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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions
12 Months Ended
May 01, 2011
May 02, 2010
May 03, 2009
Cash flows from operating activities:      
Net income (loss) $ 521.0 $ (101.4) $ (198.4)
Adjustments to reconcile net cash flows from operating activities:      
(Income) loss from discontinued operations, net of tax 0 0 (52.5)
Equity in income of affiliates (50.1) (38.6) 50.1
Depreciation and amortization 231.9 242.3 270.5
Gain on fire insurance recovery (120.6) 0 0
Deferred income taxes 158.2 35.3 (98.6)
Impairment of assets 9.2 51.3 81.8
(Gain) loss on sale of property, plant and equipment, including breeding stock (53.0) 22.7 8.0
Pension expense 82.0 67.3 30.8
Gain on sale of investments 0 (4.5) (58.0)
Pension contributions (128.5) (73.9) (53.9)
Changes in operating assets and liabilities and other, net:      
Accounts receivable (63.8) (12.6) 53.9
Inventories (178.4) 46.5 225.6
Prepaid expenses and other current assets 132.2 (209.6) (66.5)
Accounts payable 36.6 (12.6) (91.7)
Accrued expenses and other current liabilities (72.6) 160.3 13.1
Other 112.3 85.7 155.7
Net cash flows from operating activities 616.4 258.2 269.9
Cash flows from investing activities:      
Capital expenditures (176.8) (174.7) (179.3)
Dispositions, including Butterball, LLC 261.5 23.3 587.0
Insurance proceeds 120.6 9.9 0
Net disposals (additions) of breeding stock 26.2 (8.0) 4.8
Proceeds from the sale of property, plant and equipment 22.8 11.7 21.4
Dividends received 0 5.3 56.5
Investments in partnerships 0 (1.3) (31.7)
Business acquisitions, net of cash acquired 0 0 (17.4)
Net cash flows from investing activities 254.3 (133.8) 441.3
Cash flows from financing activities:      
Proceeds from the issuance of long-term debt 0 840.4 600.0
Net proceeds (repayments) on revolving credit facilities and notes payables (21.6) 491.6 962.5
Principal payments on long-term debt and capital lease obligations (944.5) (333.3) (356.6)
Proceeds from the issuance of common stock and stock option exercises 1.2 296.9 122.3
Cash posted as collateral (23.9) 0 0
Purchase of call options 0 0 (88.2)
Purchase of redeemable noncontrolling interest 0 (38.9) 0
Proceeds from the sale of warrants 0 0 36.7
Debt issuance costs and other 0 (64.6) (25.2)
Net cash flows from financing activities (945.6) 208.9 (673.5)
Cash flows from discontinued operations:      
Net cash flows from operating activities 0 0 34.7
Net cash flows from investing activities 0 0 (7.0)
Net cash flows from financing activities 0 0 (0.8)
Net cash flows from discontinued operations activities 0 0 26.9
Effect of foreign exchange rate changes on cash (1.6) (1.1) (2.9)
Net change in cash and cash equivalents (76.5) 332.2 61.7
Cash and cash equivalents 451.2 119.0 57.3
Cash and cash equivalents $ 374.7 $ 451.2 $ 119.0