INVESTMENTS (Tables)

3 Months Ended

Jul. 31, 2011

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments [Table Text Block]

Investments consist of the following:

Equity Investment	% Owned	July 31, 2011		May 1, 2011
		(in millions)
Campofrío Food Group (CFG)	37%	$	447.8	$	445.1
Mexican joint ventures	50%	115.4		110.2
Other	Various	28.6		27.2
Total investments		$	591.8	$	582.5

Schedule of Equity in (Income) Loss of Equity Method Investments [Table Text Block]

Equity in income of affiliates consists of the following:

		Three Months Ended
Equity Investment	Segment	July 31, 2011			August 1, 2010
		(in millions)
CFG (1)	International	$	(0.2	)	$	(3.2	)
Mexican joint ventures	International	(3.0		)	(4.9		)
Butterball (2)	Other	—			(1.3		)
All other equity method investments	Various	(1.6		)	(1.5		)
Equity in income of affiliates		$	(4.8	)	$	(10.9	)

——————————————

⁽¹⁾  CFG prepares its financial statements in accordance with International Financial Reporting Standards. Our share of CFG’s results reflects U.S. GAAP adjustments and thus, there may be differences between the amounts we report for CFG and the amounts reported by CFG.

⁽²⁾  In December 2010 (fiscal 2011), we completed the sale of our interest in Butterball and our related turkey production assets to our joint venture partner.