Pensions and Other Postretirement Benefits

3 Months Ended

Jul. 29, 2012

Compensation and Retirement Disclosure [Abstract]

Pensions and Other Postretirement Benefits

Pensions and Other Post-Retirement Benefits

The components of net periodic benefit cost are as follows:

	First Quarter Ended
	July 29, 2012			July 27, 2011			July 29, 2012			July 27, 2011
	Pension Benefits						Other Retiree Benefits
	(In thousands)
Service cost	$	7,835		$	8,611		$	1,614		$	1,508
Interest cost	32,882			35,547			2,473			2,887
Expected return on plan assets	(62,340		)	(59,781		)	—			—
Amortization of prior service cost/(credit)	632			498			(1,545		)	(1,530		)
Amortization of unrecognized loss	18,904			21,229			451			273
Settlements	1,014			—			—			—
Net periodic benefit (credit)/cost	$	(1,073	)	$	6,104		$	2,993		$	3,138

The amounts recognized for pension benefits as other non-current assets on the Company's condensed consolidated balance sheets were $419.5 million as of July 29, 2012 and $399.9 million as of April 29, 2012.

During the first quarter of Fiscal 2013, the Company contributed $15 million to these defined benefit plans. On July 6, 2012, Congress passed the Moving Ahead for Progress in the 21st Century Act, which included pension funding stabilization provisions.  The measure, which is designed to stabilize the discount rate used to determine the funding requirements from the effects of interest rate volatility, will serve to preserve existing credit balances in the Heinz U.S. funded defined benefit pension plans.  The Company expects to make combined cash contributions of approximately $80 million in Fiscal 2013, none of which relate to these U.S. funded defined benefit pension plans.  However, actual contributions may be affected by pension asset and liability valuations during the year.