Fair Value Measurements (Tables)

3 Months Ended

Jul. 27, 2011

Fair Value Measurements [Abstract]

Fair value assets and liabilities measured on recurring basis

	July 27, 2011								April 27, 2011
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(Thousands of Dollars)
Assets:
Derivatives(a)	$	—	$	103,327	$	—	$	103,327	$	—	$	115,705	$	—	$	115,705
Short-term investments(b)	$	57,165	$	—	$	—	$	57,165	$	60,125	$	—	$	—	$	60,125
Total assets at fair value	$	57,165	$	103,327	$	—	$	160,492	$	60,125	$	115,705	$	—	$	175,830
Liabilities:
Derivatives(a)	$	—	$	43,318	$	—	$	43,318	$	—	$	43,007	$	—	$	43,007
Earn-out(c)	$	—	$	—	$	45,714	$	45,714	$	—	$	—	$	45,325	$	45,325
Total liabilities at fair value	$	—	$	43,318	$	45,714	$	89,032	$	—	$	43,007	$	45,325	$	88,332

(a)

Foreign currency derivative contracts are valued based on observable market spot and forward rates and classified within Level 2 of the fair value hierarchy. Interest rate swaps are valued based on observable market swap rates and 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 classified within Level 2 of the fair value hierarchy.

(b)

The Company acquired Coniexpress in Brazil in Fiscal 2011. The acquisition included short-term investments that are valued based on observable market rates and classified within Level 1 of the fair value hierarchy.

(c)  The Company acquired Foodstar Holding Pte (“Foodstar”) in China in Fiscal 2011. Consideration for this acquisition included a potential earn-out payment in Fiscal 2014 contingent upon certain net sales and EBITDA (earnings before interest, taxes, depreciation and amortization) targets during Fiscals 2013 and 2014. The fair value of the earn-out was estimated using a discounted cash flow model and 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 July 27, 2011 there were no significant changes to the fair value of the earn-out recorded for Foodstar at the acquisition date. A change in fair value of the earn-out could have a material impact on the Company’s earnings.