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DERIVATIVES FINANCIAL INSTRUMENTS Derivatives Financial Instruments (Tables)
 12 Months Ended
Apr. 29, 2012
Derivative [Line Items]  
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 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 balance sheets on a gross basis.
 
 
Assets
 
Liabilities
 
 
April 29,
2012
 
May 1,
2011
 
April 29,
2012
 
May 1,
2011
 
 
(in millions)
 
(in millions)
Derivatives using the "hedge accounting" method:
 
 
 
 
 
 
 
 
Grain contracts
 
$
35.3

 
$
46.2

 
$
9.6

 
$
4.8

Livestock contracts
 
22.9

 
22.9

 
—

 
29.5

Interest rate contracts
 
—

 
—

 
—

 
2.3

Foreign exchange contracts
 
1.9

 
0.2

 
—

 
—

Total
 
60.1

 
69.3

 
9.6

 
36.6

Derivatives using the "mark-to-market" method:
 
 

 
 

 
 

 
 

Grain contracts
 
9.1

 
38.3

 
1.0

 
4.7

Livestock contracts
 
7.4

 
1.7

 
7.2

 
8.0

Energy contracts
 
—

 
1.0

 
12.2

 
0.1

Foreign exchange contracts
 
2.4

 
0.3

 
0.7

 
1.9

Total
 
18.9

 
41.3

 
21.1

 
14.7

Total fair value of derivative instruments
 
$
79.0

 
$
110.6

 
$
30.7

 
$
51.3
Cash Flow Hedging [Member]
  
Derivative [Line Items]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
During fiscal 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

 
56,230,000

 
 Bushels
Soybean meal
 
223,700

 
877,722

 
 Tons
Lean Hogs
 
271,000,000

 
960,360,000

 
 Pounds
Interest rate
 
—

 
200,000,000

 
 U.S. Dollars
Foreign currency (1)
 
20,634,871

 
60,895,614

 
 U.S. Dollars
——————————————
(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 financial statements of pre-tax gains and losses on derivative instruments designated in cash flow hedging relationships for the fiscal years indicated:
 
 
Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivative (Effective Portion)
 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings (Effective Portion)
 
Gain (Loss) Recognized in Earnings on Derivative (Ineffective Portion)
 
 
2012
 
2011
 
2010
 
2012
 
2011
 
2010
 
2012
 
2011
 
2010
 
 
(in millions)
 
(in millions)
 
(in millions)
Commodity contracts:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grain contracts
 
$
5.5

 
$
232.9

 
$
(4.0
)
 
$
75.1

 
$
80.7

 
$
(85.4
)
 
$
(0.2
)
 
$
1.9

 
$
(7.2
)
Lean hog contracts
 
102.8

 
(82.8
)
 
(22.8
)
 
32.3

 
(44.5
)
 
1.9

 
(0.5
)
 
(1.0
)
 
(0.5
)
Interest rate contracts
 
—

 
(1.2
)
 
(4.6
)
 
(2.4
)
 
(7.0
)
 
(6.8
)
 
—

 
—

 
—

Foreign exchange contracts
 
(2.5
)
 
(4.1
)
 
6.1

 
(4.1
)
 
(2.6
)
 
(8.0
)
 
—

 
—

 
—

Total
 
$
105.8

 
$
144.8

 
$
(25.3
)
 
$
100.9

 
$
26.6

 
$
(98.3
)
 
$
(0.7
)
 
$
0.9

 
$
(7.7
)
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]
  
Derivative [Line Items]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
During fiscal 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

 
7,250,000

 
 Bushels
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]
The following table presents the effects on our consolidated statements of income of gains and losses on derivative instruments designated in fair value hedging relationships and the related hedged items for the fiscal years indicated:
 
 
Gain (Loss) Recognized in Earnings on Derivative
 
Gain (Loss) Recognized in Earnings on Related Hedged Item
 
 
2012
 
2011
 
2010
 
2012
 
2011
 
2010
 
 
(in millions)
 
(in millions)
Commodity contracts
 
$
21.9

 
$
(4.2
)
 
$
(36.2
)
 
$
(16.7
)
 
$
5.4

 
$
32.4

Interest rate contracts
 
—

 
—

 
0.6

 
—

 
—

 
(0.6
)
Foreign exchange contracts
 
—

 
—

 
3.4

 
—

 
—

 
(1.5
)
Total
 
$
21.9

 
$
(4.2
)
 
$
(32.2
)
 
$
(16.7
)
 
$
5.4

 
$
30.3

 
We recognized gains of $6.0 million in fiscal 2012 and losses of $24.9 million and $3.1 million in fiscal 2011 and fiscal 2010, respectively, on closed commodity derivative contracts as the underlying cash transactions affected earnings.
For fair value hedges of hog 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 $5.1 million and $0.2 million in fiscal 2012 and fiscal 2011, respectively, and losses of $4.4 million in fiscal 2010.
Not Designated as Hedging Instrument [Member]
  
Derivative [Line Items]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
During fiscal 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
 
4,985,000

 
22,810,000

 
Bushels
Soybean meal
 
—

 
249,000

 
Tons
Soybeans
 
210,000

 
775,000

 
Bushels
Wheat
 
—

 
1,820,000

 
Bushels
Live cattle
 
—

 
120,000

 
Pounds
Natural gas
 
1,750,000

 
11,260,000

 
Million BTU
Heating oil
 
—

 
1,008,000

 
Gallons
Crude oil
 
—

 
53,000

 
Barrels
Foreign currency (1)
 
29,400,715

 
140,191,820

 
 U.S. Dollars
——————————————
(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 (losses) recognized in the consolidated statements of income on derivative instruments using the “mark-to-market” method by type of derivative contract for the fiscal years indicated:
 
 
Fiscal Years
 
 
2012
 
2011
 
2010
 
 
(in millions)
Commodity contracts
 
$
6.4

 
$
63.4

 
$
(92.4
)
Foreign exchange contracts
 
7.7

 
(9.0
)
 
(11.1
)
Total
 
$
14.1

 
$
54.4

 
$
(103.5
)
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 fiscal year. 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.