DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Jan. 29, 2012

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

All grain contracts, livestock contracts and foreign exchange contracts are recorded in prepaid expenses and other current assets or accrued expenses and other current liabilities within the consolidated condensed balance sheets, as appropriate. Interest rate contracts are recorded in other liabilities.

The following table presents the fair values of our open derivative financial instruments in the consolidated condensed balance sheets on a gross basis.

	Assets				Liabilities
	January 29, 2012		May 1, 2011		January 29, 2012		May 1, 2011
	(in millions)				(in millions)
Derivatives using the "hedge accounting" method:
Grain contracts	$	9.8	$	46.2	$	5.9	$	4.8
Livestock contracts	16.8		22.9		3.4		29.5
Interest rate contracts	—		—		—		2.3
Foreign exchange contracts	0.1		0.2		1.2		—
Total	26.7		69.3		10.5		36.6
Derivatives using the "mark-to-market" method:
Grain contracts	10.6		38.3		7.9		4.7
Livestock contracts	3.4		1.7		1.1		8.0
Energy contracts	0.2		1.0		9.8		0.1
Foreign exchange contracts	2.1		0.3		3.0		1.9
Total	16.3		41.3		21.8		14.7
Total fair value of derivative instruments	$	43.0	$	110.6	$	32.3	$	51.3

Cash Flow Hedging [Member]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

During the nine months ended January 29, 2012, the range of notional volumes associated with open derivative instruments designated in cash flow hedging relationships was as follows:

	Minimum	Maximum	Metric
Commodities:
Corn	26,705,000	53,210,000	Bushels
Soybean meal	223,700	877,722	Tons
Lean hogs	469,720,000	960,360,000	Pounds
Interest rate	—	200,000,000	U.S. Dollars
Foreign currency (1)	22,959,793	57,558,223	U.S. Dollars

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⁽¹⁾  Amounts represent the U.S. dollar equivalent of various foreign currency contracts.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The following table presents the effects on our consolidated condensed financial statements of pre-tax gains and losses on derivative instruments designated in cash flow hedging relationships for the fiscal periods indicated:

	Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion)						Gains (Losses) Reclassified from Accumulated Other Comprehensive Loss into Earnings (Effective Portion)						Gains (Losses) Recognized in Earnings on Derivative (Ineffective Portion)
	Three Months Ended						Three Months Ended						Three Months Ended
	January 29, 2012			January 30, 2011			January 29, 2012			January 30, 2011			January 29, 2012			January 30, 2011
	(in millions)						(in millions)						(in millions)
Commodity contracts:
Grain contracts	$	(4.3	)	$	53.8		$	6.0		$	33.1		$	—		$	0.3
Lean hog contracts	23.7			(100.8		)	7.0			0.4			0.4			(0.8		)
Interest rate contracts	—			—			2.4			(1.8		)	—			—
Foreign exchange contracts	(10.1		)	—			(3.6		)	—			—			—
Total	$	9.3		$	(47.0	)	$	11.8		$	31.7		$	0.4		$	(0.5	)
	Nine Months Ended						Nine Months Ended						Nine Months Ended
	January 29, 2012			January 30, 2011			January 29, 2012			January 30, 2011			January 29, 2012			January 30, 2011
	(in millions)						(in millions)						(in millions)
Commodity contracts:
Grain contracts	$	(20.9	)	$	146.0		$	74.1		$	30.4		$	(0.1	)	$	1.0
Lean hog contracts	53.0			(69.2		)	12.1			(19.3		)	(0.7		)	(0.7		)
Interest rate contracts	—			(1.2		)	—			(5.3		)	—			—
Foreign exchange contracts	(5.6		)	(3.9		)	(3.2		)	(2.7		)	—			—
Total	$	26.5		$	71.7		$	83.0		$	3.1		$	(0.8	)	$	0.3

For the fiscal periods presented, foreign exchange contracts were determined to be highly effective. We have excluded from the assessment of effectiveness differences between spot and forward rates, which we have determined to be immaterial.

Fair Value Hedging [Member]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

During the nine months ended January 29, 2012, the range of notional volumes associated with open derivative instruments designated in fair value hedging relationships was as follows:

	Minimum	Maximum	Metric
Commodities:
Lean hogs	—	221,680,000	Pounds
Corn	2,245,000	6,505,000	Bushels

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The following table presents the effects on our consolidated condensed statements of income of gains and losses on derivative instruments designated in fair value hedging relationships and the related hedged items for the fiscal periods indicated:

	Gains (Losses) Recognized in Earnings on Derivative					Gains (Losses) Recognized in Earnings on Related Hedged Item
	Three Months Ended					Three Months Ended
	January 29, 2012		January 30, 2011			January 29, 2012			January 30, 2011
	(in millions)					(in millions)
Commodity contracts	$	2.3	$	(16.3	)	$	(2.0	)	$	11.8
	Nine Months Ended					Nine Months Ended
	January 29, 2012		January 30, 2011			January 29, 2012			January 30, 2011
	(in millions)					(in millions)
Commodity contracts	$	13.4	$	(10.6	)	$	(7.0	)	$	9.5

We recognized losses of $0.2 million and gains of $2.4 million for the three months ended January 29, 2012 and January 30, 2011, respectively, and gains of $4.5 million and losses of $17.4 million for the nine months ended January 29, 2012 and January 30, 2011, respectively, on closed commodity derivative contracts as the underlying cash transactions affected earnings. 

For fair value hedges of inventory, we elect to exclude from the assessment of effectiveness differences between the spot and futures prices. These differences are recorded directly into earnings as they occur. These differences resulted in gains of $0.3 million and losses of $4.3 million for the three months ended January 29, 2012 and January 30, 2011, respectively, and gains of $6.0 million and losses of $1.9 million for the nine months ended January 29, 2012 and January 30, 2011, respectively.

Not Designated as Hedging Instrument [Member]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

During the nine months ended January 29, 2012, the range of notional volumes associated with open derivative instruments using the “mark-to-market” method was as follows:

	Minimum	Maximum	Metric
Commodities:
Lean hogs	400,000	334,320,000	Pounds
Corn	8,485,000	22,810,000	Bushels
Soybean meal	—	240,500	Tons
Soybeans	210,000	775,000	Bushels
Wheat	—	1,820,000	Bushels
Live cattle	—	120,000	Pounds
Natural gas	1,750,000	9,630,000	Million BTU
Heating oil	—	1,008,000	Gallons
Crude oil	—	53,000	Barrels
Foreign currency (1)	33,124,028	129,867,546	U.S. Dollars

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⁽¹⁾  Amounts represent the U.S. dollar equivalent of various foreign currency contracts.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The following table presents the amount of gains and losses recognized in the consolidated condensed statements of income on derivative instruments using the “mark-to-market” method by type of derivative contract for the fiscal periods indicated:

	Three Months Ended						Nine Months Ended
	January 29, 2012			January 30, 2011			January 29, 2012		January 30, 2011
	(in millions)						(in millions)
Commodity contracts	$	(14.5	)	$	(14.3	)	$	10.8	$	49.1
Foreign exchange contracts	2.7			0.4			7.3		(4.5		)
Total	$	(11.8	)	$	(13.9	)	$	18.1	$	44.6

The table above reflects gains and losses from both open and closed contracts including, among other things, gains and losses related to contracts designed to hedge price movements that occur entirely within a quarter. The table includes amounts for both realized and unrealized gains and losses. The table is not, therefore, a simple representation of unrealized gains and losses recognized in the income statement during any period presented.