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INVESTMENTS
 6 Months Ended
Oct. 30, 2011
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS
INVESTMENTS 
Investments consist of the following:
Equity Investment
 
% Owned
 
October 30,
2011
 
May 1,
2011
 
 
 
 
(in millions)
Campofrío Food Group (CFG)
 
37%
 
$
419.1

 
$
445.1

Mexican joint ventures
 
50%
 
100.1

 
110.2

Other
 
Various
 
27.3

 
27.2

Total investments
 
 
 
$
546.5

 
$
582.5

 
Equity in income of affiliates consists of the following:
 
 
 
 
Three Months Ended
 
Six Months Ended
Equity Investment
 
Segment
 
October 30,
2011
 
October 31,
2010
 
October 30,
2011
 
October 31,
2010
 
 
 
 
(in millions)
 
(in millions)
CFG (1)
 
International
 
$
(4.0
)
 
$
(7.7
)
 
$
(4.2
)
 
$
(10.9
)
Mexican joint ventures
 
International
 
(1.9
)
 
(10.9
)
 
(4.9
)
 
(15.8
)
All other equity method investments
 
Various
 
—

 
0.4

 
(1.6
)
 
(2.4
)
Equity in income of affiliates
 
 
 
$
(5.9
)
 
$
(18.2
)
 
$
(10.7
)
 
$
(29.1
)
——————————————
(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.
As of October 30, 2011, we held 37,811,302 shares of CFG common stock. During the second quarter of fiscal 2012, CFG's stock price, like many global equity markets, experienced significant volatility and dropped as low as €5.28 per share and, for the first time in over twelve months, the carrying value of our investment in CFG exceeded the estimated fair value, indicating a potential impairment. The stock did, however, subsequently recover and was valued at €6.20 per share (approximately $8.77 per share) on the last day of trading before the end of our second quarter of fiscal 2012. Also, the stock traded as high as €9.28 during the first half of fiscal 2012. Based on the stock price and foreign exchange rate as of October 30, 2011, the carrying value of our investment in CFG continued to exceed the market value of the underlying securities. As a result, we analyzed our investment in CFG for impairment and have determined that the fair value exceeded its carrying amount as of October 30, 2011. We estimated the fair value of our investment based on a variety of information including market multiples for comparable businesses, independent third party valuation reports, the market price of the underlying securities and a premium applied for our significant noncontrolling interest. The premium is based on the premise that we are the single largest shareholder of CFG, hold positions on CFG's Board of Directors and have significant influence over the strategic and operational decisions made by CFG. Based on our assessment, no impairment existed as of October 30, 2011.