixed income

      987         1,531   
  

 

 

     

 

 

  

Total investments

    $ 9,229       $ 8,388   
  

 

 

     

 

 

  

We determine the appropriate classification of our investments at the time of purchase and reevaluate such designation as of each balance sheet date. The Company accounts for investments in debt and marketable equity securities as held-to-maturity, available-for-sale, or trading, depending on their classification. The investments held by the Company are classified as trading securities and are stated at fair value, with changes in fair value recorded as a component of the Interest income or Interest expense line on the Condensed Consolidated Statements of Operations. Cash flows from purchases, sales, and maturities of trading securities are included in cash flows from investing activities in the Condensed Consolidated Statements of Cash Flows based on the nature and purpose for which the securities were acquired.

Our investments include U.S. equity, non-U.S. equity, and fixed income securities that are classified as short-term investments on the Condensed Consolidated Balance Sheets. The U.S. equity, non-U.S. equity, and fixed income securities are classified as short-term investments as they have characteristics of other current assets and are actively managed.

We consider temporary cash investments with an original maturity of three months or less to be cash equivalents. As of March 31, 2016 and December 31, 2015, $59.6 million and $24.4 million, respectively, represents cash and equivalents held in foreign jurisdictions, in local currencies, that are convertible into other currencies. The cash and cash equivalents held in foreign jurisdictions are expected to be used for general corporate purposes in foreign jurisdictions, including capital projects and acquisitions.

For the three months ended March 31, 2016, we recognized unrealized losses totaling $0.3 million that are included in the Interest expense line of the Condensed Consolidated Statements of Operations and $0.3 million in unrealized gains that are included in the Interest income line of the Condensed Consolidated Statements of Operations. Additionally, for the three months ended March 31, 2016, we recognized a realized gain on investments totaling $0.1 million that was included in the Interest income line of the Condensed Consolidated Statements of Operations. When securities are sold, their cost is determined based on the first-in, first-out method.
v3.4.0.3
Inventories
 3 Months Ended
Mar. 31, 2016
Inventories

6. INVENTORIES

 

                                                         
     March 31,     December 31,  
     2016     2015  
     (In thousands)  

Raw materials and supplies

    $ 424,388      $ 274,007   

Finished goods

      575,673        331,535   

LIFO reserve

      (21,553 )      (21,427 ) 
  

 

 

    

 

 

  

Total inventories

    $ 978,508      $ 584,115   
  

 

 

    

 

 

  

Inventory is generally accounted for under the first-in, first-out (“FIFO”) method, but a portion is accounted for under the last-in, first-out (“LIFO”) method or the weighted average costing approach. Approximately $66.5 million and $88.1 million of our inventory was accounted for under the LIFO method of accounting at March 31, 2016 and December 31, 2015, respectively. Approximately $118.8 million and $128.9 million of our net inventory was accounted for using the weighted average costing approach at March 31, 2016 and December 31, 2015, respectively.
v3.4.0.3
Property, Plant, and Equipment
 3 Months Ended
Mar. 31, 2016
Property, Plant, and Equipment

7. PROPERTY, PLANT, AND EQUIPMENT

 

                                                         
     March 31,     December 31,  
     2016     2015  
     (In thousands)  

Land

    $ 70,007      $ 25,954   

Buildings and improvements

      446,152        226,134   

Machinery and equipment

      1,194,946        681,711   

Construction in progress

      87,594        24,493   
  

 

 

    

 

 

  

Total

      1,798,699        958,292   

Less accumulated depreciation

      (452,913 )      (416,764 ) 
  

 

 

    

 

 

  

Property, plant, and equipment, net

    $ 1,345,786      $ 541,528   
  

 

 

    

 

 

  

Depreciation expense was $35.6 million and $15.4 million for the three months ended March 31, 2016 and 2015, respectively.
v3.4.0.3
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2016
Goodwill and Intangible Assets

8. GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying amount of goodwill for the three months ended March 31, 2016 were as follows:

 

                                                                                           
     North American      Food Away      Industrial         
     Retail Grocery      From Home      and Export      Total  
     (In thousands)  

Balance at December 31, 2015

    $ 1,423,441       $ 92,267       $ 134,086       $ 1,649,794   

Acquisitions

      1,050,383         73,541         —         1,123,924   

Foreign currency exchange adjustments

      7,853         767         —         8,620   
  

 

 

     

 

 

     

 

 

     

 

 

  

Balance at March 31, 2016

    $ 2,481,677       $ 166,575       $ 134,086       $ 2,782,338   
  

 

 

     

 

 

     

 

 

     

 

 

  

The Company has not incurred any goodwill impairments since its inception.

The carrying amounts of our intangible assets with indefinite lives, other than goodwill, as of March 31, 2016 and December 31, 2015 are as follows:

 

                                                             
     March 31,
2016		      December 31,
2015		  
     (In thousands)  

Trademarks

    $ 26,568       $ 25,229   
  

 

 

     

 

 

  

Total indefinite lived intangibles

    $ 26,568       $ 25,229   
  

 

 

     

 

 

  

The increase in the indefinite lived intangibles balance is due to foreign currency translation.

The gross carrying amounts and accumulated amortization of intangible assets, with finite lives, as of March 31, 2016 and December 31, 2015 are as follows:

 

                                                                                                                                         
     March 31, 2016      December 31, 2015  
     Gross
Carrying
Amount		        Accumulated  
  Amortization  		     Net
Carrying
Amount		      Gross
Carrying
Amount		        Accumulated  
  Amortization  		     Net
Carrying
Amount		  
     (In thousands)      (In thousands)  

Intangible assets with finite lives:

                

Customer-related

    $ 1,289,106       $ (230,014 )    $ 1,059,092       $ 769,419       $ (208,962 )    $ 560,457   

Contractual agreements

      2,974         (2,857 )      117         2,964         (2,831 )      133   

Trademarks

      65,361         (12,194 )      53,167         32,240         (11,091 )      21,149   

Formulas/recipes

      33,775         (8,857 )      24,918         10,471         (7,824 )      2,647   

Computer software

      99,591         (44,600 )      54,991         78,039         (40,999 )      37,040   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total other intangibles

    $ 1,490,807       $ (298,522 )    $ 1,192,285       $ 893,133       $ (271,707 )    $ 621,426   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total intangible assets, excluding goodwill, as of March 31, 2016 and December 31, 2015 were $1,218.9 million and $646.7 million, respectively. Amortization expense on intangible assets for the three months ended March 31, 2016 and 2015 was $23.8 million and $15.3 million, respectively. Estimated amortization expense on intangible assets for 2016 and the next four years is as follows:

 

       (In thousands)    

2016

      $     109,029   

2017

      $ 112,748   

2018

      $ 107,104   

2019

      $ 105,837   

2020

      $ 104,156   
v3.4.0.3
Accounts Payable and Accrued Expenses
 3 Months Ended
Mar. 31, 2016
Accounts Payable and Accrued Expenses

9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

                                                     
     March 31,      December 31,  
     2016      2015  
     (In thousands)  

Accounts payable

    $       392,822       $       202,065   

Payroll and benefits

      54,899         27,467   

Interest

      12,244         6,241   

Taxes

      9,330         1,499   

Health insurance, workers’ compensation, and other insurance costs

      17,259         9,331   

Marketing expenses

      18,900         7,435   

Other accrued liabilities

      15,557         6,542   
  

 

 

     

 

 

  

Total

    $ 521,011       $ 260,580   
  

 

 

     

 

 

  
v3.4.0.3
Income Taxes
 3 Months Ended
Mar. 31, 2016
Income Taxes

10. INCOME TAXES

Income taxes were recorded at an effective rate of 30.0% and 30.8% for the three months ended March 31, 2016 and 2015, respectively. Our effective tax rate may change from period to period based on recurring and non-recurring factors including the jurisdictional mix of earnings, enacted tax legislation, state income taxes, settlement of tax audits and the expiration of the statute of limitations in relation to unrecognized tax benefits.

The Company’s effective tax rate differs from the U.S. federal statutory tax rate primarily due to state tax expense and the benefits associated with the federal domestic production activities deduction and an intercompany financing structure entered into in conjunction with the E.D. Smith Foods, Ltd. (“E.D. Smith”) acquisition in 2007.

During the third quarter of 2015, the Internal Revenue Service (“IRS”) initiated an examination of Flagstone Foods, Inc.’s pre-acquisition 2013 tax year. The Canadian Revenue Agency (“CRA”) is currently examining the 2008 through 2013 tax years of E.D. Smith. The IRS and CRA examinations are expected to be completed in 2016 or 2017. The Company has examinations in process with various state taxing authorities, which are expected to be complete in 2016.

Management estimates that it is reasonably possible that the total amount of unrecognized tax benefits could decrease by as much as $17.5 million within the next 12 months, primarily as a result of the resolution of audits currently in progress and the lapsing of statutes of limitations. Less than $0.2 million of the $17.5 million would affect the effective tax rate when settled.
v3.4.0.3
Long-Term Debt
 3 Months Ended
Mar. 31, 2016
Long-Term Debt

11. LONG-TERM DEBT

 

                                                     
     March 31,     December 31,  
     2016     2015  
     (In thousands)  

Revolving Credit Facility

    $ 335,000      $ 353,000   

Term Loan A

      293,625        295,500   

Term Loan A-1

      187,500        190,000   

Term Loan A-2

          1,025,000        —   

2022 Notes

      400,000            400,000   

2024 Notes

      775,000        —   

Tax increment financing and other debt

      6,174        6,002   
  

 

 

    

 

 

  

Total outstanding debt

      3,022,299        1,244,502   

Deferred financing costs

      (38,381 )      (7,868 ) 

Less current portion

      (41,582 )      (14,893 ) 
  

 

 

    

 

 

  

Total long-term debt

    $ 2,942,336      $ 1,221,741   
  

 

 

    

 

 

  

On February 1, 2016, coincident with the closing of the acquisition of the Private Brands Business, the Company entered into the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement amends the Company’s Prior Credit Agreement, dated as of May 6, 2014.

The Amended and Restated Credit Agreement (1) amended the maturity dates of the Revolving Credit Facility, Term Loan A, and Term Loan A-1 so that they are conterminous and mature on February 1, 2021, (2) provided for the issuance of Term Loan A-2, (3) is now a secured facility until, among other conditions, the Company reaches a leverage ratio of 3.5 and has no other pari-passu secured debt outstanding, and (4) increased credit spreads. The proceeds from Term Loan A-2 were used to fund a portion of the purchase price of the Private Brands Business. The Amended and Restated Credit Agreement contains substantially the same covenants as the Prior Credit Agreement with adjustments to reflect the incurrence of Term Loan A-2.

In connection with the Amended and Restated Credit Agreement, $20.3 million in fees will be amortized ratably through February 1, 2021. Fees associated with the Term Loans are presented as a direct deduction from outstanding debt, while fees associated with the Revolving Credit Facility are presented as an asset. Beginning February 1, 2016, unamortized fees associated with the Prior Credit Agreement will be amortized ratably through February 1, 2021.

The Revolving Credit Facility, Term Loan A, Term Loan A-1, and Term Loan A-2 are known collectively as the “Amended and Restated Credit Agreement.” The Company’s average interest rate on debt outstanding under its Amended and Restated Credit Agreement for the three months ended March 31, 2016 was 2.54%.

Revolving Credit Facility — As of March 31, 2016, $511.9 million of the aggregate commitment of $900 million of the Revolving Credit Facility was available. Under the Amended and Restated Credit Agreement, the Revolving Credit Facility matures on February 1, 2021, as compared to a maturity date of May 6, 2019 under the Prior Credit Agreement. In addition, as of March 31, 2016, there were $53.1 million in letters of credit under the Revolving Credit Facility that were issued but undrawn, which have been included as a reduction to the calculation of available credit.

Interest is payable quarterly or at the end of the applicable interest period in arrears on any outstanding borrowings. The interest rates under the Amended and Restated Credit Agreement are based on the Company’s consolidated leverage ratio, and are determined by either (i) LIBOR, plus a margin ranging from 1.25% to 3.00% (inclusive of the facility fee), based on the Company’s consolidated leverage ratio, or (ii) a Base Rate (as defined in the Amended and Restated Credit Agreement), plus a margin ranging from 0.25% to 2.00% (inclusive of the facility fee), based on the Company’s consolidated leverage ratio.

The Amended and Restated Credit Agreement is fully and unconditionally, as well as jointly and severally, guaranteed by our 100% owned direct and indirect subsidiaries described as follows: During the first quarter of 2016, Protenergy Holdings, Inc. and Protenergy Natural Foods, Inc. were added as guarantors. Additionally, in connection with the acquisition of the Private Brands Business, TreeHouse Private Brands, Inc. (formerly Ralcorp Holdings, Inc.); American Italian Pasta Co.; Nutcracker Brands; Linette Quality Chocolates; Ralcorp Frozen Bakery Products, Inc.; Cottage Bakery, Inc.; and The Carriage House Companies, Inc. were added as guarantors during the first quarter of 2016. As a result, Bay Valley Foods, LLC; Sturm Foods, Inc.; S.T. Specialty Foods, Inc.; Associated Brands, Inc.; Cains Foods, Inc.; Cains Foods L.P.; Cains GP, LLC; and Flagstone Foods, Inc., together with the subsidiaries added in the first quarter as noted above, and certain other subsidiaries that may become guarantors in the future are collectively known as the “Guarantor Subsidiaries.” The Amended and Restated Credit Agreement contains various financial and restrictive covenants and requires that the Company maintain certain financial ratios, including a leverage and interest coverage ratio. The Amended and Restated Credit Agreement also contains cross-default provisions which could result in the acceleration of payments in the event TreeHouse or the Guarantor Subsidiaries (i) fails to make a payment when due in respect of any indebtedness or guarantee having an aggregate principal amount greater than $75 million or (ii) fails to observe or perform any other agreement or condition related to such indebtedness or guarantee as a result of which the holder(s) of such debt are permitted to accelerate the payment of such debt.

Term Loan A — On May 6, 2014, the Company entered into a $300 million term loan whose maturity date was amended in connection with the Amended and Restated Credit Agreement. The new maturity date is February 1, 2021, as compared to May 6, 2021 under the Prior Credit Agreement. The interest rates applicable to Term Loan A are based on the Company’s consolidated leverage ratio, and are determined by either (i) LIBOR, plus a margin ranging from 1.25% to 3.00%, or (ii) a Base Rate (as defined in the Amended and Restated Credit Agreement), plus a margin ranging from 0.25% to 2.00%. Payments are due on a quarterly basis. Term Loan A is subject to substantially the same covenants as the Revolving Credit Facility, and also has the same Guarantor Subsidiaries. As of March 31, 2016, $293.6 million was outstanding under Term Loan A.

Term Loan A-1 — On July 29, 2014, the Company entered into a $200 million term loan whose maturity date was amended in connection with the Amended and Restated Credit Agreement. The new maturity date is February 1, 2021, as compared to May 6, 2019 under the Prior Credit Agreement. The interest rates applicable to Term Loan A-1 are based on the Company’s consolidated leverage ratio, and are determined by either (i) LIBOR, plus a margin ranging from 1.25% to 3.00%, or (ii) a Base Rate (as defined in

 

the Amended and Restated Credit Agreement), plus a margin ranging from 0.25% to 2.00%. Payments are due on a quarterly basis. Term Loan A-1 is subject to substantially the same covenants as the Revolving Credit Facility, and has the same Guarantor Subsidiaries. As of March 31, 2016, $187.5 million was outstanding under Term Loan A-1.

Term Loan A-2 — On February 1, 2016, the Company entered into a $1,025 million term loan pursuant to the Amended and Restated Credit Agreement. Term Loan A-2 matures on February 1, 2021. The interest rates applicable to Term Loan A-2 are based on the Company’s consolidated leverage ratio, and are determined by either (i) LIBOR, plus a margin ranging from 1.25% to 3.00%, or (ii) a Base Rate (as defined in the Amended and Restated Credit Agreement), plus a margin ranging from 0.25% to 2.00%. Payments are due on a quarterly basis starting June 30, 2016. Term Loan A-2 is subject to substantially the same covenants as the Revolving Credit Facility, and has the same Guarantor Subsidiaries. As of March 31, 2016, $1,025.0 million was outstanding under Term Loan A-2.

2022 Notes — On March 11, 2014, the Company completed its underwritten public offering of $400 million in aggregate principal amount of 4.875% notes due March 15, 2022 (the “2022 Notes”). The net proceeds of $394 million ($400 million less underwriting discount of $6 million, providing an effective interest rate of 4.99%) were used to extinguish the Company’s previously issued 7.75% notes due on March 1, 2018 (the “2018 Notes”). Interest is payable on March 15 and September 15 of each year. The 2022 Notes will mature on March 15, 2022.

The Company may redeem some or all of the 2022 Notes at any time prior to March 15, 2017 at a price equal to 100% of the principal amount of the 2022 Notes redeemed, plus an applicable “make-whole” premium. On or after March 15, 2017, the Company may redeem some or all of the 2022 Notes at redemption prices set forth in the Indenture. In addition, at any time prior to March 15, 2017, the Company may redeem up to 35% of the 2022 Notes at a redemption price of 104.875% of the principal amount of the 2022 Notes redeemed with the net cash proceeds of certain equity offerings.

Subject to certain limitations, in the event of a change in control of the Company, the Company will be required to make an offer to purchase the 2022 Notes at a purchase price equal to 101% of the principal amount of the 2022 Notes, plus accrued and unpaid interest up to the purchase date.

2024 Notes — On January 29, 2016, the Company completed an exempt offering under Rule 144A and Regulation S of the Securities Act of $775 million in aggregate principal amount of 6.0% notes due February 15, 2024. The net proceeds from the issuance of the 2024 Notes (approximately $760.7 million after deducting issuance costs, providing an effective interest rate of 6.23%) were used to fund a portion of the purchase price of the Private Brands Business. Interest is payable on February 15 and August 15 of each year, beginning August 15, 2016. The 2024 Notes will mature on February 15, 2024.

The Company may redeem some or all of the 2024 Notes at any time on or after February 15, 2019 at the applicable redemption prices described in the Indenture plus accrued and unpaid interest, if any, up to but not including the redemption date. In addition, prior to February 15, 2019, the Company may redeem all or a portion of the 2024 Notes at a price equal to 100% of the principal amount plus the “make-whole” premium set forth in the Indenture plus accrued and unpaid interest, if any, up to but not including the redemption date. The Company may also redeem up to 40% of the 2024 Notes prior to February 15, 2019 with the net cash proceeds received from certain equity offerings at the redemption price set forth in the Indenture. In the event of certain change of control events, as described in the Indenture, the Company may be required to purchase the 2024 Notes from the holders at a purchase price of 101% of the principal amount plus any accrued and unpaid interest.

The Company issued the 2022 Notes and 2024 Notes pursuant to a single base Indenture among the Company, the Guarantor Subsidiaries, and the Trustee. The Indenture provides, among other things, that the 2022 Notes and 2024 Notes will be senior unsecured obligations of the Company. The Company’s payment obligations under the 2022 Notes and 2024 Notes are fully and unconditionally, as well as jointly and severally, guaranteed on a senior unsecured basis by the Guarantor Subsidiaries, in addition to any future domestic subsidiaries that guarantee or become borrowers under its credit agreement, or guarantee certain other indebtedness incurred by the Company or its restricted subsidiaries. The Indenture was supplemented during the first quarter of 2016 to include the changes in Guarantor Subsidiaries noted above.

 

The Indenture governing the 2022 Notes and 2024 Notes contains customary event of default provisions (including, without limitation, defaults relating to the failure to pay at final maturity or the acceleration of certain other indebtedness). If an event of default occurs and is continuing, the trustee under the Indenture or holders of at least 25% in principal amount of such notes may declare the principal amount and accrued and unpaid interest, if any, on all such notes to be due and payable. The Indenture also contains restrictive covenants that, among other things, limit the ability of the Company and the Guarantor Subsidiaries to: (i) pay dividends or make other restricted payments, (ii) make certain investments, (iii) incur additional indebtedness or issue preferred stock, (iv) create liens, (v) pay dividends or make other payments (except for certain dividends and payments to the Company and certain subsidiaries of the Company), (vi) merge or consolidate with other entities or sell substantially all of its assets, (vii) enter into transactions with affiliates, and (viii) engage in certain sale and leaseback transactions. The foregoing limitations are subject to exceptions as set forth in the Indenture. In addition, if in the future, the 2022 Notes or 2024 Notes have an investment grade credit rating by both Moody’s Investors Services, Inc. and Standard & Poor’s Ratings Services, certain of these covenants will, thereafter, no longer apply to the 2022 Notes or 2024 Notes for so long as the 2022 Notes or 2024 Notes are rated investment grade by the two rating agencies.

Tax Increment Financing — On December 15, 2001, the Urban Redevelopment Authority of Pittsburgh (“URA”) issued $4.0 million of redevelopment bonds, pursuant to a “Tax Increment Financing Plan” to assist with certain aspects of the development and construction of the Company’s Pittsburgh, Pennsylvania facilities. The agreement was transferred to the Company as part of the acquisition of the soup and infant feeding business. The Company has agreed to make certain payments with respect to the principal amount of the URA’s redevelopment bonds through May 2019. As of March 31, 2016, $1.3 million remains outstanding that matures May 1, 2019. Interest accrues at an annual rate of 7.16%.
v3.4.0.3
Stockholders' Equity
 3 Months Ended
Mar. 31, 2016
Stockholders' Equity

12. STOCKHOLDERS’ EQUITY

Common stock — The Company has authorized 90 million shares of common stock with a par value of $0.01 per share. No dividends have been declared or paid.

On January 26, 2016, a total of 13,269,230 shares were issued pursuant to a public offering at $65.00 per share, resulting in gross proceeds to the Company of $862.5 million. Net cash from the offering, after considering issuance costs, was approximately $835.1 million, with approximately $0.1 million recorded to Common stock at par value and approximately $835.0 million recorded to Additional paid-in capital. The net proceeds from the offering were used to fund a portion of the purchase price of the Private Brands Business.

As of March 31, 2016, there were 56,432,978 shares of common stock issued and outstanding. There is no treasury stock issued or outstanding.

Preferred Stock — The Company has authorized 10 million shares of preferred stock with a par value of $0.01 per share. No preferred stock has been issued.
v3.4.0.3
Earnings Per Share
 3 Months Ended
Mar. 31, 2016
Earnings Per Share

13. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income by the number of weighted average common shares outstanding during the reporting period. The weighted average number of common shares used in the diluted earnings per share calculation is determined using the treasury stock method and includes the incremental effect related to the Company’s outstanding stock-based compensation awards.

 

The following table summarizes the effect of the share-based compensation awards on the weighted average number of shares outstanding used in calculating diluted earnings per share:

 

                                                                 
     Three Months Ended March 31,  
     2016     2015  
     (In thousands, except per share data)  

Net (loss) income

      $ (3,346 )    $ 17,852   
  

 

 

    

 

 

  
    

Weighted average common shares outstanding

      52,708        42,873   

Assumed exercise/vesting of equity awards (1)

      —        766   
  

 

 

    

 

 

  

Weighted average diluted common shares outstanding

      52,708        43,639   
  

 

 

    

 

 

  
    

Net (loss) earnings per basic share

      $ (0.06 )    $ 0.42   

Net (loss) earnings per diluted share

      $ (0.06 )    $ 0.41   

 

(1) Incremental shares from equity awards are computed using the treasury stock method. For the three months ended March 31, 2016, weighted average common shares outstanding is the same for the computations of basic and diluted earnings per share because the Company had a net loss for the period. Equity awards, excluded from our computation of diluted earnings per share because they were anti-dilutive, were 0.8 million and 0.4 million for the three months ended March 31, 2016 and 2015, respectively.
v3.4.0.3
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2016
Stock-Based Compensation

14. STOCK-BASED COMPENSATION

The Board of Directors adopted, and the Company’s stockholders approved, the “TreeHouse Foods, Inc. Equity and Incentive Plan” (the “Plan”). The Plan is administered by our Compensation Committee, which consists entirely of independent directors. The Compensation Committee determines specific awards for our executive officers. For all other employees, if the committee designates, our Chief Executive Officer or such other officers will, from time to time, determine specific persons to whom awards under the Plan will be granted, and the terms and conditions of each award. The Compensation Committee or its designee, pursuant to the terms of the Plan, also will make all other necessary decisions and interpretations under the plan.

Under the Plan, the Compensation Committee may grant awards of various types of compensation, including stock options, restricted stock, restricted stock units, performance shares, performance units, other types of stock-based awards, and other cash-based compensation. The maximum number of shares available to be awarded under the Plan is approximately 12.3 million, of which approximately 3.0 million remain available as of March 31, 2016.

(Loss) income before income taxes for the three month periods ended March 31, 2016 and 2015 includes share-based compensation expense of $6.2 million and $5.9 million, respectively. The tax benefit recognized related to the compensation cost of these share-based awards was approximately $2.2 million and $2.1 million for the three month periods ended March 31, 2016 and 2015, respectively.

 

Stock Options — The following table summarizes stock option activity during the three months ended March 31, 2016. Stock options generally have a three year vesting schedule, which vest one-third on each of the first three anniversaries of the grant date, and expire ten years from the grant date.

 

                      Weighted        
                Weighted     Average        
                Average     Remaining         Aggregate      
        Employee         Director         Exercise             Contractual         Intrinsic  
    Options         Options         Price     Term (yrs)     Value  
    (In thousands)                 (In thousands)  

Outstanding, at December 31, 2015

     1,918        20      $ 57.18        6.2      $         41,793   

Granted

     35        —      $ 80.69       

Forfeited

     (17 )      —      $ 75.78       

Exercised

     (37 )      —      $ 50.39       
 

 

 

    

 

 

        

Outstanding, at March 31, 2016

     1,899        20      $ 57.58        6.0      $ 55,998   
 

 

 

    

 

 

        

Vested/expected to vest, at March 31, 2016

     1,853        20      $ 57.08        5.9      $ 55,573   
 

 

 

    

 

 

        

Exercisable, at March 31, 2016

     1,199        20      $ 46.74        4.4      $ 48,779   
 

 

 

    

 

 

        

 

                                                             
     Three Months Ended
March 31,		  
     2016      2015  
     (In millions)  

Compensation expense

    $ 1.6       $ 1.4   

Intrinsic value of stock options exercised

    $ 1.3       $ 11.0   

Tax benefit recognized from stock option exercises

    $ 0.4       $ 4.2   

Compensation costs related to unvested options totaled $9.6 million at March 31, 2016 and will be recognized over the remaining vesting period of the grants, which averages 1.9 years. The Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used to calculate the fair value of stock options issued in 2016 include the following: weighted average expected volatility of 25.21%, expected term of six years, weighted average risk free rate of 1.51% and no dividends.

The weighted average grant date fair value of awards granted during the first quarter of 2016 was $22.41.

Restricted Stock Units — Employee restricted stock unit awards generally vest based on the passage of time. These awards generally vest one-third on each anniversary of the grant date. Director restricted stock units generally vest on the first anniversary of the grant date. Certain directors have deferred receipt of their awards until either their departure from the Board of Directors or a specified date. As of March 31, 2016, 95 thousand director restricted stock units have been earned and deferred.

The following table summarizes the restricted stock unit activity during the three months ended March 31, 2016:

 

          Weighted           Weighted  
    Employee     Average     Director     Average  
    Restricted         Grant Date         Restricted         Grant Date      
   

    Stock Units    

     Fair Value         Stock Units         Fair Value  
    (In thousands)           (In thousands)        

Outstanding, at December 31, 2015

     312      $ 76.36        111      $ 52.60   

Granted

     151      $ 81.82        —      $ —   

Vested

     (2 )    $ 75.57        —      $ —   

Forfeited

     (7 )    $ 77.24        —      $ —   
 

 

 

      

 

 

    

Outstanding, at March 31, 2016

     454      $ 78.17        111      $ 52.60   
 

 

 

      

 

 

    

 

                                                             
     Three Months Ended
March 31,		  
     2016      2015  
     (In millions)  

Compensation expense

    $ 3.5       $ 2.7   

Fair value of vested restricted stock units

    $ 0.2       $ 0.7   

Tax benefit recognized from vested restricted stock units

    $ 0.1       $ 0.1   

Future compensation costs related to restricted stock units are approximately $23.7 million as of March 31, 2016 and will be recognized on a weighted average basis over the next 2.1 years. The grant date fair value of the awards is equal to the Company’s closing stock price on the grant date.

Performance Units — Performance unit awards are granted to certain members of management. These awards contain service and performance conditions. For each of the three performance periods, one-third of the units will accrue, multiplied by a predefined percentage between 0% and 200%, depending on the achievement of certain operating performance measures. Additionally, for the cumulative performance period, a number of units will accrue, equal to the number of units granted multiplied by a predefined percentage between 0% and 200%, depending on the achievement of certain operating performance measures, less any units previously accrued. Accrued units will be converted to stock or cash, at the discretion of the Compensation Committee, generally, on the third anniversary of the grant date. The Company intends to settle these awards in stock and has the shares available to do so. The following table summarizes the performance unit activity during the three months ended March 31, 2016:

 

                                                             
          Weighted  
          Average  
    Performance     Grant Date  
    Units     Fair Value  
    (In thousands)        

Unvested, at December 31, 2015

     271      $ 74.13   

Granted

     —      $ —   

Vested

     —      $ —   

Forfeited

     (5 )    $ 73.88   
 

 

 

    

Unvested, at March 31, 2016

     266      $ 74.13   
 

 

 

    

 

                                                                           
     Three Months Ended
March 31,		  
     2016      2015  
     (In millions)  

Compensation expense

    $ 1.1       $ 1.8   

Fair value of vested performance units

    $ —       $ —   

Tax benefit recognized from performance units vested

    $ —       $ —   

Future compensation costs related to the performance units are estimated to be approximately $6.5 million as of March 31, 2016, and are expected to be recognized over the next 1.7 years. The grant date fair value of the awards is equal to the Company’s closing stock price on the date of grant.
v3.4.0.3
Accumulated Other Comprehensive Loss
 3 Months Ended
Mar. 31, 2016
Accumulated Other Comprehensive Loss

15. ACCUMULATED OTHER COMPREHENSIVE LOSS

Accumulated other comprehensive loss consists of the following components, all of which are net of tax, except for the foreign currency translation adjustment:

 

           Unrecognized     Accumulated  
     Foreign     Pension and     Other  
     Currency         Postretirement             Comprehensive      
         Translation (1)         Benefits (2)     Loss  
     (In thousands)  

Balance at December 31, 2015

    $ (100,512 )    $ (12,956 )    $ (113,468 ) 

Other comprehensive income

      24,266        —        24,266   

Reclassifications from accumulated other comprehensive loss

      —        258        258   
  

 

 

    

 

 

    

 

 

  

Other comprehensive income

      24,266        258        24,524   
  

 

 

    

 

 

    

 

 

  

Balance at March 31, 2016

    $ (76,246 )    $ (12,698 )    $ (88,944 ) 
  

 

 

    

 

 

    

 

 

  

 

           Unrecognized     Accumulated  
     Foreign     Pension and     Other  
     Currency         Postretirement             Comprehensive      
         Translation (1)         Benefits (2)     Loss  
           (In thousands)        

Balance at December 31, 2014

    $ (51,326 )    $ (13,005 )    $ (64,331 ) 

Other comprehensive loss

      (26,537 )      —        (26,537 ) 

Reclassifications from accumulated other comprehensive loss

      —        256        256   
  

 

 

    

 

 

    

 

 

  

Other comprehensive (loss) income

      (26,537 )      256        (26,281 ) 
  

 

 

    

 

 

    

 

 

  

Balance at March 31, 2015

    $ (77,863 )    $ (12,749 )    $ (90,612 ) 
  

 

 

    

 

 

    

 

 

  

 

  (1) The foreign currency translation adjustment is not net of tax, as it pertains to the Company’s permanent investment in its Canadian and Italian subsidiaries.
  (2) The unrecognized pension and postretirement benefits reclassification is presented net of tax of $159 thousand and $158 thousand for the three months ended March 31, 2016 and 2015, respectively. The reclassification is included in the computation of net periodic pension cost, which is recorded in the Cost of sales and General and administrative lines of the Condensed Consolidated Statements of Operations.

The Condensed Consolidated Statements of Operations lines impacted by reclassifications out of Accumulated other comprehensive loss are outlined below:

 

                  Affected line in
     Reclassifications from Accumulated     The Condensed Consolidated
     Other Comprehensive Loss     Statements of Operations
     Three Months Ended
March 31,		      
     2016      2015      
     (In thousands)      

Amortization of defined benefit pension items:

        

Prior service costs

    $ 35       $ 36      (a)

Unrecognized net loss

      382         378      (a)
  

 

 

     

 

 

    

Total before tax

      417         414     

Income taxes

      159         158      Income taxes
  

 

 

     

 

 

    

Net of tax

    $ 258       $ 256     
  

 

 

     

 

 

    

 

  (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost, and are recorded in the Cost of sales and General and administrative lines of the Condensed Consolidated Statements of Operations.
v3.4.0.3
Employee Retirement and Postretirement Benefits
 3 Months Ended
Mar. 31, 2016
Employee Retirement and Postretirement Benefits

16. EMPLOYEE RETIREMENT AND POSTRETIREMENT BENEFITS

Pension, Profit Sharing and Postretirement Benefits — Certain employees and retirees participate in pension and other postretirement benefit plans. Employee benefit plan obligations and expenses included in the Condensed Consolidated Financial Statements are determined based on plan assumptions, employee demographic data, including years of service and compensation, benefits and claims paid, and employer contributions. In connection with the acquisition of the Private Brands Business, the Company acquired three pension plans and one postretirement benefit plan. The net unfunded liability associated with these plans, which is included in the Accounts payable and accrued expenses and Other long-term liabilities lines of the Condensed Consolidated Balance Sheets, was $76.1 million as of the acquisition date.

Components of net periodic pension expense are as follows:

 

                                                 
     Three Months Ended  
     March 31,  
     2016     2015  
     (In thousands)  

Service cost

    $ 1,049      $ 621   

Interest cost

      2,980        713   

Expected return on plan assets

      (3,226 )      (765 ) 

Amortization of unrecognized prior service cost

      53        52   

Amortization of unrecognized net loss

      383        365   
  

 

 

    

 

 

  

Net periodic pension cost

    $ 1,239      $ 986   
  

 

 

    

 

 

  

The Company expects to contribute approximately $2.4 million to the pension plans in 2016.

Components of net periodic postretirement expense are as follows:

 

                                                 
     Three Months Ended  
     March 31,  
     2016     2015  
     (In thousands)  

Service cost

    $ 16      $ 5   

Interest cost

      243        37   

Amortization of unrecognized prior service cost

      (18 )      (16 ) 

Amortization of unrecognized net loss

      (1 )      13   
  

 

 

    

 

 

  

Net periodic postretirement cost

    $ 240      $ 39   
  

 

 

    

 

 

  

The Company expects to contribute approximately $0.2 million to the postretirement health plans during 2016.

Net periodic pension and postretirement costs are recorded in the Cost of sales and General and administrative lines of the Condensed Consolidated Statements of Operations.
v3.4.0.3
Other Operating Expense, Net
 3 Months Ended
Mar. 31, 2016
Other Operating Expense, Net

17. OTHER OPERATING EXPENSE, NET

The Company incurred other operating expense for the three months ended March 31, 2016 and 2015, which consisted of the following:

 

                                                 
     Three Months Ended  
     March 31,  
     2016      2015  
     (In thousands)  

Restructuring

    $ 1,636       $ 215   

Other

      58         —   
  

 

 

     

 

 

  

Total other operating expense, net

    $ 1,694       $ 215   
  

 

 

     

 

 

  
v3.4.0.3
Supplemental Cash Flow Information
 3 Months Ended
Mar. 31, 2016
Supplemental Cash Flow Information

18. SUPPLEMENTAL CASH FLOW INFORMATION

 

                                                 
     Three Months Ended  
     March 31,  
     2016      2015  
     (In thousands)  

Interest paid

    $ 17,943       $ 15,913   

Income taxes paid

    $ 14,638       $ 496   

Accrued purchase of property and equipment

    $ 13,942       $ 4,619   

Accrued other intangible assets

    $ 1,894       $ 2,077   

Non-cash financing activities for the three months ended March 31, 2016 and 2015 include $0.2 million and $0.7 million, respectively, related to the vesting of restricted stock, restricted stock units, and performance stock units. Income taxes paid in the first quarter of 2016 were higher than the first quarter of 2015 due to the timing of payments to the U.S. federal and state taxing authorities, the inclusion of the Private Brands Business, and payments made to the CRA relating to the 2008, 2009, and 2010 filing periods.
v3.4.0.3
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2016
Commitments and Contingencies

19. COMMITMENTS AND CONTINGENCIES

Litigation, Investigations and Audits — The Company is party in the ordinary course of business to certain claims, litigation, audits, and investigations. The Company believes it has established adequate accruals for liabilities that are probable and reasonably estimable that may be incurred in connection with any such currently pending or threatened matter, none of which are significant. In the Company’s opinion, the settlement of any such currently pending or threatened matter is not expected to have a material impact on its financial position, results of operations, or cash flows.
v3.4.0.3
Derivative Instruments
 3 Months Ended
Mar. 31, 2016
Derivative Instruments

20. DERIVATIVE INSTRUMENTS

The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed by derivative instruments include interest rate risk, foreign currency risk, and commodity price risk. Derivative contracts are entered into for periods consistent with the related underlying exposure and do not constitute positions independent of those exposures. The Company does not enter into derivative instruments for trading or speculative purposes.

The Company manages its exposure to changes in interest rates by optimizing the use of variable-rate and fixed-rate debt and by utilizing interest rate swaps to hedge our exposure to changes in interest rates, to reduce the volatility of our financing costs, and to achieve a desired proportion of fixed versus floating-rate debt, based on current and projected market conditions, with a bias toward fixed-rate debt.

Due to the Company’s foreign operations, we are exposed to foreign currency risk. The Company enters into foreign currency contracts to manage the risk associated with foreign currency cash flows. The Company’s objective in using foreign currency contracts is to establish a fixed foreign currency exchange rate for the net cash flow requirements for purchases that are denominated in U.S. dollars. These contracts do not qualify for hedge accounting and changes in their fair value are recorded in the Condensed

Consolidated Statements of Operations, with their fair value recorded on the Condensed Consolidated Balance Sheets. As of March 31, 2016, the Company had $63.1 million of U.S. dollar foreign currency contracts outstanding, expiring throughout 2016.

Certain commodities we use in the production and distribution of our products are exposed to market price risk. The Company utilizes derivative contracts to manage this risk. The majority of commodity forward contracts are not derivatives, and those that are generally qualify for the normal purchases and normal sales scope exception under the guidance for derivative instruments and hedging activities and, therefore, are not subject to its provisions. For derivative commodity contracts that do not qualify for the normal purchases and normal sales scope exception, the Company records their fair value on the Company’s Condensed Consolidated Balance Sheets, with changes in value being recorded in the Condensed Consolidated Statements of Operations.

The Company’s derivative commodity contracts may include contracts for diesel, oil, plastics, natural gas, electricity, and other commodity contracts that do not meet the requirements for the normal purchases and normal sales scope exception.

 

Diesel contracts are used to manage the Company’s risk associated with the underlying cost of diesel fuel used to deliver products. Contracts for oil and plastics are used to manage the Company’s risk associated with the underlying commodity cost of a significant component used in packaging materials. Contracts for natural gas and electricity are used to manage the Company’s risk associated with the utility costs of its manufacturing facilities, and commodity contracts that are derivatives that do not meet the normal purchases and normal sales scope exception are used to manage the price risk associated with raw material costs. As of March 31, 2016, the Company had outstanding contracts for the purchase of 44,270 megawatts of electricity, expiring throughout 2016; 3.7 million gallons of diesel, expiring throughout 2016; 1.7 million dekatherms of natural gas, expiring throughout 2016; 1.0 million pounds of coffee, expiring throughout 2016; 16.2 million pounds of plastics, expiring throughout 2016; 0.6 million bushels of cucumbers, expiring throughout 2016; and 1.4 million bushels of flour, expiring throughout 2016.

The following table identifies the derivative, its fair value, and location on the Condensed Consolidated Balance Sheets:

 

          Fair Value  
    

Balance Sheet Location

          March 31, 2016             December 31, 2015    
          (In thousands)  

Asset Derivatives

        

Commodity contracts

    Prepaid expenses and other current assets    $ 142      $ —   

Foreign currency contracts

    Prepaid expenses and other current assets      —        1,356   
     

 

 

    

 

 

  
      $ 142      $ 1,356   
     

 

 

    

 

 

  

Liability Derivatives

        

Commodity contracts

    Accounts payable and accrued expenses    $ 3,498      $ 3,778   

Foreign currency contracts

    Accounts payable and accrued expenses      3,769        —   
     

 

 

    

 

 

  
      $ 7,267      $ 3,778   
     

 

 

    

 

 

  
We recorded the following gains and losses on our derivative contracts in the Condensed Consolidated Statements of Operations:  
          Three Months Ended  
     Location of Gain (Loss)    March 31,  
    

Recognized in Income

                2016                             2015              
          (In thousands)  

Mark-to-market unrealized (loss) gain:

        

Commodity contracts

    Other (expense) income, net    $ 422      $ (57 ) 

Foreign currency contracts

    Other (expense) income, net      (5,125 )      474   
     

 

 

    

 

 

  

Total unrealized (loss) gain

         (4,703 )      417   

Realized (loss) gain:

        

Commodity contracts

    Manufacturing related to cost of sales and transportation related to selling and distribution      (986 )      (844 ) 

Foreign currency contracts

    Cost of Sales      800        —   
     

 

 

    

 

 

  

Total realized (loss)

         (186 )      (844 ) 
     

 

 

    

 

 

  

Total (loss)

       $ (4,889 )    $ (427 ) 
     

 

 

    

 

 

  
v3.4.0.3
Fair Value
 3 Months Ended
Mar. 31, 2016
Fair Value

21. FAIR VALUE

The following table presents the carrying value and fair value of our financial instruments as of March 31, 2016 and December 31, 2015:

 

     March 31, 2016     December 31, 2015        
         Carrying    
Value		     Fair
    Value    		         Carrying    
Value		     Fair
    Value    		      Level   
     (In thousands)     (In thousands)  

Not recorded at fair value (liability):

           

Revolving Credit Facility

    $         (335,000 )    $         (328,277 )    $         (353,000 )    $         (352,932 )      2   

Term Loan A

    $ (293,625 )    $ (294,230 )    $ (295,500 )    $ (294,327 )      2   

Term Loan A-1

    $ (187,500 )    $ (187,807 )    $ (190,000 )    $ (190,200 )      2   

Term Loan A-2

    $ (1,025,000 )    $ (1,026,966 )    $ —      $ —        2   

2022 Notes

    $ (400,000 )    $ (412,000 )    $ (400,000 )    $ (383,000 )      2   

2024 Notes

    $ (775,000 )    $ (817,625 )    $ —      $ —        2   

Recorded on a recurring basis at fair value

(liability) asset:

           

Commodity contracts

    $ (3,356 )    $ (3,356 )    $ (3,778 )    $ (3,778 )      2   

Foreign currency contracts

    $ (3,769 )    $ (3,769 )    $ 1,356      $ 1,356        2   

Investments

    $ 9,229      $ 9,229      $ 8,388      $ 8,388        1   

Cash and cash equivalents and accounts receivable are financial assets with carrying values that approximate fair value. Accounts payable are financial liabilities with carrying values that approximate fair value.

The fair value of the Revolving Credit Facility, Term Loan A, Term Loan A-1, Term Loan A-2, 2022 Notes, 2024 Notes, commodity contracts, and foreign currency contracts are determined using Level 2 inputs. Level 2 inputs are inputs other than quoted market prices that are observable for an asset or liability, either directly or indirectly. The fair values of the Revolving Credit Facility, Term Loan A, Term Loan A-1, and Term Loan A-2 were estimated using present value techniques and market based interest rates and credit spreads. The fair values of the Company’s 2022 Notes and 2024 Notes were estimated based on quoted market prices for similar instruments, where the inputs are considered Level 2, due to their infrequent trading volume.

The fair values of the commodity contracts and foreign currency contracts are based on an analysis comparing the contract rates to the market rates at the balance sheet date. The commodity contracts and foreign currency contracts are recorded at fair value on the Condensed Consolidated Balance Sheets.

The fair value of the investments was determined using Level 1 inputs. Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement dates. The investments are recorded at fair value on the Condensed Consolidated Balance Sheets.
v3.4.0.3
Segment and Geographic Information and Major Customers
 3 Months Ended
Mar. 31, 2016
Segment and Geographic Information and Major Customers

22. SEGMENT AND GEOGRAPHIC INFORMATION AND MAJOR CUSTOMERS

The Company manages operations on a company-wide basis, thereby making determinations as to the allocation of resources in total rather than on a segment-level basis. The Company has designated reportable segments based on how management views its business. The Company does not segregate assets between segments for internal reporting. Therefore, asset-related information has not been presented. The reportable segments, as presented below, are consistent with the manner in which the Company reports its results to the Chief Operating Decision Maker.

The Company evaluates the performance of its segments based on net sales dollars and direct operating income (gross profit less freight out, sales commissions, and direct selling and marketing expenses). The amounts in the following tables are obtained from reports used by senior management and do not include income taxes. Other expenses not allocated include unallocated selling and distribution expenses, unallocated costs of sales, and unallocated corporate expenses. The accounting policies of the Company’s segments are the same as those described in the summary of significant accounting policies set forth in Note 1 to the Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2015.

 

                                                 
     Three Months Ended
March 31,		  
     2016     2015  
     (In thousands)  

Net sales to external customers:

     

North American Retail Grocery

    $ 1,019,310      $ 592,413   

Food Away From Home

      112,597        88,277   

Industrial and Export

      138,266        102,455   
  

 

 

    

 

 

  

Total

    $ 1,270,173      $ 783,145   
  

 

 

    

 

 

  

Direct operating income:

     

North American Retail Grocery

    $ 127,955      $ 77,317   

Food Away From Home

      15,915        12,026   

Industrial and Export

      21,090        21,536   
  

 

 

    

 

 

  

Total

      164,960        110,879   

Unallocated selling and distribution expenses

      (13,229 )      (3,159 ) 

Unallocated costs of sales (1)

      (12,640 )      (1,081 ) 

Unallocated corporate expense

      (120,164 )      (59,943 ) 
  

 

 

    

 

 

  

Operating income

      18,927        46,696   

Other expense

      (23,707 )      (20,895 ) 
  

 

 

    

 

 

  

(Loss) income before income taxes

    $ (4,780 )    $ 25,801   
  

 

 

    

 

 

  

 

  (1) Includes charges related to restructurings and other costs managed at corporate.

Geographic Information — The Company had revenues from customers outside of the United States of approximately 8.7% and 11.0% of total consolidated net sales in the three months ended March 31, 2016 and 2015, respectively, with 7.3% and 10.0% of total consolidated net sales going to Canada, respectively. The Company held 10.8% and 8.7% of its property, plant, and equipment outside of the United States as of March 31, 2016 and 2015, respectively.

Major Customers — Walmart Stores, Inc. and affiliates accounted for approximately 18.8% and 21.1% of consolidated net sales in the three months ended March 31, 2016 and 2015, respectively. No other customer accounted for more than 10% of our consolidated net sales.

 

Product Information — The following table presents the Company’s net sales by major products for the three months ended March 31, 2016 and 2015. In 2016, as a result of the acquisition of the Private Brands Business, the Company made the following changes to its product categories: (1) Snacks was renamed Snack nuts and now includes the bars, fruit snacks, and cereal snack mixes from the Private Brands Business, (2) Dry dinners was renamed Pasta and dry dinners and now includes the dry pasta from the Private Brands Business, (3) Mexican and other sauces was renamed Sauces and now includes the sauces from the Private Brands Business, (4) Cookies and crackers was added to include the crackers, cookies, pretzels, pita chips, and candy from the Private Brands Business, and (5) Retail bakery was added to include the in-store bakery products, refrigerated dough, frozen griddle products (pancakes, waffles, and French toast), frozen bread products (breads, rolls, and biscuits), dessert products (frozen cookies and frozen cookie dough), and dry bakery mixes from the Private Brands Business. These changes did not require prior period adjustments.

 

                                                         
     Three Months Ended
March 31,		  
     2016      2015  
     (In thousands)  

Products:

      

Snack nuts

    $ 259,997       $ 146,499   

Retail bakery

      112,803         —   

Cereals

      111,972         43,040   

Beverages

      107,593         111,000   

Cookies and crackers

      103,899         —   

Pasta and dry dinners

      101,911         33,411   

Salad dressings

      93,675         84,166   

Soup and infant feeding

      84,850         98,808   

Beverage enhancers

      82,039         86,113   

Sauces

      76,656         58,431   

Pickles

      74,330         71,062   

Aseptic products

      26,832         24,878   

Jams

      20,956         11,949   

Other products

      12,660         13,788   
  

 

 

     

 

 

  

Total net sales

    $ 1,270,173       $ 783,145   
  

 

 

     

 

 

  
v3.4.0.3
Guarantor and Non-Guarantor Financial Information
 3 Months Ended
Mar. 31, 2016
Guarantor and Non-Guarantor Financial Information

23. GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION

The Company’s 2022 Notes and 2024 Notes are guaranteed fully and unconditionally, as well as jointly and severally, by its Guarantor Subsidiaries. As described in Note 11, Protenergy Holdings, Inc. and Protenergy Natural Foods, Inc. were added as Guarantor Subsidiaries in the first quarter of 2016. Additionally, in connection with the acquisition of the Private Brands Business, TreeHouse Private Brands, Inc. (formerly Ralcorp Holdings, Inc.); American Italian Pasta Co.; Nutcracker Brands; Linette Quality Chocolates; Ralcorp Frozen Bakery Products, Inc.; Cottage Bakery, Inc.; and The Carriage House Companies, Inc. were added as guarantors during the first quarter of 2016. In the fourth quarter of 2015, Associated Brands, Inc.; Cains Foods, Inc.; Cains Foods L.P.; Cains GP, LLC; and Flagstone Foods, Inc. (formerly known as Snacks Holding Corporation) were added as Guarantor Subsidiaries. There are no significant restrictions on the ability of the parent company or any guarantor to obtain funds from its subsidiaries by dividend or loan. The following condensed supplemental consolidating financial information presents the results of operations, financial position and cash flows of the parent company, its Guarantor Subsidiaries, its non-guarantor subsidiaries and the eliminations necessary to arrive at the information for the Company on a consolidated basis as of March 31, 2016 and 2015, and for the three months ended March 31, 2016, and 2015. The equity method has been used with respect to investments in subsidiaries. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. As a result of the addition of the guarantors noted above, the following condensed supplemental consolidating financial information has been recast for prior periods as if the new guarantor structure existed for all periods presented, as of the acquisition dates of the respective guarantors.

Condensed Supplemental Consolidating Balance Sheet

March 31, 2016

(In thousands)

 

     Parent      Guarantor       Non-Guarantor                
         Company          Subsidiaries       Subsidiaries       Eliminations         Consolidated    

Assets

            

Current assets:

            

Cash and cash equivalents

    $ —       $ 1,485      $ 59,604      $ —      $ 61,089   

Investments

      —         —        9,229        —        9,229   

Accounts receivable, net

      702         314,416        44,626        —        359,744   

Inventories, net

      —         873,967        104,541        —        978,508   

Assets held for sale

      —         2,674        —        —        2,674   

Prepaid expenses and other current assets

      17,861         10,874        21,650        —        50,385   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total current assets

      18,563         1,203,416        239,650        —        1,461,629   

Property, plant, and equipment, net

      25,888         1,171,210        148,688        —        1,345,786   

Goodwill

      —         2,649,928        132,410        —        2,782,338   

Investment in subsidiaries

      5,165,285         494,126        —        (5,659,411 )      —   

Intercompany accounts receivable (payable), net

      452,639         (417,467 )      (35,172 )      —        —   

Deferred income taxes

      19,128         —        —        (19,128 )      —   

Intangible and other assets, net

      48,502         1,090,651        135,341        —        1,274,494   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

    $ 5,730,005       $ 6,191,864      $ 620,917      $ (5,678,539 )    $ 6,864,247   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
           

Liabilities and Stockholders’ Equity

            

Current liabilities:

            

Accounts payable and accrued expenses

    $ 22,774       $ 443,379      $ 54,858      $ —      $ 521,011   

Current portion of long-term debt

      38,271         3,156        155        —        41,582   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total current liabilities

      61,045         446,535        55,013        —        562,593   

Long-term debt

      2,939,473         2,548        315        —        2,942,336   

Deferred income taxes

      —         380,811        49,388        (19,128 )      411,071   

Other long-term liabilities

      10,150         196,685        22,075        —        228,910   

Stockholders’ equity

      2,719,337         5,165,285        494,126        (5,659,411 )      2,719,337   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities and stockholders’ equity

    $   5,730,005       $   6,191,864      $   620,917      $   (5,678,539 )    $   6,864,247   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

Condensed Supplemental Consolidating Balance Sheet

December 31, 2015

(In thousands)

 

    Parent     Guarantor       Non-Guarantor                
      Company         Subsidiaries       Subsidiaries       Eliminations         Consolidated    

Assets

          

Current assets:

          

Cash and cash equivalents

   $ 10,384      $ 91      $ 24,444      $ —      $ 34,919   

Investments

     —        —        8,388        —        8,388   

Accounts receivable, net

     17        182,524        20,657        —        203,198   

Inventories, net

     —        510,255        73,860        —        584,115   

Prepaid expenses and other current assets

     17,625        6,608        8,968        (16,618 )      16,583   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total current assets

     28,026        699,478        136,317        (16,618 )      847,203   

Property, plant, and equipment, net

     26,294        470,639        44,595        —        541,528   

Goodwill

     —        1,526,004        123,790        —        1,649,794   

Investment in subsidiaries

     2,411,532        338,849        —        (2,750,381 )      —   

Intercompany accounts receivable (payable), net

     582,267        (553,408 )      (28,859 )      —        —   

Deferred income taxes

     18,092        —        —        (18,092 )      —   

Intangible and other assets, net

     46,041        504,127        114,103        —        664,271   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 3,112,252      $ 2,985,689      $ 389,946      $ (2,785,091 )    $ 3,702,796   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
         

Liabilities and Stockholders’ Equity

          

Current liabilities:

          

Accounts payable and accrued expenses

   $ 16,526      $ 239,316      $ 21,356      $ (16,618 )    $ 260,580   

Current portion of long-term debt

     11,621        3,116        156        —        14,893   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total current liabilities

     28,147        242,432        21,512        (16,618 )      275,473   

Long-term debt

     1,219,011        2,398        332        —        1,221,741   

Deferred income taxes

     —        272,910        24,290        (18,092 )      279,108   

Other long-term liabilities

     10,235        56,417        4,963        —        71,615   

Stockholders’ equity

     1,854,859        2,411,532        338,849        (2,750,381 )      1,854,859   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities and stockholders’ equity

   $     3,112,252      $     2,985,689      $     389,946      $     (2,785,091 )    $     3,702,796   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Condensed Supplemental Consolidating Statement of Operations

Three Months Ended March 31, 2016

(In thousands)

 

                                                                                                        
     Parent     Guarantor     Non-Guarantor              
     Company     Subsidiaries     Subsidiaries     Eliminations     Consolidated  

Net sales

    $ —      $ 1,204,790      $ 133,764      $ (68,381 )    $ 1,270,173   

Cost of sales

      —        997,120        116,871        (68,381 )      1,045,610   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      —        207,670        16,893        —        224,563   

Selling, general, and administrative expense

      53,716        116,414        9,976        —        180,106   

Amortization

      2,203        19,388        2,245        —        23,836   

Other operating expense, net

      —        1,332        362        —        1,694   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating (loss) income

      (55,919 )      70,536        4,310        —        18,927   

Interest expense

      25,353        (53 )      1,516        (1,148 )      25,668   

Interest income

      (2,227 )      (1,336 )      (404 )      1,148        (2,819 ) 

Other expense (income), net

      1        (4,665 )      5,522        —        858   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(Loss) income before income taxes

      (79,046 )      76,590        (2,324 )      —        (4,780 ) 

Income taxes (benefit)

      (30,030 )      30,242        (1,646 )      —        (1,434 ) 

Equity in net income (loss) of subsidiaries

      45,670        (678 )      —        (44,992 )      —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net (loss) income

    $ (3,346 )    $ 45,670      $ (678 )    $ (44,992 )    $ (3,346 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Condensed Supplemental Consolidating Statement of Operations

Three Months Ended March 31, 2015

(In thousands)

 

                                                                                                        
     Parent     Guarantor     Non-Guarantor              
     Company     Subsidiaries     Subsidiaries     Eliminations     Consolidated  

Net sales

    $ —      $ 735,766      $ 113,561      $ (66,182 )    $ 783,145   

Cost of sales

      —        599,190        97,700        (66,182 )      630,708   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      —        136,576        15,861        —        152,437   

Selling, general, and administrative expense

      17,765        61,161        11,272        —        90,198   

Amortization

      1,827        10,878        2,623        —        15,328   

Other operating expense, net

      —        215        —        —        215   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating (loss) income

      (19,592 )      64,322        1,966        —        46,696   

Interest expense

      11,530        162        1,445        (1,445 )      11,692   

Interest income

      (1,430 )      (1,445 )      (339 )      1,445        (1,769 ) 

Other (income) expense, net

      (4 )      9,078        1,898        —        10,972   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(Loss) income before income taxes

      (29,688 )      56,527        (1,038 )      —        25,801   

Income taxes (benefit)

      (11,336 )      20,386        (1,101 )      —        7,949   

Equity in net income of subsidiaries

      36,204        63        —        (36,267 )      —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income

    $ 17,852      $ 36,204      $ 63      $ (36,267 )    $ 17,852   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Condensed Supplemental Consolidating Statement of Comprehensive Income (Loss)

Three Months Ended March 31, 2016

(In thousands)

 

                                                                                                        
    Parent     Guarantor         Non-Guarantor                  
    Company     Subsidiaries     Subsidiaries     Eliminations     Consolidated  

Net (loss) income

   $ (3,346 )    $ 45,670      $ (678 )    $ (44,992 )    $ (3,346 ) 
         

Other comprehensive income:

          

Foreign currency translation adjustments

     —        —        24,266        —        24,266   

Pension and postretirement reclassification adjustment, net of tax

     —        258        —        —        258   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other comprehensive income

     —        258        24,266        —        24,524   

Equity in other comprehensive income of subsidiaries

     24,524        24,266        —        (48,790 )      —   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Comprehensive income

   $   21,178      $   70,194      $   23,588      $ (93,782 )    $   21,178   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Condensed Supplemental Consolidating Statement of Comprehensive Income (Loss)

Three Months Ended March 31, 2015

(In thousands)

 

                                                                                                        
    Parent     Guarantor         Non-Guarantor                  
    Company     Subsidiaries     Subsidiaries     Eliminations     Consolidated  

Net income

   $     17,852      $     36,204      $             63      $ (36,267 )    $     17,852   
         

Other comprehensive (loss) income:

          

Foreign currency translation adjustments

     —        —        (26,537 )      —        (26,537 ) 

Pension and postretirement reclassification adjustment, net of tax

     —        256        —        —        256   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other comprehensive income (loss)

     —        256        (26,537 )      —        (26,281 ) 

Equity in other comprehensive (loss) of subsidiaries

     (26,281 )      (26,537 )      —        52,818        —   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Comprehensive (loss) income

   $ (8,429 )    $ 9,923      $ (26,474 )    $   16,551      $ (8,429 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Condensed Supplemental Consolidating Statement of Cash Flows

Three Months Ended March 31, 2016

(In thousands)

 

    Parent     Guarantor    

Non-

Guarantor

              
      Company           Subsidiaries           Subsidiaries           Eliminations           Consolidated    

Cash flows from operating activities:

          

Net cash provided by (used in) operating activities

   $ 2,642      $ 152,998      $ (19,073 )    $ (25,847 )    $ 110,720   

Cash flows from investing activities:

          

Additions to property, plant, and equipment

     (84 )      (23,727 )      (1,087 )      —        (24,898 ) 

Additions to intangible assets

     (1,984 )      (11 )      —        —        (1,995 ) 

Intercompany transfer

     94,021        2,775        —        (96,796 )      —   

Acquisitions, less cash acquired

     (2,683,559 )      337        43,021        —        (2,640,201 ) 

Proceeds from sale of fixed assets

     —        40        19        —        59   

Purchase of investments

     —        —        (262 )      —        (262 ) 

Other

     —        —        (11 )      —        (11 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net cash (used in) provided by investing activities

     (2,591,606 )      (20,586 )      41,680        (96,796 )      (2,667,308 ) 

Cash flows from financing activities:

          

Net borrowing (repayment) of debt

     1,777,625        (771 )      (40 )      —        1,776,814   

Payment of deferred financing costs

     (34,328 )      —        —        —        (34,328 ) 

Intercompany transfer

     (1,840 )      (130,247 )      9,444        122,643        —   

Net proceeds from issuance of common stock

     835,128        —        —        —        835,128   

Net receipts related to stock-based award activities

     1,789        —        —        —        1,789   

Excess tax benefits from stock-based compensation

     206        —        —        —        206   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net cash provided by (used in) financing activities

     2,578,580        (131,018 )      9,404        122,643        2,579,609   

Effect of exchange rate changes on cash and cash equivalents

     —        —        3,149        —        3,149   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(Decrease) increase in cash and cash equivalents

     (10,384 )      1,394        35,160        —        26,170   

Cash and cash equivalents, beginning of period

     10,384        91        24,444        —        34,919   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash and cash equivalents, end of period

   $ —      $ 1,485      $   59,604      $ —      $ 61,089   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Condensed Supplemental Consolidating Statement of Cash Flows

Three Months Ended March 31, 2015

(In thousands)

 

     Parent     Guarantor    

Non-

Guarantor

              
         Company           Subsidiaries           Subsidiaries           Eliminations           Consolidated    

Cash flows from operating activities:

           

Net cash (used in) provided by operating activities

    $ (8,359 )    $   113,413      $ 12,552      $ (36,004 )    $ 81,602   

Cash flows from investing activities:

           

Additions to property, plant, and equipment

      (1,096 )      (18,906 )      (1,233 )      —        (21,235 ) 

Intercompany transfer

      (4,138 )      (62,483 )      —        66,621        —   

Additions to intangible assets

      (3,167 )      (548 )      (126 )      —        (3,841 ) 

Proceeds from sale of fixed assets

      —        100        21        —        121   

Purchase of investments

      —        —        (103 )      —        (103 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net cash (used in) provided by investing activities

      (8,401 )      (81,837 )      (1,441 )      66,621        (25,058 ) 

Cash flows from financing activities:

           

Net borrowing (repayment) of debt

      (60,000 )      (688 )      (42 )      —        (60,730 ) 

Intercompany transfer

      62,683        (32,205 )      139        (30,617 )      —   

Net receipts related to stock-based award activities

      5,273        —        —        —        5,273   

Excess tax benefits from stock-based payment arrangements

      3,132        —        —        —        3,132   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net cash provided by (used in) financing activities

      11,088        (32,893 )      97        (30,617 )      (52,325 ) 

Effect of exchange rate changes on cash and cash equivalents

      —        —        (1,549 )      —        (1,549 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(Decrease) increase in cash and cash equivalents

      (5,672 )      (1,317 )      9,659        —        2,670   

Cash and cash equivalents, beginning of period

      18,706        1,690        31,585        —        51,981   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash and cash equivalents, end of period

    $     13,034      $ 373      $   41,244      $                 —      $     54,651   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
v3.4.0.3
Subsequent Events
 3 Months Ended
Mar. 31, 2016
Subsequent Events

24. SUBSEQUENT EVENTS

On April 5, 2016, the Company announced its intention to close its Ayer, Massachusetts facility. The decision to close the facility is the result of an ongoing manufacturing network analysis by the Company to maintain competitive costs, service levels, and product quality. Production is expected to cease in the first quarter of 2017 with full closure of the facility expected to occur in the third quarter of 2017. Total costs to close the facility are expected to be approximately $6.5 million, of which approximately $5.3 million is expected to be in cash. Components of the charges include non-cash asset write-offs of approximately $1.2 million, employee-related costs of approximately $2.2 million, and other closure costs of approximately $3.1 million. The Company expects to incur approximately $3.9 million of charges in 2016.

On May 3, 2016, the Company announced the voluntary recall of products that may be impacted by sunflower seeds contaminated with Listeria monocytogenes (L.mono). Product was distributed nationwide through retail stores, and no illnesses have been reported to date. The costs of the recall cannot be determined at this time and may extend over several quarters, but the Company expects to be fully indemnified for all costs associated with the recall.
v3.4.0.3
Restructuring (Tables)
 3 Months Ended
Mar. 31, 2016
Aggregate Expenses Incurred Associated with Facility Closure

Below is a summary of the plant closing costs:

 

                                                                                                  
     City of Industry Closure  
     Three Months Ended      Cumulative Costs      Total Expected  
     March 31, 2016      To Date      Costs  
     (In thousands)  

Asset-related

    $ 832       $ 3,852       $ 3,852   

Employee-related

      582         1,744         1,890   

Other closure costs

      84         113         5,308   
  

 

 

     

 

 

     

 

 

  

Total

    $ 1,498       $ 5,709       $ 11,050   
  

 

 

     

 

 

     

 

 

  
Reconciliation of Liabilities

The table below presents a reconciliation of the liabilities as of March 31, 2016:

 

                                                                                                  
     City of Industry Closure  
     Multiemployer Pension  
     Severance     Plan Withdrawal      Total Liabilities  
     (In thousands)  

Balance as of December 31, 2015

    $ 395      $ 767       $ 1,162   

Expense

      582        —         582   

Payments

      (49 )      —         (49 ) 
  

 

 

    

 

 

     

 

 

  

Balance as of March 31, 2016

    $ 928      $ 767       $ 1,695   
  

 

 

    

 

 

     

 

 

  
v3.4.0.3
Acquisitions (Tables) - Private brands business of ConAgra Foods
 3 Months Ended
Mar. 31, 2016
Preliminary Allocation to Net Tangible and Intangible Assets Acquired and Liabilities Assumed

We have made a preliminary allocation to net tangible and intangible assets acquired and liabilities assumed as follows:

 

         (In thousands)      

Cash

      $ 43,358   

Receivables

      171,008   

Inventory

      435,360   

Property, plant, and equipment

      803,491   

Customer relationships

      510,900   

Trade names

      33,000   

Software

      19,576   

Formulas

      23,200   

Other assets

      52,418   

Goodwill

      1,123,924   
  

 

 

  

Assets acquired

      3,216,235   

Deferred taxes

      (132,384 ) 

Assumed current liabilities

      (244,747 ) 

Assumed long-term liabilities

      (155,545 ) 
  

 

 

  

Total purchase price

      $     2,683,559   
  

 

 

  
Business Acquisition Pro Forma Information

The following unaudited pro forma information shows the results of operations for the Company as if its acquisition of the Private Brands Business had been completed as of January 1, 2015. Adjustments have been made for the pro forma effects of depreciation and amortization of tangible and intangible assets recognized as part of the business combination, the issuance of common stock, interest expense related to the financing of the business combination, and related income taxes. Excluded from the 2016 pro forma results are $35.2 million of costs incurred by the Company in connection with the acquisition. The 2015 pro forma results include $1.3 billion in asset impairment charges incurred by the seller. The pro forma results may not necessarily reflect actual results of operations that would have been achieved, nor are they necessarily indicative of future results of operations.

 

                                                             
     Three Months Ended
March 31,		  
     2016      2015  
     (In thousands, except per share data)  

Pro forma net sales

    $ 1,594,136       $ 1,670,398   
  

 

 

     

 

 

  

Pro forma net income (loss)

    $ 18,369       $ (770,875 )
  

 

 

     

 

 

  

Pro forma basic earnings (loss) per common share

    $ 0.32       $ (13.73 )
  

 

 

     

 

 

  

Pro forma diluted earnings (loss) per common share

    $ 0.32       $ (13.73 )
  

 

 

     

 

 

  
v3.4.0.3
Investments (Tables)
 3 Months Ended
Mar. 31, 2016
Investments
                                                         
     March 31,      December 31,  
     2016      2015  
     (In thousands)  

U.S. equity

    $ 6,641       $ 5,283   

Non-U.S. equity

      1,601         1,574   

Fixed income

      987         1,531   
  

 

 

     

 

 

  

Total investments

    $ 9,229       $ 8,388   
  

 

 

     

 

 

  
v3.4.0.3
Inventories (Tables)
 3 Months Ended
Mar. 31, 2016
Inventories
                                                         
     March 31,     December 31,  
     2016     2015  
     (In thousands)  

Raw materials and supplies

    $ 424,388      $ 274,007   

Finished goods

      575,673        331,535   

LIFO reserve

      (21,553 )      (21,427 ) 
  

 

 

    

 

 

  

Total inventories

    $ 978,508      $ 584,115   
  

 

 

    

 

 

  
v3.4.0.3
Property, Plant, and Equipment (Tables)
 3 Months Ended
Mar. 31, 2016
Property, Plant, and Equipment
                                                         
     March 31,     December 31,  
     2016     2015  
     (In thousands)  

Land

    $ 70,007      $ 25,954   

Buildings and improvements

      446,152        226,134   

Machinery and equipment

      1,194,946        681,711   

Construction in progress

      87,594        24,493   
  

 

 

    

 

 

  

Total

      1,798,699        958,292   

Less accumulated depreciation

      (452,913 )      (416,764 ) 
  

 

 

    

 

 

  

Property, plant, and equipment, net

    $ 1,345,786      $ 541,528   
  

 

 

    

 

 

  
v3.4.0.3
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2016
Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill for the three months ended March 31, 2016 were as follows:

 

                                                                                           
     North American      Food Away      Industrial         
     Retail Grocery      From Home      and Export      Total  
     (In thousands)  

Balance at December 31, 2015

    $ 1,423,441       $ 92,267       $ 134,086       $ 1,649,794   

Acquisitions

      1,050,383         73,541         —         1,123,924   

Foreign currency exchange adjustments

      7,853         767         —         8,620   
  

 

 

     

 

 

     

 

 

     

 

 

  

Balance at March 31, 2016

    $ 2,481,677       $ 166,575       $ 134,086       $ 2,782,338   
  

 

 

     

 

 

     

 

 

     

 

 

  
Carrying Amounts of Indefinite Lives Intangible Assets Other Than Goodwill

The carrying amounts of our intangible assets with indefinite lives, other than goodwill, as of March 31, 2016 and December 31, 2015 are as follows:

 

                                                             
     March 31,
2016		      December 31,
2015		  
     (In thousands)  

Trademarks

    $ 26,568       $ 25,229   
  

 

 

     

 

 

  

Total indefinite lived intangibles

    $ 26,568       $ 25,229   
  

 

 

     

 

 

  
Gross Carrying Amounts and Accumulated Amortization of Intangible Assets, with Finite Lives

The gross carrying amounts and accumulated amortization of intangible assets, with finite lives, as of March 31, 2016 and December 31, 2015 are as follows:

 

                                                                                                                                         
     March 31, 2016      December 31, 2015  
     Gross
Carrying
Amount		        Accumulated  
  Amortization  		     Net
Carrying
Amount		      Gross
Carrying
Amount		        Accumulated  
  Amortization  		     Net
Carrying
Amount		  
     (In thousands)      (In thousands)  

Intangible assets with finite lives:

                

Customer-related

    $ 1,289,106       $ (230,014 )    $ 1,059,092       $ 769,419       $ (208,962 )    $ 560,457   

Contractual agreements

      2,974         (2,857 )      117         2,964         (2,831 )      133   

Trademarks

      65,361         (12,194 )      53,167         32,240         (11,091 )      21,149   

Formulas/recipes

      33,775         (8,857 )      24,918         10,471         (7,824 )      2,647   

Computer software

      99,591         (44,600 )      54,991         78,039         (40,999 )      37,040   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total other intangibles

    $ 1,490,807       $ (298,522 )    $ 1,192,285       $ 893,133       $ (271,707 )    $ 621,426   
  

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  
Estimated Amortization Expense on Intangible Assets

Estimated amortization expense on intangible assets for 2016 and the next four years is as follows:

 

       (In thousands)    

2016

      $     109,029   

2017

      $ 112,748   

2018

      $ 107,104   

2019

      $ 105,837   

2020

      $ 104,156   
v3.4.0.3
Accounts Payable and Accrued Expenses (Tables)
 3 Months Ended
Mar. 31, 2016
Accounts Payable and Accrued Expenses
                                                     
     March 31,      December 31,  
     2016      2015  
     (In thousands)  

Accounts payable

    $       392,822       $       202,065   

Payroll and benefits

      54,899         27,467   

Interest

      12,244         6,241   

Taxes

      9,330         1,499   

Health insurance, workers’ compensation, and other insurance costs

      17,259         9,331   

Marketing expenses

      18,900         7,435   

Other accrued liabilities

      15,557         6,542   
  

 

 

     

 

 

  

Total

    $ 521,011       $ 260,580   
  

 

 

     

 

 

  
v3.4.0.3
Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2016
Long-Term Debt
                                                     
     March 31,     December 31,  
     2016     2015  
     (In thousands)  

Revolving Credit Facility

    $ 335,000      $ 353,000   

Term Loan A

      293,625        295,500   

Term Loan A-1

      187,500        190,000   

Term Loan A-2

          1,025,000        —   

2022 Notes

      400,000            400,000   

2024 Notes

      775,000        —   

Tax increment financing and other debt

      6,174        6,002   
  

 

 

    

 

 

  

Total outstanding debt

      3,022,299        1,244,502   

Deferred financing costs

      (38,381 )      (7,868 ) 

Less current portion

      (41,582 )      (14,893 ) 
  

 

 

    

 

 

  

Total long-term debt

    $ 2,942,336      $ 1,221,741   
  

 

 

    

 

 

  
v3.4.0.3
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2016
Summary of Effect of Share-Based Compensation Awards on Weighted Average Number of Shares Outstanding Used in Calculating Diluted Earnings Per Share

The following table summarizes the effect of the share-based compensation awards on the weighted average number of shares outstanding used in calculating diluted earnings per share:

 

                                                                 
     Three Months Ended March 31,  
     2016     2015  
     (In thousands, except per share data)  

Net (loss) income

      $ (3,346 )    $ 17,852   
  

 

 

    

 

 

  
    

Weighted average common shares outstanding

      52,708        42,873   

Assumed exercise/vesting of equity awards (1)

      —        766   
  

 

 

    

 

 

  

Weighted average diluted common shares outstanding

      52,708        43,639   
  

 

 

    

 

 

  
    

Net (loss) earnings per basic share

      $ (0.06 )    $ 0.42   

Net (loss) earnings per diluted share

      $ (0.06 )    $ 0.41   

 

(1) Incremental shares from equity awards are computed using the treasury stock method. For the three months ended March 31, 2016, weighted average common shares outstanding is the same for the computations of basic and diluted earnings per share because the Company had a net loss for the period. Equity awards, excluded from our computation of diluted earnings per share because they were anti-dilutive, were 0.8 million and 0.4 million for the three months ended March 31, 2016 and 2015, respectively.
v3.4.0.3
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2016
Summary of Stock Option Activity

The following table summarizes stock option activity during the three months ended March 31, 2016. Stock options generally have a three year vesting schedule, which vest one-third on each of the first three anniversaries of the grant date, and expire ten years from the grant date.

 

                      Weighted        
                Weighted     Average        
                Average     Remaining         Aggregate      
        Employee         Director         Exercise             Contractual         Intrinsic  
    Options         Options         Price     Term (yrs)     Value  
    (In thousands)                 (In thousands)  

Outstanding, at December 31, 2015

     1,918        20      $ 57.18        6.2      $         41,793   

Granted

     35        —      $ 80.69       

Forfeited

     (17 )      —      $ 75.78       

Exercised

     (37 )      —      $ 50.39       
 

 

 

    

 

 

        

Outstanding, at March 31, 2016

     1,899        20      $ 57.58        6.0      $ 55,998   
 

 

 

    

 

 

        

Vested/expected to vest, at March 31, 2016

     1,853        20      $ 57.08        5.9      $ 55,573   
 

 

 

    

 

 

        

Exercisable, at March 31, 2016

     1,199        20      $ 46.74        4.4      $ 48,779   
 

 

 

    

 

 

        
Highlight of Stock Options Activity
                                                             
     Three Months Ended
March 31,		  
     2016      2015  
     (In millions)  

Compensation expense

    $ 1.6       $ 1.4   

Intrinsic value of stock options exercised

    $ 1.3       $ 11.0   

Tax benefit recognized from stock option exercises

    $ 0.4       $ 4.2   
Summary of Restricted Stock Unit Activity

The following table summarizes the restricted stock unit activity during the three months ended March 31, 2016:

 

          Weighted           Weighted  
    Employee     Average     Director     Average  
    Restricted         Grant Date         Restricted         Grant Date      
   

    Stock Units    

     Fair Value         Stock Units         Fair Value  
    (In thousands)           (In thousands)        

Outstanding, at December 31, 2015

     312      $ 76.36        111      $ 52.60   

Granted

     151      $ 81.82        —      $ —   

Vested

     (2 )    $ 75.57        —      $ —   

Forfeited

     (7 )    $ 77.24        —      $ —   
 

 

 

      

 

 

    

Outstanding, at March 31, 2016

     454      $ 78.17        111      $ 52.60   
 

 

 

      

 

 

    
Highlights of Restricted Stock Unit Activity
                                                             
     Three Months Ended
March 31,		  
     2016      2015  
     (In millions)  

Compensation expense

    $ 3.5       $ 2.7   

Fair value of vested restricted stock units

    $ 0.2       $ 0.7   

Tax benefit recognized from vested restricted stock units

    $ 0.1       $ 0.1   
Summary of Performance Unit Activity

The following table summarizes the performance unit activity during the three months ended March 31, 2016:

 

                                                             
          Weighted  
          Average  
    Performance     Grant Date  
    Units     Fair Value  
    (In thousands)        

Unvested, at December 31, 2015

     271      $ 74.13   

Granted

     —      $ —   

Vested

     —      $ —   

Forfeited

     (5 )    $ 73.88   
 

 

 

    

Unvested, at March 31, 2016

     266      $ 74.13   
 

 

 

    
Highlight of Performance Unit Activity
                                                                           
     Three Months Ended
March 31,		  
     2016      2015  
     (In millions)  

Compensation expense

    $ 1.1       $ 1.8   

Fair value of vested performance units

    $ —       $ —   

Tax benefit recognized from performance units vested

    $ —       $ —   
v3.4.0.3
Accumulated Other Comprehensive Loss (Tables)
 3 Months Ended
Mar. 31, 2016
Components of Accumulated Other Comprehensive Loss Net of Tax Except for Foreign Currency Translation Adjustment

Accumulated other comprehensive loss consists of the following components, all of which are net of tax, except for the foreign currency translation adjustment:

 

           Unrecognized     Accumulated  
     Foreign     Pension and     Other  
     Currency         Postretirement             Comprehensive      
         Translation (1)         Benefits (2)     Loss  
     (In thousands)  

Balance at December 31, 2015

    $ (100,512 )    $ (12,956 )    $ (113,468 ) 

Other comprehensive income

      24,266        —        24,266   

Reclassifications from accumulated other comprehensive loss

      —        258        258   
  

 

 

    

 

 

    

 

 

  

Other comprehensive income

      24,266        258        24,524   
  

 

 

    

 

 

    

 

 

  

Balance at March 31, 2016

    $ (76,246 )    $ (12,698 )    $ (88,944 ) 
  

 

 

    

 

 

    

 

 

  

 

           Unrecognized     Accumulated  
     Foreign     Pension and     Other  
     Currency         Postretirement             Comprehensive      
         Translation (1)         Benefits (2)     Loss  
           (In thousands)        

Balance at December 31, 2014

    $ (51,326 )    $ (13,005 )    $ (64,331 ) 

Other comprehensive loss

      (26,537 )      —        (26,537 ) 

Reclassifications from accumulated other comprehensive loss

      —        256        256   
  

 

 

    

 

 

    

 

 

  

Other comprehensive (loss) income

      (26,537 )      256        (26,281 ) 
  

 

 

    

 

 

    

 

 

  

Balance at March 31, 2015

    $ (77,863 )    $ (12,749 )    $ (90,612 ) 
  

 

 

    

 

 

    

 

 

  

 

  (1) The foreign currency translation adjustment is not net of tax, as it pertains to the Company’s permanent investment in its Canadian and Italian subsidiaries.
  (2) The unrecognized pension and postretirement benefits reclassification is presented net of tax of $159 thousand and $158 thousand for the three months ended March 31, 2016 and 2015, respectively. The reclassification is included in the computation of net periodic pension cost, which is recorded in the Cost of sales and General and administrative lines of the Condensed Consolidated Statements of Operations.
Reclassifications from Accumulated Other Comprehensive Income

The Condensed Consolidated Statements of Operations lines impacted by reclassifications out of Accumulated other comprehensive loss are outlined below:

 

                  Affected line in
     Reclassifications from Accumulated     The Condensed Consolidated
     Other Comprehensive Loss     Statements of Operations
     Three Months Ended
March 31,		      
     2016      2015      
     (In thousands)      

Amortization of defined benefit pension items:

        

Prior service costs

    $ 35       $ 36      (a)

Unrecognized net loss

      382         378      (a)
  

 

 

     

 

 

    

Total before tax

      417         414     

Income taxes

      159         158      Income taxes
  

 

 

     

 

 

    

Net of tax

    $ 258       $ 256     
  

 

 

     

 

 

    

 

  (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost, and are recorded in the Cost of sales and General and administrative lines of the Condensed Consolidated Statements of Operations.
v3.4.0.3
Employee Retirement and Postretirement Benefits (Tables)
 3 Months Ended
Mar. 31, 2016
Pension Benefits  
Components of Net Periodic Costs

Components of net periodic pension expense are as follows:

 

                                                 
     Three Months Ended  
     March 31,  
     2016     2015  
     (In thousands)  

Service cost

    $ 1,049      $ 621   

Interest cost

      2,980        713   

Expected return on plan assets

      (3,226 )      (765 ) 

Amortization of unrecognized prior service cost

      53        52   

Amortization of unrecognized net loss

      383        365   
  

 

 

    

 

 

  

Net periodic pension cost

    $ 1,239      $ 986   
  

 

 

    

 

 

  
Postretirement Benefits  
Components of Net Periodic Costs

Components of net periodic postretirement expense are as follows:

 

                                                 
     Three Months Ended  
     March 31,  
     2016     2015  
     (In thousands)  

Service cost

    $ 16      $ 5   

Interest cost

      243        37   

Amortization of unrecognized prior service cost

      (18 )      (16 ) 

Amortization of unrecognized net loss

      (1 )      13   
  

 

 

    

 

 

  

Net periodic postretirement cost

    $ 240      $ 39   
  

 

 

    

 

 

  
v3.4.0.3
Other Operating Expense, Net (Tables)
 3 Months Ended
Mar. 31, 2016
Other Operating Expenses

The Company incurred other operating expense for the three months ended March 31, 2016 and 2015, which consisted of the following:

 

                                                 
     Three Months Ended  
     March 31,  
     2016      2015  
     (In thousands)  

Restructuring

    $ 1,636       $ 215   

Other

      58         —   
  

 

 

     

 

 

  

Total other operating expense, net

    $ 1,694       $ 215   
  

 

 

     

 

 

  
v3.4.0.3
Supplemental Cash Flow Information (Tables)
 3 Months Ended
Mar. 31, 2016
Supplemental Cash Flow Information
                                                 
     Three Months Ended  
     March 31,  
     2016      2015  
     (In thousands)  

Interest paid

    $ 17,943       $ 15,913   

Income taxes paid

    $ 14,638       $ 496   

Accrued purchase of property and equipment

    $ 13,942       $ 4,619   

Accrued other intangible assets

    $ 1,894       $ 2,077   
v3.4.0.3
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2016
Derivative, Fair Value, and Location on Condensed Consolidated Balance Sheet

The following table identifies the derivative, its fair value, and location on the Condensed Consolidated Balance Sheets:

 

          Fair Value  
    

Balance Sheet Location

          March 31, 2016             December 31, 2015    
          (In thousands)  

Asset Derivatives

        

Commodity contracts

    Prepaid expenses and other current assets    $ 142      $ —   

Foreign currency contracts

    Prepaid expenses and other current assets      —        1,356   
     

 

 

    

 

 

  
      $ 142      $ 1,356   
     

 

 

    

 

 

  

Liability Derivatives

        

Commodity contracts

    Accounts payable and accrued expenses    $ 3,498      $ 3,778   

Foreign currency contracts

    Accounts payable and accrued expenses      3,769        —   
     

 

 

    

 

 

  
      $ 7,267      $ 3,778   
     

 

 

    

 

 

  
Gains and Losses on Derivative Contracts
We recorded the following gains and losses on our derivative contracts in the Condensed Consolidated Statements of Operations:  
          Three Months Ended  
     Location of Gain (Loss)    March 31,  
    

Recognized in Income

                2016                             2015              
          (In thousands)  

Mark-to-market unrealized (loss) gain:

        

Commodity contracts

    Other (expense) income, net    $ 422      $ (57 ) 

Foreign currency contracts

    Other (expense) income, net      (5,125 )      474   
     

 

 

    

 

 

  

Total unrealized (loss) gain

         (4,703 )      417   

Realized (loss) gain:

        

Commodity contracts

    Manufacturing related to cost of sales and transportation related to selling and distribution      (986 )      (844 ) 

Foreign currency contracts

    Cost of Sales      800        —   
     

 

 

    

 

 

  

Total realized (loss)

         (186 )      (844 ) 
     

 

 

    

 

 

  

Total (loss)

       $ (4,889 )    $ (427 ) 
     

 

 

    

 

 

  

 
v3.4.0.3
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2016
Carrying Value and Fair Value of Financial Instruments

The following table presents the carrying value and fair value of our financial instruments as of March 31, 2016 and December 31, 2015:

 

     March 31, 2016     December 31, 2015        
         Carrying    
Value		     Fair
    Value    		         Carrying    
Value		     Fair
    Value    		      Level   
     (In thousands)     (In thousands)  

Not recorded at fair value (liability):

           

Revolving Credit Facility

    $         (335,000 )    $         (328,277 )    $         (353,000 )    $         (352,932 )      2   

Term Loan A

    $ (293,625 )    $ (294,230 )    $ (295,500 )    $ (294,327 )      2   

Term Loan A-1

    $ (187,500 )    $ (187,807 )    $ (190,000 )    $ (190,200 )      2   

Term Loan A-2

    $ (1,025,000 )    $ (1,026,966 )    $ —      $ —        2   

2022 Notes

    $ (400,000 )    $ (412,000 )    $ (400,000 )    $ (383,000 )      2   

2024 Notes

    $ (775,000 )    $ (817,625 )    $ —      $ —        2   

Recorded on a recurring basis at fair value

(liability) asset:

           

Commodity contracts

    $ (3,356 )    $ (3,356 )    $ (3,778 )    $ (3,778 )      2   

Foreign currency contracts

    $ (3,769 )    $ (3,769 )    $ 1,356      $ 1,356        2   

Investments

    $ 9,229      $ 9,229      $ 8,388      $ 8,388        1   
v3.4.0.3
Segment and Geographic Information and Major Customers (Tables)
 3 Months Ended
Mar. 31, 2016
Financial Information Relating to Reportable Segments

The accounting policies of the Company’s segments are the same as those described in the summary of significant accounting policies set forth in Note 1 to the Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2015.

 

                                                 
     Three Months Ended
March 31,		  
     2016     2015  
     (In thousands)  

Net sales to external customers:

     

North American Retail Grocery

    $ 1,019,310      $ 592,413   

Food Away From Home

      112,597        88,277   

Industrial and Export

      138,266        102,455   
  

 

 

    

 

 

  

Total

    $ 1,270,173      $ 783,145   
  

 

 

    

 

 

  

Direct operating income:

     

North American Retail Grocery

    $ 127,955      $ 77,317   

Food Away From Home

      15,915        12,026   

Industrial and Export

      21,090        21,536   
  

 

 

    

 

 

  

Total

      164,960        110,879   

Unallocated selling and distribution expenses

      (13,229 )      (3,159 ) 

Unallocated costs of sales (1)

      (12,640 )      (1,081 ) 

Unallocated corporate expense

      (120,164 )      (59,943 ) 
  

 

 

    

 

 

  

Operating income

      18,927        46,696   

Other expense

      (23,707 )      (20,895 ) 
  

 

 

    

 

 

  

(Loss) income before income taxes

    $ (4,780 )    $ 25,801   
  

 

 

    

 

 

  

 

  (1) Includes charges related to restructurings and other costs managed at corporate.
Net Sales by Major Products

The following table presents the Company’s net sales by major products for the three months ended March 31, 2016 and 2015. In 2016, as a result of the acquisition of the Private Brands Business, the Company made the following changes to its product categories: (1) Snacks was renamed Snack nuts and now includes the bars, fruit snacks, and cereal snack mixes from the Private Brands Business, (2) Dry dinners was renamed Pasta and dry dinners and now includes the dry pasta from the Private Brands Business, (3) Mexican and other sauces was renamed Sauces and now includes the sauces from the Private Brands Business, (4) Cookies and crackers was added to include the crackers, cookies, pretzels, pita chips, and candy from the Private Brands Business, and (5) Retail bakery was added to include the in-store bakery products, refrigerated dough, frozen griddle products (pancakes, waffles, and French toast), frozen bread products (breads, rolls, and biscuits), dessert products (frozen cookies and frozen cookie dough), and dry bakery mixes from the Private Brands Business. These changes did not require prior period adjustments.

 

                                                         
     Three Months Ended
March 31,		  
     2016      2015  
     (In thousands)  

Products:

      

Snack nuts

    $ 259,997       $ 146,499   

Retail bakery

      112,803         —   

Cereals

      111,972         43,040   

Beverages

      107,593         111,000   

Cookies and crackers

      103,899         —   

Pasta and dry dinners

      101,911         33,411   

Salad dressings

      93,675         84,166   

Soup and infant feeding

      84,850         98,808   

Beverage enhancers

      82,039         86,113   

Sauces

      76,656         58,431   

Pickles

      74,330         71,062   

Aseptic products

      26,832         24,878   

Jams

      20,956         11,949   

Other products

      12,660         13,788   
  

 

 

     

 

 

  

Total net sales

    $ 1,270,173       $ 783,145   
  

 

 

     

 

 

  
v3.4.0.3
Guarantor and Non-Guarantor Financial Information (Tables)
 3 Months Ended
Mar. 31, 2016
Condensed Supplemental Consolidating Balance Sheet

Condensed Supplemental Consolidating Balance Sheet

March 31, 2016

(In thousands)

 

     Parent      Guarantor       Non-Guarantor                
         Company          Subsidiaries       Subsidiaries       Eliminations         Consolidated    

Assets

            

Current assets:

            

Cash and cash equivalents

    $ —       $ 1,485      $ 59,604      $ —      $ 61,089   

Investments

      —         —        9,229        —        9,229   

Accounts receivable, net

      702         314,416        44,626        —        359,744   

Inventories, net

      —         873,967        104,541        —        978,508   

Assets held for sale

      —         2,674        —        —        2,674   

Prepaid expenses and other current assets

      17,861         10,874        21,650        —        50,385   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total current assets

      18,563         1,203,416        239,650        —        1,461,629   

Property, plant, and equipment, net

      25,888         1,171,210        148,688        —        1,345,786   

Goodwill

      —         2,649,928        132,410        —        2,782,338   

Investment in subsidiaries

      5,165,285         494,126        —        (5,659,411 )      —   

Intercompany accounts receivable (payable), net

      452,639         (417,467 )      (35,172 )      —        —   

Deferred income taxes

      19,128         —        —        (19,128 )      —   

Intangible and other assets, net

      48,502         1,090,651        135,341        —        1,274,494   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

    $ 5,730,005       $ 6,191,864      $ 620,917      $ (5,678,539 )    $ 6,864,247   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  
           

Liabilities and Stockholders’ Equity

            

Current liabilities:

            

Accounts payable and accrued expenses

    $ 22,774       $ 443,379      $ 54,858      $ —      $ 521,011   

Current portion of long-term debt

      38,271         3,156        155        —        41,582   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total current liabilities

      61,045         446,535        55,013        —        562,593   

Long-term debt

      2,939,473         2,548        315        —        2,942,336   

Deferred income taxes

      —         380,811        49,388        (19,128 )      411,071   

Other long-term liabilities

      10,150         196,685        22,075        —        228,910   

Stockholders’ equity

      2,719,337         5,165,285        494,126        (5,659,411 )      2,719,337   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities and stockholders’ equity

    $   5,730,005       $   6,191,864      $   620,917      $   (5,678,539 )    $   6,864,247   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

Condensed Supplemental Consolidating Balance Sheet

December 31, 2015

(In thousands)

 

    Parent     Guarantor       Non-Guarantor                
      Company         Subsidiaries       Subsidiaries       Eliminations         Consolidated    

Assets

          

Current assets:

          

Cash and cash equivalents

   $ 10,384      $ 91      $ 24,444      $ —      $ 34,919   

Investments

     —        —        8,388        —        8,388   

Accounts receivable, net

     17        182,524        20,657        —        203,198   

Inventories, net

     —        510,255        73,860        —        584,115   

Prepaid expenses and other current assets

     17,625        6,608        8,968        (16,618 )      16,583   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total current assets

     28,026        699,478        136,317        (16,618 )      847,203   

Property, plant, and equipment, net

     26,294        470,639        44,595        —        541,528   

Goodwill

     —        1,526,004        123,790        —        1,649,794   

Investment in subsidiaries

     2,411,532        338,849        —        (2,750,381 )      —   

Intercompany accounts receivable (payable), net

     582,267        (553,408 )      (28,859 )      —        —   

Deferred income taxes

     18,092        —        —        (18,092 )      —   

Intangible and other assets, net

     46,041        504,127        114,103        —        664,271   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

   $ 3,112,252      $ 2,985,689      $ 389,946      $ (2,785,091 )    $ 3,702,796   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
         

Liabilities and Stockholders’ Equity

          

Current liabilities:

          

Accounts payable and accrued expenses

   $ 16,526      $ 239,316      $ 21,356      $ (16,618 )    $ 260,580   

Current portion of long-term debt

     11,621        3,116        156        —        14,893   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total current liabilities

     28,147        242,432        21,512        (16,618 )      275,473   

Long-term debt

     1,219,011        2,398        332        —        1,221,741   

Deferred income taxes

     —        272,910        24,290        (18,092 )      279,108   

Other long-term liabilities

     10,235        56,417        4,963        —        71,615   

Stockholders’ equity

     1,854,859        2,411,532        338,849        (2,750,381 )      1,854,859   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities and stockholders’ equity

   $     3,112,252      $     2,985,689      $     389,946      $     (2,785,091 )    $     3,702,796   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Condensed Supplemental Consolidating Statement of Operations

Condensed Supplemental Consolidating Statement of Operations

Three Months Ended March 31, 2016

(In thousands)

 

                                                                                                        
     Parent     Guarantor     Non-Guarantor              
     Company     Subsidiaries     Subsidiaries     Eliminations     Consolidated  

Net sales

    $ —      $ 1,204,790      $ 133,764      $ (68,381 )    $ 1,270,173   

Cost of sales

      —        997,120        116,871        (68,381 )      1,045,610   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      —        207,670        16,893        —        224,563   

Selling, general, and administrative expense

      53,716        116,414        9,976        —        180,106   

Amortization

      2,203        19,388        2,245        —        23,836   

Other operating expense, net

      —        1,332        362        —        1,694   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating (loss) income

      (55,919 )      70,536        4,310        —        18,927   

Interest expense

      25,353        (53 )      1,516        (1,148 )      25,668   

Interest income

      (2,227 )      (1,336 )      (404 )      1,148        (2,819 ) 

Other expense (income), net

      1        (4,665 )      5,522        —        858   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(Loss) income before income taxes

      (79,046 )      76,590        (2,324 )      —        (4,780 ) 

Income taxes (benefit)

      (30,030 )      30,242        (1,646 )      —        (1,434 ) 

Equity in net income (loss) of subsidiaries

      45,670        (678 )      —        (44,992 )      —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net (loss) income

    $ (3,346 )    $ 45,670      $ (678 )    $ (44,992 )    $ (3,346 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Condensed Supplemental Consolidating Statement of Operations

Three Months Ended March 31, 2015

(In thousands)

 

                                                                                                        
     Parent     Guarantor     Non-Guarantor              
     Company     Subsidiaries     Subsidiaries     Eliminations     Consolidated  

Net sales

    $ —      $ 735,766      $ 113,561      $ (66,182 )    $ 783,145   

Cost of sales

      —        599,190        97,700        (66,182 )      630,708   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      —        136,576        15,861        —        152,437   

Selling, general, and administrative expense

      17,765        61,161        11,272        —        90,198   

Amortization

      1,827        10,878        2,623        —        15,328   

Other operating expense, net

      —        215        —        —        215   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating (loss) income

      (19,592 )      64,322        1,966        —        46,696   

Interest expense

      11,530        162        1,445        (1,445 )      11,692   

Interest income

      (1,430 )      (1,445 )      (339 )      1,445        (1,769 ) 

Other (income) expense, net

      (4 )      9,078        1,898        —        10,972   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(Loss) income before income taxes

      (29,688 )      56,527        (1,038 )      —        25,801   

Income taxes (benefit)

      (11,336 )      20,386        (1,101 )      —        7,949   

Equity in net income of subsidiaries

      36,204        63        —        (36,267 )      —   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income

    $ 17,852      $ 36,204      $ 63      $ (36,267 )    $ 17,852   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Condensed Supplemental Consolidating Statement of Comprehensive Income (Loss)

Condensed Supplemental Consolidating Statement of Comprehensive Income (Loss)

Three Months Ended March 31, 2016

(In thousands)

 

                                                                                                        
    Parent     Guarantor         Non-Guarantor                  
    Company     Subsidiaries     Subsidiaries     Eliminations     Consolidated  

Net (loss) income

   $ (3,346 )    $ 45,670      $ (678 )    $ (44,992 )    $ (3,346 ) 
         

Other comprehensive income:

          

Foreign currency translation adjustments

     —        —        24,266        —        24,266   

Pension and postretirement reclassification adjustment, net of tax

     —        258        —        —        258   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other comprehensive income

     —        258        24,266        —        24,524   

Equity in other comprehensive income of subsidiaries

     24,524        24,266        —        (48,790 )      —   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Comprehensive income

   $   21,178      $   70,194      $   23,588      $ (93,782 )    $   21,178   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Condensed Supplemental Consolidating Statement of Comprehensive Income (Loss)

Three Months Ended March 31, 2015

(In thousands)

 

                                                                                                        
    Parent     Guarantor         Non-Guarantor                  
    Company     Subsidiaries     Subsidiaries     Eliminations     Consolidated  

Net income

   $     17,852      $     36,204      $             63      $ (36,267 )    $     17,852   
         

Other comprehensive (loss) income:

          

Foreign currency translation adjustments

     —        —        (26,537 )      —        (26,537 ) 

Pension and postretirement reclassification adjustment, net of tax

     —        256        —        —        256   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other comprehensive income (loss)

     —        256        (26,537 )      —        (26,281 ) 

Equity in other comprehensive (loss) of subsidiaries

     (26,281 )      (26,537 )      —        52,818        —   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Comprehensive (loss) income

   $ (8,429 )    $ 9,923      $ (26,474 )    $   16,551      $ (8,429 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Condensed Supplemental Consolidating Statement of Cash Flows

Condensed Supplemental Consolidating Statement of Cash Flows

Three Months Ended March 31, 2016

(In thousands)

 

    Parent     Guarantor    

Non-

Guarantor

              
      Company           Subsidiaries           Subsidiaries           Eliminations           Consolidated    

Cash flows from operating activities:

          

Net cash provided by (used in) operating activities

   $ 2,642      $ 152,998      $ (19,073 )    $ (25,847 )    $ 110,720   

Cash flows from investing activities:

          

Additions to property, plant, and equipment

     (84 )      (23,727 )      (1,087 )      —        (24,898 ) 

Additions to intangible assets

     (1,984 )      (11 )      —        —        (1,995 ) 

Intercompany transfer

     94,021        2,775        —        (96,796 )      —   

Acquisitions, less cash acquired

     (2,683,559 )      337        43,021        —        (2,640,201 ) 

Proceeds from sale of fixed assets

     —        40        19        —        59   

Purchase of investments

     —        —        (262 )      —        (262 ) 

Other

     —        —        (11 )      —        (11 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net cash (used in) provided by investing activities

     (2,591,606 )      (20,586 )      41,680        (96,796 )      (2,667,308 ) 

Cash flows from financing activities:

          

Net borrowing (repayment) of debt

     1,777,625        (771 )      (40 )      —        1,776,814   

Payment of deferred financing costs

     (34,328 )      —        —        —        (34,328 ) 

Intercompany transfer

     (1,840 )      (130,247 )      9,444        122,643        —   

Net proceeds from issuance of common stock

     835,128        —        —        —        835,128   

Net receipts related to stock-based award activities

     1,789        —        —        —        1,789   

Excess tax benefits from stock-based compensation

     206        —        —        —        206   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net cash provided by (used in) financing activities

     2,578,580        (131,018 )      9,404        122,643        2,579,609   

Effect of exchange rate changes on cash and cash equivalents

     —        —        3,149        —        3,149   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(Decrease) increase in cash and cash equivalents

     (10,384 )      1,394        35,160        —        26,170   

Cash and cash equivalents, beginning of period

     10,384        91        24,444        —        34,919   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash and cash equivalents, end of period

   $ —      $ 1,485      $   59,604      $ —      $ 61,089   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Condensed Supplemental Consolidating Statement of Cash Flows

Three Months Ended March 31, 2015

(In thousands)

 

     Parent     Guarantor    

Non-

Guarantor

              
         Company           Subsidiaries           Subsidiaries           Eliminations           Consolidated    

Cash flows from operating activities:

           

Net cash (used in) provided by operating activities

    $ (8,359 )    $   113,413      $ 12,552      $ (36,004 )    $ 81,602   

Cash flows from investing activities:

           

Additions to property, plant, and equipment

      (1,096 )      (18,906 )      (1,233 )      —        (21,235 ) 

Intercompany transfer

      (4,138 )      (62,483 )      —        66,621        —   

Additions to intangible assets

      (3,167 )      (548 )      (126 )      —        (3,841 ) 

Proceeds from sale of fixed assets

      —        100        21        —        121   

Purchase of investments

      —        —        (103 )      —        (103 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net cash (used in) provided by investing activities

      (8,401 )      (81,837 )      (1,441 )      66,621        (25,058 ) 

Cash flows from financing activities:

           

Net borrowing (repayment) of debt

      (60,000 )      (688 )      (42 )      —        (60,730 ) 

Intercompany transfer

      62,683        (32,205 )      139        (30,617 )      —   

Net receipts related to stock-based award activities

      5,273        —        —        —        5,273   

Excess tax benefits from stock-based payment arrangements

      3,132        —        —        —        3,132   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net cash provided by (used in) financing activities

      11,088        (32,893 )      97        (30,617 )      (52,325 ) 

Effect of exchange rate changes on cash and cash equivalents

      —        —        (1,549 )      —        (1,549 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(Decrease) increase in cash and cash equivalents

      (5,672 )      (1,317 )      9,659        —        2,670   

Cash and cash equivalents, beginning of period

      18,706        1,690        31,585        —        51,981   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash and cash equivalents, end of period

    $     13,034      $ 373      $   41,244      $                 —      $     54,651   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
v3.4.0.3
Restructuring - Additional Information (Detail) - City of Industry California
$ in Thousands
 3 Months Ended
Mar. 31, 2016
USD ($)
Restructuring Cost and Reserve [Line Items]  
Plant closure expected costs $ 11,050
Plant closure, reduction in expected costs (800)
Expected payment in cash  
Restructuring Cost and Reserve [Line Items]  
Plant closure expected costs $ 7,200
v3.4.0.3
Aggregate Expenses Incurred Associated with Facility Closure (Detail) - City of Industry California
$ in Thousands
 3 Months Ended
Mar. 31, 2016
USD ($)
Restructuring Cost and Reserve [Line Items]  
Restructuring charges $ 1,498
Cumulative costs to date 5,709
Total expected costs 11,050
Asset Related Costs  
Restructuring Cost and Reserve [Line Items]  
Restructuring charges 832
Cumulative costs to date 3,852
Total expected costs 3,852
Employee Related Costs  
Restructuring Cost and Reserve [Line Items]  
Restructuring charges 582
Cumulative costs to date 1,744
Total expected costs 1,890
Other closure costs  
Restructuring Cost and Reserve [Line Items]  
Restructuring charges 84
Cumulative costs to date 113
Total expected costs $ 5,308
v3.4.0.3
Reconciliation of Liabilities (Detail) - City of Industry California
$ in Thousands
 3 Months Ended
Mar. 31, 2016
USD ($)
Restructuring Cost and Reserve [Line Items]  
Expense $ 1,498
Severance  
Restructuring Cost and Reserve [Line Items]  
Balance as of December 31, 2015 395
Expense 582
Payments (49)
Balance as of March 31, 2016 928
Multi-employer Pension Plan Withdrawal  
Restructuring Cost and Reserve [Line Items]  
Balance as of December 31, 2015 767
Balance as of March 31, 2016 767
Employee Related Costs  
Restructuring Cost and Reserve [Line Items]  
Balance as of December 31, 2015 1,162
Expense 582
Payments (49)
Balance as of March 31, 2016 $ 1,695
v3.4.0.3
Acquisitions - Additional Information (Detail) - USD ($)
 2 Months Ended 3 Months Ended
Feb. 01, 2016
Jan. 26, 2016
Mar. 31, 2016
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Business Acquisition [Line Items]            
Business acquisition, cost of acquired entity, purchase price, net of cash       $ 2,640,201,000    
Net proceeds from issuance of stock       835,128,000    
Proceeds from issuance of 2024 Notes       775,000,000    
Proceeds from issuance of term loans A-2       1,025,000,000    
Goodwill     $ 2,782,338,000 2,782,338,000   $ 1,649,794,000
Cost of sales       1,045,610,000 $ 630,708,000  
North American Retail Grocery            
Business Acquisition [Line Items]            
Goodwill     2,481,677,000 2,481,677,000   1,423,441,000
Food Away From Home            
Business Acquisition [Line Items]            
Goodwill     166,575,000 166,575,000   $ 92,267,000
Private brands business of ConAgra Foods            
Business Acquisition [Line Items]            
Business acquisition, cost of acquired entity, purchase price, net of cash $ 2,640,200,000          
Net proceeds from issuance of stock 835,100,000 $ 835,100,000        
Proceeds from issuance of 2024 Notes 760,700,000          
Proceeds from issuance of term loans A-2 1,025,000,000          
Revolving credit facility - maximum borrowing capacity 900,000,000          
Net sales     506,400,000      
Net income     11,500,000      
Integration costs     $ 5,800,000      
Goodwill 1,123,924,000          
Business acquisition related costs 35,200,000          
Asset impairment charges         $ 1,300,000,000  
Private brands business of ConAgra Foods | Fair Value Adjustment to Inventory            
Business Acquisition [Line Items]            
Cost of sales       $ 8,200,000    
Private brands business of ConAgra Foods | North American Retail Grocery            
Business Acquisition [Line Items]            
Goodwill 1,050,400,000          
Private brands business of ConAgra Foods | Food Away From Home            
Business Acquisition [Line Items]            
Goodwill 73,500,000          
Private brands business of ConAgra Foods | Customer relationships            
Business Acquisition [Line Items]            
Intangible asset 510,900,000          
Private brands business of ConAgra Foods | Customer relationships | North American Retail Grocery            
Business Acquisition [Line Items]            
Intangible asset $ 496,100,000          
Finite-lived intangible assets, useful life 13 years          
Private brands business of ConAgra Foods | Customer relationships | Food Away From Home            
Business Acquisition [Line Items]            
Intangible asset $ 14,800,000          
Finite-lived intangible assets, useful life 10 years          
Private brands business of ConAgra Foods | Trade names            
Business Acquisition [Line Items]            
Intangible asset $ 33,000,000          
Finite-lived intangible assets, useful life 10 years          
Private brands business of ConAgra Foods | Formulas/recipes            
Business Acquisition [Line Items]            
Intangible asset $ 23,200,000          
Finite-lived intangible assets, useful life 5 years          
Private brands business of ConAgra Foods | Computer software            
Business Acquisition [Line Items]            
Intangible asset $ 19,576,000          
Private brands business of ConAgra Foods | Computer software | Minimum            
Business Acquisition [Line Items]            
Finite-lived intangible assets, useful life 1 year          
Private brands business of ConAgra Foods | Computer software | Maximum            
Business Acquisition [Line Items]            
Finite-lived intangible assets, useful life 5 years          
v3.4.0.3
Purchase Price Allocation to Net Tangible and Intangible Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Thousands
Mar. 31, 2016
Feb. 01, 2016
Dec. 31, 2015
Business Acquisition [Line Items]      
Goodwill $ 2,782,338   $ 1,649,794
Private brands business of ConAgra Foods      
Business Acquisition [Line Items]      
Cash   $ 43,358  
Receivables   171,008  
Inventory   435,360  
Property, plant, and equipment   803,491  
Other assets   52,418  
Goodwill   1,123,924  
Assets acquired   3,216,235  
Deferred taxes   (132,384)  
Assumed current liabilities   (244,747)  
Assumed long-term liabilities   (155,545)  
Total purchase price   2,683,559  
Private brands business of ConAgra Foods | Customer relationships      
Business Acquisition [Line Items]      
Intangible asset   510,900  
Private brands business of ConAgra Foods | Trade names      
Business Acquisition [Line Items]      
Intangible asset   33,000  
Private brands business of ConAgra Foods | Computer software      
Business Acquisition [Line Items]      
Intangible asset   19,576  
Private brands business of ConAgra Foods | Formulas/recipes      
Business Acquisition [Line Items]      
Intangible asset   $ 23,200  
v3.4.0.3
Business Acquisition Pro Forma Information (Detail) - Private brands business of ConAgra Foods - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]    
Pro forma net sales $ 1,594,136 $ 1,670,398
Pro forma net income (loss) $ 18,369 $ (770,875)
Pro forma basic earnings (loss) per common share $ 0.32 $ (13.73)
Pro forma diluted earnings (loss) per common share $ 0.32 $ (13.73)
v3.4.0.3
Investments (Detail) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Investment [Line Items]    
Total investments $ 9,229 $ 8,388
Equity | United States    
Investment [Line Items]    
Total investments 6,641 5,283
Equity | Non-U.S.    
Investment [Line Items]    
Total investments 1,601 1,574
Fixed Income    
Investment [Line Items]    
Total investments $ 987 $ 1,531
v3.4.0.3
Investments - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Dec. 31, 2014
Investment [Line Items]        
Cash and cash equivalents $ 61,089 $ 54,651 $ 34,919 $ 51,981
Net unrealized investment gain (losses) (11) $ 259    
Realized gain on investments 100      
Interest expense        
Investment [Line Items]        
Net unrealized investment gain (losses) 300      
Interest income        
Investment [Line Items]        
Net unrealized investment gain (losses) 300      
Foreign Jurisdictions        
Investment [Line Items]        
Cash and cash equivalents $ 59,600   $ 24,400  
v3.4.0.3
Inventories (Detail) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Inventory [Line Items]    
Raw materials and supplies $ 424,388 $ 274,007
Finished goods 575,673 331,535
LIFO reserve (21,553) (21,427)
Total inventories $ 978,508 $ 584,115
v3.4.0.3
Inventories - Additional Information (Detail) - USD ($)
$ in Millions
Mar. 31, 2016
Dec. 31, 2015
Inventory [Line Items]    
LIFO inventory $ 66.5 $ 88.1
Net inventory accounted for under the weighted average cost method $ 118.8 $ 128.9
v3.4.0.3
Property, Plant, and Equipment (Detail) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Property, Plant and Equipment [Line Items]    
Land $ 70,007 $ 25,954
Buildings and improvements 446,152 226,134
Machinery and equipment 1,194,946 681,711
Construction in progress 87,594 24,493
Total 1,798,699 958,292
Less accumulated depreciation (452,913) (416,764)
Property, plant, and equipment, net $ 1,345,786 $ 541,528
v3.4.0.3
Property, Plant, and Equipment - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Property, Plant and Equipment [Line Items]    
Depreciation expense $ 35,629 $ 15,405
v3.4.0.3
Changes in Carrying Amount of Goodwill (Detail)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
USD ($)
Goodwill [Line Items]  
Beginning Balance $ 1,649,794
Foreign currency exchange adjustments 1,123,924
Purchase price adjustments 8,620
Ending Balance 2,782,338
North American Retail Grocery  
Goodwill [Line Items]  
Beginning Balance 1,423,441
Foreign currency exchange adjustments 1,050,383
Purchase price adjustments 7,853
Ending Balance 2,481,677
Food Away From Home  
Goodwill [Line Items]  
Beginning Balance 92,267
Foreign currency exchange adjustments 73,541
Purchase price adjustments 767
Ending Balance 166,575
Industrial and Export  
Goodwill [Line Items]  
Beginning Balance 134,086
Ending Balance $ 134,086
v3.4.0.3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill impairment loss $ 0    
Amortization expense on intangible assets 23,836,000 $ 15,328,000  
Total intangible assets, excluding goodwill $ 1,218,853,000   $ 646,655,000
v3.4.0.3
Carrying Amounts of Intangible Assets with Indefinite Lives Other Than Goodwill (Detail) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Indefinite-lived Intangible Assets [Line Items]    
Indefinite lived intangibles $ 26,568 $ 25,229
Trademarks    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite lived intangibles $ 26,568 $ 25,229
v3.4.0.3
Gross Carrying Amounts and Accumulated Amortization of Intangible Assets, with Finite Lives (Detail) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,490,807 $ 893,133
Accumulated Amortization (298,522) (271,707)
Net Carrying Amount 1,192,285 621,426
Customer-related Intangible Assets    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,289,106 769,419
Accumulated Amortization (230,014) (208,962)
Net Carrying Amount 1,059,092 560,457
Contractual agreements    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,974 2,964
Accumulated Amortization (2,857) (2,831)
Net Carrying Amount 117 133
Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 65,361 32,240
Accumulated Amortization (12,194) (11,091)
Net Carrying Amount 53,167 21,149
Formulas/recipes    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 33,775 10,471
Accumulated Amortization (8,857) (7,824)
Net Carrying Amount 24,918 2,647
Computer software    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 99,591 78,039
Accumulated Amortization (44,600) (40,999)
Net Carrying Amount $ 54,991 $ 37,040
v3.4.0.3
Estimated Amortization Expense on Intangible Assets (Detail)
$ in Thousands
Mar. 31, 2016
USD ($)
Finite-Lived Intangible Assets [Line Items]  
2016 $ 109,029
2017 112,748
2018 107,104
2019 105,837
2020 $ 104,156
v3.4.0.3
Accounts Payable and Accrued Expenses (Detail) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Accounts Payable and Accrued Liabilities [Line Items]    
Accounts payable $ 392,822 $ 202,065
Payroll and benefits 54,899 27,467
Interest 12,244 6,241
Taxes 9,330 1,499
Health insurance, workers' compensation, and other insurance costs 17,259 9,331
Marketing expenses 18,900 7,435
Other accrued liabilities 15,557 6,542
Total $ 521,011 $ 260,580
v3.4.0.3
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Income Taxes [Line Items]    
Effective income tax rate 30.00% 30.80%
Decrease in total amount of unrecognized tax benefits within the next 12 months $ 17.5  
Unrecognized tax benefits that would affect effective tax rate $ 0.2  
v3.4.0.3
Long-Term Debt (Detail) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Debt Instrument [Line Items]    
Tax increment financing and other debt $ 6,174 $ 6,002
Total outstanding debt 3,022,299 1,244,502
Deferred financing costs (38,381) (7,868)
Less current portion (41,582) (14,893)
Total long-term debt 2,942,336 1,221,741
Revolving Credit Facility    
Debt Instrument [Line Items]    
Revolving credit facility 335,000 353,000
Term Loan A    
Debt Instrument [Line Items]    
Term Loan 293,625 295,500
Term Loan A-1    
Debt Instrument [Line Items]    
Term Loan 187,500 190,000
Term Loan A 2    
Debt Instrument [Line Items]    
Term Loan 1,025,000  
2022 Notes    
Debt Instrument [Line Items]    
Senior notes 400,000 $ 400,000
2024 Notes    
Debt Instrument [Line Items]    
Senior notes $ 775,000  
v3.4.0.3
Long-Term Debt - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Feb. 01, 2016
Mar. 31, 2016
Debt Instrument [Line Items]    
Fees related to amended and restated credit agreement   $ 20.3
Average interest rate on debt outstanding   2.54%
Term Loan A 2    
Debt Instrument [Line Items]    
Debt instrument, leverage ratio 350.00%  
Term loan maturity date Feb. 01, 2021  
Revolving Credit Facility    
Debt Instrument [Line Items]    
Revolving credit facility maturity date Feb. 01, 2021  
Term Loan A    
Debt Instrument [Line Items]    
Term loan maturity date Feb. 01, 2021  
Term Loan A-1    
Debt Instrument [Line Items]    
Term loan maturity date Feb. 01, 2021  
v3.4.0.3
Long-Term Debt - Additional Information - Revolving Credit Facility (Detail) - USD ($)
 3 Months Ended
Feb. 01, 2016
Mar. 31, 2016
Direct And Indirect Guarantor Subsidiaries    
Debt Instrument [Line Items]    
Ownership percentage of direct and indirect guarantor subsidiary   100.00%
Revolving Credit Facility    
Debt Instrument [Line Items]    
Revolving credit facility available   $ 511,900,000
Revolving credit facility - maximum borrowing capacity $ 900,000,000  
Letters of credit facility issued but undrawn   $ 53,100,000
Revolving credit availability reduced by undrawn letters of credit   There were $53.1 million in letters of credit under the Revolving Credit Facility that were issued but undrawn, which have been included as a reduction to the calculation of available credit.
Minimum payment default amount that triggers a Cross default provision $ 75,000,000  
Revolving Credit Facility | Prior Credit Agreement    
Debt Instrument [Line Items]    
Term loan maturity date May 06, 2019  
Revolving Credit Facility | London Interbank Offered Rate (LIBOR)    
Debt Instrument [Line Items]    
Description of interest rate options The interest rates under the Amended and Restated Credit Agreement are based on the Company's consolidated leverage ratio  
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate 1.25%  
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate 3.00%  
Revolving Credit Facility | Base Rate Margin    
Debt Instrument [Line Items]    
Description of interest rate options The interest rates under the Credit Agreement are based on the Company's consolidated leverage ratio  
Revolving Credit Facility | Base Rate Margin | Minimum    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate 0.25%  
Revolving Credit Facility | Base Rate Margin | Maximum    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate 2.00%  
v3.4.0.3
Long-Term Debt - Additional Information - Term Loan A (Detail) - Term Loan A - USD ($)
$ in Thousands
Feb. 01, 2016
May. 06, 2014
Mar. 31, 2016
Dec. 31, 2015
Debt Instrument [Line Items]        
Term loan maturity date Feb. 01, 2021      
Term loan - issuance amount   $ 300,000    
Frequency of payments   Quarterly    
Term loans     $ 293,625 $ 295,500
Prior Credit Agreement        
Debt Instrument [Line Items]        
Term loan maturity date   May 06, 2021    
London Interbank Offered Rate (LIBOR)        
Debt Instrument [Line Items]        
Description of interest rate options   The interest rates applicable to Term Loan A are based on the Company's consolidated leverage ratio    
London Interbank Offered Rate (LIBOR) | Minimum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate   1.25%    
London Interbank Offered Rate (LIBOR) | Maximum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate   3.00%    
Base Rate Margin        
Debt Instrument [Line Items]        
Description of interest rate options   The interest rates applicable to Term Loan A are based on the Company's consolidated leverage ratio    
Base Rate Margin | Minimum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate   0.25%    
Base Rate Margin | Maximum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate   2.00%    
v3.4.0.3
Long-Term Debt - Additional Information - Term Loan A-1 (Detail) - Term Loan A-1 - USD ($)
$ in Thousands
Feb. 01, 2016
Jul. 29, 2014
Mar. 31, 2016
Dec. 31, 2015
Debt Instrument [Line Items]        
Term loan maturity date Feb. 01, 2021      
Term loan - issuance amount   $ 200,000    
Term loans     $ 187,500 $ 190,000
Payment frequency   Quarterly    
London Interbank Offered Rate (LIBOR)        
Debt Instrument [Line Items]        
Description of interest rate options   The interest rates applicable to Term Loan A-1 are based on the Company's consolidated leverage ratio    
London Interbank Offered Rate (LIBOR) | Minimum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate   1.25%    
London Interbank Offered Rate (LIBOR) | Maximum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate   3.00%    
Base Rate Margin        
Debt Instrument [Line Items]        
Description of interest rate options   The interest rates applicable to Term Loan A-1 are based on the Company's consolidated leverage ratio    
Base Rate Margin | Minimum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate   0.25%    
Base Rate Margin | Maximum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate   2.00%    
Prior Credit Agreement        
Debt Instrument [Line Items]        
Term loan maturity date   May 06, 2019    
v3.4.0.3
Long-Term Debt - Additional Information - Term Loan A-2 (Detail) - Term Loan A 2 - USD ($)
$ in Thousands
Feb. 01, 2016
Mar. 31, 2016
Debt Instrument [Line Items]    
Term loan maturity date Feb. 01, 2021  
Term loan - issuance amount $ 1,025,000  
Term loans   $ 1,025,000
Payment frequency Quarterly  
Payment start date Jun. 30, 2016  
London Interbank Offered Rate (LIBOR)    
Debt Instrument [Line Items]    
Description of interest rate options The interest rates applicable to Term Loan A-2 are based on the Company's consolidated leverage ratio  
London Interbank Offered Rate (LIBOR) | Minimum    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate 1.25%  
London Interbank Offered Rate (LIBOR) | Maximum    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate 3.00%  
Base Rate Margin    
Debt Instrument [Line Items]    
Description of interest rate options The interest rates applicable to Term Loan A-2 are based on the Company's consolidated leverage ratio  
Base Rate Margin | Minimum    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate 0.25%  
Base Rate Margin | Maximum    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate 2.00%  
v3.4.0.3
Long-Term Debt - Additional Information - 2022 Notes (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 11, 2014
Mar. 31, 2016
Mar. 31, 2014
2022 Notes      
Debt Instrument [Line Items]      
Gross proceeds from issuance of debt $ 400    
Underwriting discount 6    
Net proceeds from issuance of debt $ 394    
Stated debt interest rate 4.875%    
Effective interest rate on senior notes 4.99%    
Term loan maturity date Mar. 15, 2022    
Redemption prices, plus accrued and unpaid interest, Percentage   101.00%  
Senior notes, early redemption description   In the event of a change in control of the Company, the Company will be required to make an offer to purchase the 2022 Notes at a purchase price equal to 101% of the principal amount of the 2022 Notes, plus accrued and unpaid interest up to the purchase date.  
2018 Notes      
Debt Instrument [Line Items]      
Stated debt interest rate 7.75%   7.75%
Term loan maturity date     Mar. 01, 2018
Debt Instrument, Redemption, Period One | 2022 Notes      
Debt Instrument [Line Items]      
Redemption prices, plus accrued and unpaid interest, Percentage   100.00%  
Senior notes, early redemption end date   Mar. 14, 2017  
Senior notes, early redemption description   The Company may redeem some or all of the 2022 Notes at any time prior to March 15, 2017 at a price equal to 100% of the principal amount of the 2022 Notes redeemed, plus an applicable "make-whole" premium.  
Debt Instrument, Redemption, Period Two | 2022 Notes      
Debt Instrument [Line Items]      
Redemption prices, plus accrued and unpaid interest, Percentage   104.875%  
Senior notes, early redemption end date   Mar. 15, 2017  
Senior notes, early redemption description   In addition, at any time prior to March 15, 2017, the Company may redeem up to 35% of the 2022 Notes at a redemption price of 104.875% of the principal amount of the 2022 Notes redeemed with the net cash proceeds of certain equity offerings.  
Senior notes, redemption rate of principal amount   35.00%  
Debt Instrument, Redemption, Period Three | 2022 Notes      
Debt Instrument [Line Items]      
Senior notes, early redemption description   On or after March 15, 2017, the Company may redeem some or all of the 2022 Notes at redemption prices set forth in the Indenture.  
Senior notes, early redemption start date   Mar. 15, 2017  
v3.4.0.3
Long-Term Debt - Additional Information - 2024 Notes (Detail) - USD ($)
$ in Millions
 3 Months Ended
Jan. 29, 2016
Mar. 31, 2016
2024 Notes    
Debt Instrument [Line Items]    
Aggregate principal amount $ 775.0  
Stated debt interest rate 6.00%  
Term loan maturity date Feb. 15, 2024  
Net proceeds from the issuance of the 2024 Notes $ 760.7  
Effective interest rate on senior notes 6.23%  
Interest payment dates of 2024 Notes February 15 and August 15 of each year, beginning August 15, 2016  
Senior notes, redemption rate of principal amount   101.00%
2024 Notes | Debt Instrument, Redemption, Period One    
Debt Instrument [Line Items]    
Senior notes, early redemption description   The Company may redeem some or all of the 2024 Notes at any time on or after February 15, 2019 at the applicable redemption prices described in the Indenture plus accrued and unpaid interest, if any, up to but not including the redemption date
Senior notes, early redemption start date   Feb. 15, 2019
2024 Notes | Debt Instrument, Redemption, Period Two    
Debt Instrument [Line Items]    
Senior notes, early redemption description   In addition, prior to February 15, 2019, the Company may redeem all or a portion of the 2024 Notes at a price equal to 100% of the principal amount plus the "make-whole" premium set forth in the Indenture plus accrued and unpaid interest, if any, up to but not including the redemption date.
Senior notes, redemption rate of principal amount   100.00%
Senior notes, early redemption end date   Feb. 15, 2019
2024 Notes | Debt Instrument, Redemption, Period Three    
Debt Instrument [Line Items]    
Senior notes, early redemption description   The Company may also redeem up to 40% of the 2024 Notes prior to February 15, 2019 with the net cash proceeds received from certain equity offerings at the redemption price set forth in the Indenture.
Senior notes, redemption rate of principal amount   40.00%
Senior notes, early redemption end date   Feb. 15, 2019
2022 Notes and 2024 Notes    
Debt Instrument [Line Items]    
Indenture accreted amount due and payable percentage   25.00%
v3.4.0.3
Long-Term Debt - Additional Information - Tax Increment Financing (Detail) - Tax Increment Financing - USD ($)
$ in Millions
 3 Months Ended
Dec. 15, 2001
Mar. 31, 2016
Debt Instrument [Line Items]    
Tax Increment Financing - issuance amount $ 4.0  
Maturity Date   May 01, 2019
Tax increment financing   $ 1.3
Stated debt interest rate   7.16%
Discussion on use of funds On December 15, 2001, the Urban Redevelopment Authority of Pittsburgh ("URA") issued $4.0 million of redevelopment bonds, pursuant to a "Tax Increment Financing Plan" to assist with certain aspects of the development and construction of the Company's Pittsburgh, Pennsylvania facilities. The agreement was transferred to the Company as part of the acquisition of the soup and infant feeding business.  
v3.4.0.3
Stockholders' Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Feb. 01, 2016
Jan. 26, 2016
Mar. 31, 2016
Dec. 31, 2015
Stockholders Equity Note [Line Items]        
Common stock, shares authorized     90,000,000 90,000,000
Common stock, par value     $ 0.01 $ 0.01
Proceeds from issuance of stock     $ 835,128  
Net proceeds recorded in additional paid-in capital     $ 2,050,334 $ 1,207,167
Common stock, shares issued     56,433,000 43,126,000
Common stock, shares outstanding     56,433,000 43,126,000
Preferred stock, shares authorized     10,000,000 10,000,000
Preferred stock, par value     $ 0.01 $ 0.01
Private brands business of ConAgra Foods        
Stockholders Equity Note [Line Items]        
Shares issuable, in relation to the acquisition, shares   13,269,230    
Shares issuable, in relation to the acquisition, price per share   $ 65.00    
Shares issuable, in relation to the acquisition, value   $ 862,500    
Proceeds from issuance of stock $ 835,100 835,100    
Net proceeds recorded in additional paid-in capital   835,000    
Net proceeds recorded in common stock at par value   $ 100    
v3.4.0.3
Summary of Effect of Share-Based Compensation Awards on Weighted Average Number of Shares Outstanding Used in Calculating Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Schedule of Weighted Average Number of Diluted Shares Outstanding [Line Items]    
Net (loss) income $ (3,346) $ 17,852
Weighted average common shares outstanding 52,708 42,873
Assumed exercise/vesting of equity awards [1]   766
Weighted average diluted common shares outstanding 52,708 43,639
Net (loss) earnings per basic share $ (0.06) $ 0.42
Net (loss) earnings per diluted share $ (0.06) $ 0.41
[1] Incremental shares from equity awards are computed using the treasury stock method. For the three months ended March 31, 2016, weighted average common shares outstanding is the same for the computations of basic and diluted earnings per share because the Company had a net loss for the period. Equity awards, excluded from our computation of diluted earnings per share because they were anti-dilutive, were 0.8 million and 0.4 million for the three months ended March 31, 2016 and 2015, respectively.
v3.4.0.3
Summary of Effect of Share-Based Compensation Awards on Weighted Average Number of Shares Outstanding Used in Calculating Diluted Earnings Per Share (Parenthetical) (Detail) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Schedule of Weighted Average Number of Diluted Shares Outstanding [Line Items]    
Equity awards, excluded from computation of diluted earnings 0.8 0.4
v3.4.0.3
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation expense $ 6,177 $ 5,949
Tax benefit recognized related to the compensation cost of share-based awards $ 2,200 $ 2,100
Employee Stock Option    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share based compensation arrangement, award vesting period 3 years  
Share based compensation arrangement, award expiration period 10 years  
Compensation costs, unrecognized $ 9,600  
Compensation costs, recognition weighted average remaining period (in years) 1 year 10 months 24 days  
Weighted average expected volatility 25.21%  
Weighted average risk-free interest rate 1.51%  
Expected term 6 years  
Expected dividends 0.00%  
Weighted average grant date fair $ 22.41  
Employee Stock Option | Year One    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share based compensation arrangement, award vesting percentage 33.33%  
Employee Stock Option | Year Two    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share based compensation arrangement, award vesting percentage 33.33%  
Employee Stock Option | Year Three    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share based compensation arrangement, award vesting percentage 33.33%  
Employee Restricted Stock Units | Year One    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share based compensation arrangement, award vesting percentage 33.33%  
Employee Restricted Stock Units | Year Two    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share based compensation arrangement, award vesting percentage 33.33%  
Employee Restricted Stock Units | Year Three    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share based compensation arrangement, award vesting percentage 33.33%  
Director Restricted Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of restricted stock units, earned and deferred 95,000  
Employee Restricted Stock Units and Director Restricted Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Compensation costs, unrecognized $ 23,700  
Compensation costs, recognition weighted average remaining period (in years) 2 years 1 month 6 days  
Performance Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share based compensation arrangement, award vesting period 3 years  
Compensation costs, unrecognized $ 6,500  
Compensation costs, recognition weighted average remaining period (in years) 1 year 8 months 12 days  
Performance Units | Each of the three performance periods | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Predefined percentage for calculation of performance unit awards 0.00%  
Performance Units | Each of the three performance periods | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Predefined percentage for calculation of performance unit awards 200.00%  
Performance Units | Cumulative performance period | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Predefined percentage for calculation of performance unit awards 0.00%  
Performance Units | Cumulative performance period | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Predefined percentage for calculation of performance unit awards 200.00%  
TreeHouse Foods, Inc. Equity and Incentive Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Maximum number of shares available to be awarded 12,300,000  
Shares available 3,000,000  
v3.4.0.3
Summary of Stock Option Activity (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2016
Dec. 31, 2015
Employee And Director Stock Option    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Outstanding, Beginning Balance $ 57.18  
Granted 80.69  
Forfeited 75.78  
Exercised 50.39  
Outstanding, Ending Balance 57.58 $ 57.18
Vested/expect to vest, at December 31, 2015 57.08  
Exercisable, at December 31, 2015 $ 46.74  
Outstanding, Ending Balance 6 years 6 years 2 months 12 days
Vested/expected to vest, at March 31, 2016 5 years 10 months 24 days  
Exercisable, at March 31, 2016 4 years 4 months 24 days  
Outstanding, Beginning Balance $ 41,793  
Outstanding, Ending Balance 55,998 $ 41,793
Vested/expected to vest, at March 31, 2016 55,573  
Exercisable, at March 31, 2016 $ 48,779  
Employee Stock Option    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Outstanding, Beginning Balance 1,918  
Granted 35  
Forfeited (17)  
Exercised (37)  
Outstanding, Ending Balance 1,899 1,918
Vested/expected to vest, at March 31, 2016 1,853  
Exercisable, at March 31, 2016 1,199  
Director Options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Outstanding, Beginning Balance 20  
Outstanding, Ending Balance 20 20
Vested/expected to vest, at March 31, 2016 20  
Exercisable, at March 31, 2016 20  
v3.4.0.3
Summary of Employee and Director Stock Option Highlights (Detail) - Employee And Director Stock Option - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Compensation expense $ 1.6 $ 1.4
Intrinsic value of stock options exercised 1.3 11.0
Tax benefit recognized from stock option exercises $ 0.4 $ 4.2
v3.4.0.3
Summary of Restricted Stock and Restricted Stock Unit Activity (Detail)
shares in Thousands
 3 Months Ended
Mar. 31, 2016
$ / shares
shares
Employee Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Beginning Balance | shares 312
Granted | shares 151
Vested | shares (2)
Forfeited | shares (7)
Ending Balance | shares 454
Beginning Balance | $ / shares $ 76.36
Granted | $ / shares 81.82
Vested | $ / shares 75.57
Forfeited | $ / shares 77.24
Ending Balance | $ / shares $ 78.17
Director Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Beginning Balance | shares 111
Ending Balance | shares 111
Beginning Balance | $ / shares $ 52.60
Ending Balance | $ / shares $ 52.60
v3.4.0.3
Summary of Employee and Director Restricted Stock and Restricted Stock Highlights (Detail) - Employee Restricted Stock Units and Director Restricted Stock Units - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Compensation expense $ 3.5 $ 2.7
Fair value of vested restricted stock units 0.2 0.7
Tax benefit recognized from vested restricted stock units $ 0.1 $ 0.1
v3.4.0.3
Summary of Performance Unit Activity (Detail) - Performance Units
 3 Months Ended
Mar. 31, 2016
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Beginning Balance | shares 271,000
Granted | shares 0
Vested | shares 0
Forfeited | shares (5,000)
Ending Balance | shares 266,000
Beginning Balance | $ / shares $ 74.13
Granted | $ / shares 0
Vested | $ / shares 0
Forfeited | $ / shares 73.88
Ending Balance | $ / shares $ 74.13
v3.4.0.3
Summary of Performance Unit Highlights (Detail) - Performance Units - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Compensation expense $ 1.1 $ 1.8
Fair value of vested performance units 0.0 0.0
Tax benefit recognized from performance units vested $ 0.0 $ 0.0
v3.4.0.3
Components of Accumulated Other Comprehensive Loss Net of Tax Except for Foreign Currency Translation Adjustment (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning Balance $ (113,468) $ (64,331)
Other comprehensive income 24,266 (26,537)
Reclassifications from accumulated other comprehensive loss 258 256
Other comprehensive (loss) income 24,524 (26,281)
Ending Balance (88,944) (90,612)
Foreign Currency Translation    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning Balance [1] (100,512) (51,326)
Other comprehensive income [1] 24,266 (26,537)
Other comprehensive (loss) income [1] 24,266 (26,537)
Ending Balance [1] (76,246) (77,863)
Unrecognized Pension and Postretirement Benefits    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning Balance [2] (12,956) (13,005)
Reclassifications from accumulated other comprehensive loss [2] 258 256
Other comprehensive (loss) income [2] 258 256
Ending Balance [2] $ (12,698) $ (12,749)
[1] The foreign currency translation adjustment is not net of tax, as it pertains to the Company's permanent investment in its Canadian and Italian subsidiaries.
[2] The unrecognized pension and postretirement benefits reclassification is presented net of tax of $159 thousand and $158 thousand for the three months ended March 31, 2016 and 2015, respectively. The reclassification is included in the computation of net periodic pension cost, which is recorded in the Cost of sales and General and administrative lines of the Condensed Consolidated Statements of Operations.
v3.4.0.3
Components of Accumulated Other Comprehensive Loss Net of Tax Except for Foreign Currency Translation Adjustment (Parenthetical) (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Pension and post-retirement reclassification adjustment, tax $ 159 $ 158
v3.4.0.3
Reclassifications from Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
(Loss) income before income taxes $ (4,780) $ 25,801
Income taxes (1,434) 7,949
Net (loss) income (3,346) 17,852
Reclassification out of Accumulated Other Comprehensive Income | Unrecognized Pension and Postretirement Benefits    
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]    
Prior service costs [1] 35 36
Unrecognized net loss [1] 382 378
(Loss) income before income taxes 417 414
Income taxes 159 158
Net (loss) income $ 258 $ 256
[1] These accumulated other comprehensive loss components are included in the computation of net periodic pension cost, and are recorded in the Cost of sales and General and administrative lines of the Condensed Consolidated Statements of Operations.
v3.4.0.3
Employee Retirement and Postretirement Benefits - Additional Information (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2016
USD ($)
Feb. 01, 2016
USD ($)
plan
Private brands business of ConAgra Foods    
Defined Benefit Plan Disclosure [Line Items]    
Number of pension plans acquired | plan   3
Number of postretirement benefit plan acquired | plan   1
Net unfunded liability associated with pension and postretirement benefit plans   $ (76.1)
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Expected contribution for benefit plans in the current fiscal year $ 2.4  
Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Expected contribution for benefit plans in the current fiscal year $ 0.2  
v3.4.0.3
Components of Net Periodic Costs (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Pension Benefits    
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]    
Service cost $ 1,049 $ 621
Interest cost 2,980 713
Expected return on plan assets (3,226) (765)
Amortization of unrecognized prior service cost 53 52
Amortization of unrecognized net loss 383 365
Net periodic pension cost 1,239 986
Postretirement Benefits    
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]    
Service cost 16 5
Interest cost 243 37
Amortization of unrecognized prior service cost (18) (16)
Amortization of unrecognized net loss (1) 13
Net periodic pension cost $ 240 $ 39
v3.4.0.3
Other Operating Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Other Operating Income Expense Net [Line Items]    
Restructuring $ 1,636 $ 215
Other 58  
Total other operating expense, net $ 1,694 $ 215
v3.4.0.3
Supplemental Cash Flow Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Schedule of Cash Flow, Supplemental [Line Items]    
Interest paid $ 17,943 $ 15,913
Income taxes paid 14,638 496
Accrued purchase of property and equipment 13,942 4,619
Accrued other intangible assets $ 1,894 $ 2,077
v3.4.0.3
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Schedule of Cash Flow, Supplemental [Line Items]    
Restricted stock, restricted stock units and performance units, vesting shares $ 0.2 $ 0.7
v3.4.0.3
Derivative Instruments - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2016
USD ($)
DTH
gal
MW
lb
bu
Foreign Currency Contract  
Derivative [Line Items]  
Derivative notional amount | $ $ 63,100,000
Derivative, expiration period Expiring throughout 2016
Electricity Contract  
Derivative [Line Items]  
Derivative, expiration period Throughout 2016
Notional amount outstanding | MW 44,270
Diesel Contract  
Derivative [Line Items]  
Derivative, expiration period Throughout 2016
Notional amount outstanding | gal 3,700,000
Natural Gas Contract  
Derivative [Line Items]  
Derivative, expiration period Throughout 2016
Notional amount outstanding | DTH 1,700,000
Coffee Contract  
Derivative [Line Items]  
Derivative, expiration period Throughout 2016
Notional amount outstanding | lb 1,000,000
Cucumber Contract  
Derivative [Line Items]  
Derivative, expiration period Throughout 2016
Notional amount outstanding | bu 600,000
Flour Contract  
Derivative [Line Items]  
Derivative, expiration period Throughout 2016
Notional amount outstanding | bu 1,400,000
Plastics Contracts  
Derivative [Line Items]  
Derivative, expiration period Throughout 2016
Notional amount outstanding | lb 16,200,000
v3.4.0.3
Derivative, Fair Value, and Location on Condensed Consolidated Balance Sheets (Detail) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Derivatives, Fair Value [Line Items]    
Asset derivative, fair value $ 142 $ 1,356
Liability derivative, fair value 7,267 3,778
Commodity contracts | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Asset derivative, fair value 142  
Commodity contracts | Accounts payable and accrued expenses    
Derivatives, Fair Value [Line Items]    
Liability derivative, fair value 3,498 3,778
Foreign Currency Contract | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Asset derivative, fair value   $ 1,356
Foreign Currency Contract | Accounts payable and accrued expenses    
Derivatives, Fair Value [Line Items]    
Liability derivative, fair value $ 3,769  
v3.4.0.3
Gains and Losses on Derivative Contracts (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]    
Mark to market unrealized (loss) gain, commodity $ (4,703) $ 417
Realized (loss) gain (186) (844)
Total (loss) (4,889) (427)
Commodity contracts | Other (expense) income, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Mark to market unrealized (loss) gain, commodity 422 (57)
Commodity contracts | Selling and distribution    
Derivative Instruments, Gain (Loss) [Line Items]    
Realized (loss) gain (986) (844)
Foreign Currency Contract | Other (expense) income, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Mark to market unrealized gain (loss), foreign currency (5,125) $ 474
Foreign Currency Contract | Cost of Sales    
Derivative Instruments, Gain (Loss) [Line Items]    
Realized (loss) gain $ 800  
v3.4.0.3
Carrying Value and Fair Value of Financial Instruments (Detail) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative liability $ (7,267) $ (3,778)
Carrying Value | Fair Value, Inputs, Level 2 | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Revolving Credit Facility (335,000) (353,000)
Carrying Value | Fair Value, Inputs, Level 2 | Term Loan A    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Term Loan (293,625) (295,500)
Carrying Value | Fair Value, Inputs, Level 2 | Term Loan A-1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Term Loan (187,500) (190,000)
Carrying Value | Fair Value, Inputs, Level 2 | Term Loan A 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Term Loan (1,025,000)  
Carrying Value | Fair Value, Inputs, Level 2 | 2022 Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Notes (400,000) (400,000)
Carrying Value | Fair Value, Inputs, Level 2 | Senior Notes Due Two Thousand Twenty Four [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Notes (775,000)  
Carrying Value | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investments 9,229 8,388
Carrying Value | Fair Value, Measurements, Recurring | Commodity contracts | Fair Value, Inputs, Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative liability (3,356) (3,778)
Carrying Value | Fair Value, Measurements, Recurring | Foreign Currency Contract | Fair Value, Inputs, Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets (liability) (3,769) 1,356
Fair Value | Fair Value, Inputs, Level 2 | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Revolving Credit Facility (328,277) (352,932)
Fair Value | Fair Value, Inputs, Level 2 | Term Loan A    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Term Loan (294,230) (294,327)
Fair Value | Fair Value, Inputs, Level 2 | Term Loan A-1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Term Loan (187,807) (190,200)
Fair Value | Fair Value, Inputs, Level 2 | Term Loan A 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Term Loan (1,026,966)  
Fair Value | Fair Value, Inputs, Level 2 | 2022 Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Notes (412,000) (383,000)
Fair Value | Fair Value, Inputs, Level 2 | Senior Notes Due Two Thousand Twenty Four [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Notes (817,625)  
Fair Value | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investments 9,229 8,388
Fair Value | Fair Value, Measurements, Recurring | Commodity contracts | Fair Value, Inputs, Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative liability (3,356) (3,778)
Fair Value | Fair Value, Measurements, Recurring | Foreign Currency Contract | Fair Value, Inputs, Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative assets (liability) $ (3,769) $ 1,356
v3.4.0.3
Financial Information Relating to Reportable Segments (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Segment Reporting Information [Line Items]    
Net sales $ 1,270,173 $ 783,145
Direct operating income 164,960 110,879
selling and distribution expenses (85,472) (45,798)
Costs of sales (1,045,610) (630,708)
Operating (loss) income 18,927 46,696
Other expense (23,707) (20,895)
(Loss) income before income taxes (4,780) 25,801
North American Retail Grocery    
Segment Reporting Information [Line Items]    
Net sales 1,019,310 592,413
Direct operating income 127,955 77,317
Food Away From Home    
Segment Reporting Information [Line Items]    
Net sales 112,597 88,277
Direct operating income 15,915 12,026
Industrial and Export    
Segment Reporting Information [Line Items]    
Net sales 138,266 102,455
Direct operating income 21,090 21,536
Unallocated Amount to Segment    
Segment Reporting Information [Line Items]    
selling and distribution expenses (13,229) (3,159)
Costs of sales [1] (12,640) (1,081)
Corporate expense $ (120,164) $ (59,943)
[1] Includes charges related to restructurings and other costs managed at corporate.
v3.4.0.3
Segment and Geographic Information and Major Customers - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Walmart Stores, Inc. and affiliates | Sales Revenue, Net | Customer Concentration Risk    
Segment Reporting Information [Line Items]    
Concentration risk, percentage 18.80% 21.10%
Outside of the United States | Sales Revenue, Net | Customer Concentration Risk    
Segment Reporting Information [Line Items]    
Concentration risk, percentage 8.70% 11.00%
Outside of the United States | Property, Plant and Equipment | Geographic Concentration Risk    
Segment Reporting Information [Line Items]    
Concentration risk, percentage 10.80% 8.70%
Canada | Sales Revenue, Net | Geographic Concentration Risk    
Segment Reporting Information [Line Items]    
Concentration risk, percentage 7.30% 10.00%
v3.4.0.3
Net Sale by Major Products (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Segment Reporting Information [Line Items]    
Net sales $ 1,270,173 $ 783,145
Snack Nuts    
Segment Reporting Information [Line Items]    
Net sales 259,997 146,499
Retail Bakery    
Segment Reporting Information [Line Items]    
Net sales 112,803  
Cereals    
Segment Reporting Information [Line Items]    
Net sales 111,972 43,040
Beverages    
Segment Reporting Information [Line Items]    
Net sales 107,593 111,000
Cookies and Crackers    
Segment Reporting Information [Line Items]    
Net sales 103,899  
Pasta and Dry Dinners    
Segment Reporting Information [Line Items]    
Net sales 101,911 33,411
Salad Dressings    
Segment Reporting Information [Line Items]    
Net sales 93,675 84,166
Soup and infant feeding    
Segment Reporting Information [Line Items]    
Net sales 84,850 98,808
Beverage Enhancers    
Segment Reporting Information [Line Items]    
Net sales 82,039 86,113
Sauces    
Segment Reporting Information [Line Items]    
Net sales 76,656 58,431
Pickles    
Segment Reporting Information [Line Items]    
Net sales 74,330 71,062
Aseptic products    
Segment Reporting Information [Line Items]    
Net sales 26,832 24,878
Jams    
Segment Reporting Information [Line Items]    
Net sales 20,956 11,949
Other products    
Segment Reporting Information [Line Items]    
Net sales $ 12,660 $ 13,788
v3.4.0.3
Condensed Supplemental Consolidating Balance Sheet (Detail) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Mar. 31, 2015
Dec. 31, 2014
Current assets:        
Cash and cash equivalents $ 61,089 $ 34,919 $ 54,651 $ 51,981
Investments 9,229 8,388    
Accounts receivable, net 359,744 203,198    
Inventories, net 978,508 584,115    
Assets held for sale 2,674      
Prepaid expenses and other current assets 50,385 16,583    
Total current assets 1,461,629 847,203    
Property, plant, and equipment, net 1,345,786 541,528    
Goodwill 2,782,338 1,649,794    
Intangible and other assets, net 1,274,494 664,271    
Total assets 6,864,247 3,702,796    
Current liabilities:        
Accounts payable and accrued expenses 521,011 260,580    
Current portion of long-term debt 41,582 14,893    
Total current liabilities 562,593 275,473    
Long-term debt 2,942,336 1,221,741    
Deferred income taxes 411,071 279,108    
Other long-term liabilities 228,910 71,615    
Stockholders' equity 2,719,337 1,854,859    
Total liabilities and stockholders' equity 6,864,247 3,702,796    
Eliminations        
Current assets:        
Prepaid expenses and other current assets   (16,618)    
Total current assets   (16,618)    
Investment in subsidiaries (5,659,411) (2,750,381)    
Deferred income taxes (19,128) (18,092)    
Total assets (5,678,539) (2,785,091)    
Current liabilities:        
Accounts payable and accrued expenses   (16,618)    
Total current liabilities   (16,618)    
Deferred income taxes (19,128) (18,092)    
Stockholders' equity (5,659,411) (2,750,381)    
Total liabilities and stockholders' equity (5,678,539) (2,785,091)    
Parent Company        
Current assets:        
Cash and cash equivalents   10,384 13,034 18,706
Accounts receivable, net 702 17    
Prepaid expenses and other current assets 17,861 17,625    
Total current assets 18,563 28,026    
Property, plant, and equipment, net 25,888 26,294    
Investment in subsidiaries 5,165,285 2,411,532    
Intercompany accounts receivable (payable), net 452,639 582,267    
Deferred income taxes 19,128 18,092    
Intangible and other assets, net 48,502 46,041    
Total assets 5,730,005 3,112,252    
Current liabilities:        
Accounts payable and accrued expenses 22,774 16,526    
Current portion of long-term debt 38,271 11,621    
Total current liabilities 61,045 28,147    
Long-term debt 2,939,473 1,219,011    
Other long-term liabilities 10,150 10,235    
Stockholders' equity 2,719,337 1,854,859    
Total liabilities and stockholders' equity 5,730,005 3,112,252    
Guarantor Subsidiaries        
Current assets:        
Cash and cash equivalents 1,485 91 373 1,690
Accounts receivable, net 314,416 182,524    
Inventories, net 873,967 510,255    
Assets held for sale 2,674      
Prepaid expenses and other current assets 10,874 6,608    
Total current assets 1,203,416 699,478    
Property, plant, and equipment, net 1,171,210 470,639    
Goodwill 2,649,928 1,526,004    
Investment in subsidiaries 494,126 338,849    
Intercompany accounts receivable (payable), net (417,467) (553,408)    
Intangible and other assets, net 1,090,651 504,127    
Total assets 6,191,864 2,985,689    
Current liabilities:        
Accounts payable and accrued expenses 443,379 239,316    
Current portion of long-term debt 3,156 3,116    
Total current liabilities 446,535 242,432    
Long-term debt 2,548 2,398    
Deferred income taxes 380,811 272,910    
Other long-term liabilities 196,685 56,417    
Stockholders' equity 5,165,285 2,411,532    
Total liabilities and stockholders' equity 6,191,864 2,985,689    
Non-Guarantor Subsidiaries        
Current assets:        
Cash and cash equivalents 59,604 24,444 $ 41,244 $ 31,585
Investments 9,229 8,388    
Accounts receivable, net 44,626 20,657    
Inventories, net 104,541 73,860    
Prepaid expenses and other current assets 21,650 8,968    
Total current assets 239,650 136,317    
Property, plant, and equipment, net 148,688 44,595    
Goodwill 132,410 123,790    
Intercompany accounts receivable (payable), net (35,172) (28,859)    
Intangible and other assets, net 135,341 114,103    
Total assets 620,917 389,946    
Current liabilities:        
Accounts payable and accrued expenses 54,858 21,356    
Current portion of long-term debt 155 156    
Total current liabilities 55,013 21,512    
Long-term debt 315 332    
Deferred income taxes 49,388 24,290    
Other long-term liabilities 22,075 4,963    
Stockholders' equity 494,126 338,849    
Total liabilities and stockholders' equity $ 620,917 $ 389,946    
v3.4.0.3
Condensed Supplemental Consolidating Statement of Operations (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Condensed Financial Statements, Captions [Line Items]    
Net sales $ 1,270,173 $ 783,145
Cost of sales 1,045,610 630,708
Gross profit 224,563 152,437
Selling, general and administrative expense 180,106 90,198
Amortization 23,836 15,328
Other operating expense, net 1,694 215
Operating (loss) income 18,927 46,696
Interest expense 25,668 11,692
Interest income (2,819) (1,769)
Other (income) expense, net 858 10,972
(Loss) income before income taxes (4,780) 25,801
Income taxes (benefit) (1,434) 7,949
Net (loss) income (3,346) 17,852
Eliminations    
Condensed Financial Statements, Captions [Line Items]    
Net sales (68,381) (66,182)
Cost of sales (68,381) (66,182)
Interest expense (1,148) (1,445)
Interest income 1,148 1,445
Equity in net income (loss) of subsidiaries (44,992) (36,267)
Net (loss) income (44,992) (36,267)
Parent Company    
Condensed Financial Statements, Captions [Line Items]    
Selling, general and administrative expense 53,716 17,765
Amortization 2,203 1,827
Operating (loss) income (55,919) (19,592)
Interest expense 25,353 11,530
Interest income (2,227) (1,430)
Other (income) expense, net 1 (4)
(Loss) income before income taxes (79,046) (29,688)
Income taxes (benefit) (30,030) (11,336)
Equity in net income (loss) of subsidiaries 45,670 36,204
Net (loss) income (3,346) 17,852
Guarantor Subsidiaries    
Condensed Financial Statements, Captions [Line Items]    
Net sales 1,204,790 735,766
Cost of sales 997,120 599,190
Gross profit 207,670 136,576
Selling, general and administrative expense 116,414 61,161
Amortization 19,388 10,878
Other operating expense, net 1,332 215
Operating (loss) income 70,536 64,322
Interest expense (53) 162
Interest income (1,336) (1,445)
Other (income) expense, net (4,665) 9,078
(Loss) income before income taxes 76,590 56,527
Income taxes (benefit) 30,242 20,386
Equity in net income (loss) of subsidiaries (678) 63
Net (loss) income 45,670 36,204
Non-Guarantor Subsidiaries    
Condensed Financial Statements, Captions [Line Items]    
Net sales 133,764 113,561
Cost of sales 116,871 97,700
Gross profit 16,893 15,861
Selling, general and administrative expense 9,976 11,272
Amortization 2,245 2,623
Other operating expense, net 362  
Operating (loss) income 4,310 1,966
Interest expense 1,516 1,445
Interest income (404) (339)
Other (income) expense, net 5,522 1,898
(Loss) income before income taxes (2,324) (1,038)
Income taxes (benefit) (1,646) (1,101)
Net (loss) income $ (678) $ 63
v3.4.0.3
Condensed Supplemental Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Condensed Financial Statements, Captions [Line Items]    
Net (loss) income $ (3,346) $ 17,852
Other comprehensive (loss) income:    
Foreign currency translation adjustments 24,266 (26,537)
Pension and postretirement reclassification adjustment, net of tax [1] 258 256
Other comprehensive income (loss) 24,524 (26,281)
Comprehensive (loss) income 21,178 (8,429)
Eliminations    
Condensed Financial Statements, Captions [Line Items]    
Net (loss) income (44,992) (36,267)
Other comprehensive (loss) income:    
Equity in other comprehensive (loss) of subsidiaries (48,790) 52,818
Comprehensive (loss) income (93,782) 16,551
Parent Company    
Condensed Financial Statements, Captions [Line Items]    
Net (loss) income (3,346) 17,852
Other comprehensive (loss) income:    
Equity in other comprehensive (loss) of subsidiaries 24,524 (26,281)
Comprehensive (loss) income 21,178 (8,429)
Guarantor Subsidiaries    
Condensed Financial Statements, Captions [Line Items]    
Net (loss) income 45,670 36,204
Other comprehensive (loss) income:    
Pension and postretirement reclassification adjustment, net of tax 258 256
Other comprehensive income (loss) 258 256
Equity in other comprehensive (loss) of subsidiaries 24,266 (26,537)
Comprehensive (loss) income 70,194 9,923
Non-Guarantor Subsidiaries    
Condensed Financial Statements, Captions [Line Items]    
Net (loss) income (678) 63
Other comprehensive (loss) income:    
Foreign currency translation adjustments 24,266 (26,537)
Other comprehensive income (loss) 24,266 (26,537)
Comprehensive (loss) income $ 23,588 $ (26,474)
[1] Net of tax of $159 and $158 for the three months ended March 31, 2016 and 2015, respectively.
v3.4.0.3
Condensed Supplemental Consolidating Statement of Cash Flows (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net cash (used in) provided by operating activities $ 110,720 $ 81,602
Cash flows from investing activities:    
Additions to property, plant, and equipment (24,898) (21,235)
Additions to intangible assets (1,995) (3,841)
Acquisitions, less cash acquired (2,640,201)  
Proceeds from sale of fixed assets 59 121
Purchase of investments (262) (103)
Other (11)  
Net cash (used in) provided by investing activities (2,667,308) (25,058)
Cash flows from financing activities:    
Net borrowing (repayment) of debt 1,776,814 (60,730)
Payment of deferred financing costs (34,328)  
Net proceeds from issuance of common stock 835,128  
Net receipts related to stock-based award activities 1,789 5,273
Excess tax benefits from stock-based compensation 206 3,132
Net cash provided by (used in) financing activities 2,579,609 (52,325)
Effect of exchange rate changes on cash and cash equivalents 3,149 (1,549)
(Decrease) increase in cash and cash equivalents 26,170 2,670
Cash and cash equivalents, beginning of period 34,919 51,981
Cash and cash equivalents, end of period 61,089 54,651
Eliminations    
Cash flows from operating activities:    
Net cash (used in) provided by operating activities (25,847) (36,004)
Cash flows from investing activities:    
Intercompany transfer (96,796) 66,621
Net cash (used in) provided by investing activities (96,796) 66,621
Cash flows from financing activities:    
Intercompany transfer 122,643 (30,617)
Net cash provided by (used in) financing activities 122,643 (30,617)
Parent Company    
Cash flows from operating activities:    
Net cash (used in) provided by operating activities 2,642 (8,359)
Cash flows from investing activities:    
Additions to property, plant, and equipment (84) (1,096)
Additions to intangible assets (1,984) (3,167)
Intercompany transfer 94,021 (4,138)
Acquisitions, less cash acquired (2,683,559)  
Net cash (used in) provided by investing activities (2,591,606) (8,401)
Cash flows from financing activities:    
Net borrowing (repayment) of debt 1,777,625 (60,000)
Payment of deferred financing costs (34,328)  
Intercompany transfer (1,840) 62,683
Net proceeds from issuance of common stock 835,128  
Net receipts related to stock-based award activities 1,789 5,273
Excess tax benefits from stock-based compensation 206 3,132
Net cash provided by (used in) financing activities 2,578,580 11,088
(Decrease) increase in cash and cash equivalents (10,384) (5,672)
Cash and cash equivalents, beginning of period 10,384 18,706
Cash and cash equivalents, end of period   13,034
Guarantor Subsidiaries    
Cash flows from operating activities:    
Net cash (used in) provided by operating activities 152,998 113,413
Cash flows from investing activities:    
Additions to property, plant, and equipment (23,727) (18,906)
Additions to intangible assets (11) (548)
Intercompany transfer 2,775 (62,483)
Acquisitions, less cash acquired 337  
Proceeds from sale of fixed assets 40 100
Net cash (used in) provided by investing activities (20,586) (81,837)
Cash flows from financing activities:    
Net borrowing (repayment) of debt (771) (688)
Intercompany transfer (130,247) (32,205)
Net cash provided by (used in) financing activities (131,018) (32,893)
(Decrease) increase in cash and cash equivalents 1,394 (1,317)
Cash and cash equivalents, beginning of period 91 1,690
Cash and cash equivalents, end of period 1,485 373
Non-Guarantor Subsidiaries    
Cash flows from operating activities:    
Net cash (used in) provided by operating activities (19,073) 12,552
Cash flows from investing activities:    
Additions to property, plant, and equipment (1,087) (1,233)
Additions to intangible assets   (126)
Acquisitions, less cash acquired 43,021  
Proceeds from sale of fixed assets 19 21
Purchase of investments (262) (103)
Other (11)  
Net cash (used in) provided by investing activities 41,680 (1,441)
Cash flows from financing activities:    
Net borrowing (repayment) of debt (40) (42)
Intercompany transfer 9,444 139
Net cash provided by (used in) financing activities 9,404 97
Effect of exchange rate changes on cash and cash equivalents 3,149 (1,549)
(Decrease) increase in cash and cash equivalents 35,160 9,659
Cash and cash equivalents, beginning of period 24,444 31,585
Cash and cash equivalents, end of period $ 59,604 $ 41,244
v3.4.0.3
Subsequent Events - Additional Information (Detail) - Ayer Massachusetts Facility - USD ($)
$ in Millions
 3 Months Ended
Apr. 05, 2016
Mar. 31, 2016
Dec. 31, 2016
Subsequent Event [Line Items]      
Production expected to cease, description   Production is expected to cease in the first quarter of 2017 with full closure of the facility expected to occur in the third quarter of 2017.  
Subsequent Event      
Subsequent Event [Line Items]      
Plant closure expected costs $ 6.5    
Plant closure expected cash charge 5.3    
Subsequent Event | Asset Related Costs      
Subsequent Event [Line Items]      
Plant closure expected costs 1.2    
Subsequent Event | Employee Related Costs      
Subsequent Event [Line Items]      
Plant closure expected costs 2.2    
Subsequent Event | Other closure costs      
Subsequent Event [Line Items]      
Plant closure expected costs $ 3.1    
Scenario, Forecast      
Subsequent Event [Line Items]      
Plant closure charges expects to incur     $ 3.9