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INVESTMENTS (Tables)
 9 Months Ended
Jan. 29, 2012
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments [Table Text Block]
Investments consist of the following:
Equity Investment
 
% Owned
 
January 29,
2012
 
May 1,
2011
 
 
 
 
(in millions)
Campofrío Food Group (CFG)
 
37%
 
$
375.2

 
$
445.1

Mexican joint ventures
 
50%
 
104.8

 
110.2

Other
 
Various
 
26.4

 
27.2

Total investments
 
 
 
$
506.4

 
$
582.5

 
Per Share Price for Equtiy Method Investment [Table Text Block]
The table below shows CFG's intra-day high share price and Smithfield's carrying value, expressed in euro per share, on various dates relevant to our disclosures.
Date
 
Share Price
 
Carrying Value
October 30, 2011 (1)
 
€6.35
 
€7.83
January 29, 2012 (1)
 
€6.75
 
€7.55
February 17, 2012
 
€7.20
 
€7.54
March 5, 2012
 
€6.61
 
€7.51
——————————————
(1) 
Share prices on quarter end dates reflect the last trading day in the quarter.
Schedule of Equity in (Income) Loss of Equity Method Investments [Table Text Block]
Equity in loss (income) of affiliates consists of the following:
 
 
 
 
Three Months Ended
 
Nine Months Ended
Equity Investment
 
Segment
 
January 29,
2012
 
January 30,
2011
 
January 29,
2012
 
January 30,
2011
 
 
 
 
(in millions)
 
(in millions)
CFG (1)
 
International
 
$
28.2

 
$
(7.1
)
 
$
24.0

 
$
(18.0
)
Mexican joint ventures
 
International
 
(6.4
)
 
(7.8
)
 
(11.3
)
 
(23.6
)
All other equity method investments
 
Various
 
0.2

 
(0.3
)
 
(1.4
)
 
(2.7
)
Equity in loss (income) of affiliates
 
 
 
$
22.0

 
$
(15.2
)
 
$
11.3

 
$
(44.3
)
——————————————
(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.
In December 2011 (fiscal 2012), the board of CFG approved a multi-year plan to consolidate and streamline its manufacturing operations to improve operating efficiencies and increase utilization (the CFG Consolidation Plan). The CFG Consolidation Plan includes the disposal of certain assets, employee redundancy costs and the contribution of CFG's French cooked ham business into a newly formed joint venture. As a result, we recorded our share of CFG's charges totaling $38.7 million in equity in loss (income) of affiliates within the International segment in the third quarter of fiscal 2012.