XML 56 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Jul. 29, 2018
Fair Value Disclosures [Abstract]  
Fair Value Measurement, Policy
We categorize financial assets and liabilities based on the following fair value hierarchy:
•
Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
•
Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data.
•
Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability.
Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk.
Fair Value, Assets And Liabilities Measured on Recurring Basis [Table Text Block]
The following table presents our financial assets and liabilities that are measured at fair value on a recurring basis as of July 29, 2018, and July 30, 2017, consistent with the fair value hierarchy:
 
Fair Value
as of
July 29,
2018
 
Fair Value Measurements at
July 29, 2018 Using
Fair Value Hierarchy
 
Fair Value
as of
July 30,
2017
 
Fair Value Measurements at
July 30, 2017 Using
Fair Value Hierarchy
 
Level 1
 
Level 2
 
Level 3
 
Level 1
 
Level 2
 
Level 3
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts(1)
$
4

 
$
—

 
$
4

 
$
—

 
$
3

 
$
—

 
$
3

 
$
—

Commodity derivative contracts(2)
5

 
5

 
—

 
—

 
6

 
6

 
—

 
—

Deferred compensation derivative contracts(3)
1

 
—

 
1

 
—

 
1

 
—

 
1

 
—

Deferred compensation investments(4)
6

 
6

 
—

 
—

 
—

 
—

 
—

 
—

Fair value option investments(5)
77

 
—

 
—

 
77

 
50

 
—

 
1

 
49

Total assets at fair value
$
93

 
$
11

 
$
5

 
$
77

 
$
60

 
$
6

 
$
5

 
$
49

 
Fair Value
as of
July 29,
2018
 
Fair Value Measurements at
July 29, 2018 Using
Fair Value Hierarchy
 
Fair Value
as of
July 30,
2017
 
Fair Value Measurements at
July 30, 2017 Using
Fair Value Hierarchy
 
 
Level 1
 
Level 2
 
Level 3
 
 
Level 1
 
Level 2
 
Level 3
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forward starting interest rate swaps(6)
$
—

 
$
—

 
$
—

 
$
—

 
$
22

 
$
—

 
$
22

 
$
—

Foreign exchange forward contracts(1)
2

 
—

 
2

 
—

 
21

 
—

 
21

 
—

Commodity derivative contracts(2)
4

 
3

 
1

 
—

 
1

 
1

 
—

 
—

Deferred compensation obligation(4)
108

 
108

 
—

 
—

 
112

 
112

 
—

 
—

Total liabilities at fair value
$
114

 
$
111

 
$
3

 
$
—

 
$
156

 
$
113

 
$
43

 
$
—

___________________________________ 
(1) 
Based on observable market transactions of spot currency rates and forward rates.
(2) 
Based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace.
(3) 
Based on LIBOR and equity index swap rates.
(4) 
Based on the fair value of the participants’ investments.
(5) 
Primarily represents investments in equity securities that are not readily marketable and are accounted for under the fair value option. The investments were funded by Acre. See Note 14 for additional information. Fair value is based on analyzing recent transactions and transactions of comparable companies, and the discounted cash flow method. In addition, allocation methods, including the option pricing method, are used in distributing fair value among various equity holders according to rights and preferences. Changes in the fair value of investments were not material in 2018 or 2017.
(6) 
Based on LIBOR swap rates.
Fair Value, Assets Measured on Recurring Basis [Table Text Block]
The following table summarizes the changes in fair value of Level 3 investments for the years ended July 29, 2018, and July 30, 2017:
 
 
2018
 
2017
Fair value at beginning of year
 
$
49

 
$
25

Gains
 
9

 
2

Purchases
 
19

 
22

Fair value at end of year
 
$
77

 
$
49
Fair Value Measurements, Nonrecurring [Table Text Block]
The following table presents fair value measurements:
 
 
Impairment Charges
 
Fair Value
July 29, 2018
 
Plant Assets
 
Trademark
 
Goodwill
 
Plant Assets
 
Trademark
 
Goodwill
Plum
 
 
 
$
54

 
 
 
 
 
$
61

 
 
April 29, 2018
 
 
 
 
 
 
 
 
 
 
 
 
Deli
 
$
11

 
$
13

 
$
81

 
$
53

 
$
23

 
$
—

Bolthouse Farms refrigerated beverages and salad dressings
 
 
 
$
130

 
$
384

 
 
 
$
150

 
$
—

January 28, 2018
 
 
 
 
 
 
 
 
 
 
 
 
Bolthouse Farms carrot and carrot ingredients
 
 
 
 
 
$
75

 
 
 
 
 
$
—

January 29, 2017
 
 
 
 
 
 
 
 
 
 
 
 
Bolthouse Farms carrot and carrot ingredients
 
 
 
$
20

 
$
127

 
 
 
$
48

 
$
75

Garden Fresh Gourmet
 
 
 
$
1

 
$
64

 
 
 
$
37

 
$
52

July 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
Bolthouse Farms carrot and carrot ingredients
 
 
 
$
35

 
$
106

 
 
 
$
68

 
$
202