Fair Value Measurements (Tables)

12 Months Ended

Apr. 27, 2011

Fair Value Measurements (Tables) [Abstract]

Fair value assets and liabilities measured on recurring basis

	April 27, 2011								April 28, 2010
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(Thousands of Dollars)
Assets:
Derivatives(a)	$	—	$	115,705	$	—	$	115,705	$	—	$	133,773	$	—	$	133,773
Total assets at fair value	$	—	$	115,705	$	—	$	115,705	$	—	$	133,773	$	—	$	133,773
Liabilities:
Derivatives(a)	$	—	$	43,007	$	—	$	43,007	$	—	$	36,036	$	—	$	36,036
Earn-out(b)	$	—	$	—	$	45,325	$	45,325	$	—	$	—	$	—	$	—
Total liabilities at fair value	$	—	$	43,007	$	45,325	$	88,332	$	—	$	36,036	$	—	$	36,036

(a)

Foreign currency derivative contracts are valued based on observable market spot and forward rates, and are classified within Level 2 of the fair value hierarchy. Interest rate swaps are valued based on observable market swap rates, and are classified within Level 2 of the fair value hierarchy. Cross-currency interest rate swaps are valued based on observable market spot and swap rates, and are classified within Level 2 of the fair value hierarchy. There have been no transfers between Levels 1 and 2 in Fiscals 2011 and 2010.

(b)

The fair value of the earn-out associated with the Foodstar acquisition was estimated using a discounted cash flow model. See Note 4 for further information regarding the Foodstar acquisition. This fair value measurement is based on significant inputs not observed in the market and thus represents a Level 3 measurement. Key assumptions in determining the fair value of the earn-out include the discount rate and revenue and EBITDA projections for Fiscals 2013 and 2014. As of April 27, 2011 there was no significant change to the fair value of the earn-out recorded for Foodstar at the acquisition date.