REPORTING SEGMENTS Reporting Segments (Tables)

12 Months Ended

Apr. 29, 2012

Segment Reporting Information [Line Items]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The following tables present information about the results of operations and the assets of our reportable segments for the fiscal years presented. The information contains certain allocations of expenses that we deem reasonable and appropriate for the evaluation of results of operations. We do not allocate income taxes to segments. Segment assets exclude intersegment account balances as we believe their inclusion would be misleading or not meaningful. We believe all intersegment sales are at prices that approximate market. 

	Fiscal Years
	2012			2011			2010
	(in millions)
Segment Profit Information
Sales:
Segment sales—
Pork	$	11,093.0		$	10,263.9		$	9,326.3
Hog Production	3,052.6			2,705.1			2,207.8
International	1,466.7			1,340.7			1,277.2
Other	—			74.7			153.3
Total segment sales	15,612.3			14,384.4			12,964.6
Intersegment sales—
Pork	(37.1		)	(30.5		)	(31.5		)
Hog Production	(2,444.6		)	(2,113.0		)	(1,695.0		)
International	(36.3		)	(38.2		)	(35.5		)
Total intersegment sales	(2,518.0		)	(2,181.7		)	(1,762.0		)
Consolidated sales	$	13,094.3		$	12,202.7		$	11,202.6
Depreciation and amortization:
Pork	$	127.8		$	125.5		$	126.0
Hog Production	71.9			65.7			74.9
International	39.9			38.1			37.4
Other	—			0.1			0.2
Corporate	3.2			2.5			3.8
Consolidated depreciation and amortization	$	242.8		$	231.9		$	242.3
Interest expense:
Pork	$	28.7		$	42.4		$	48.9
Hog Production	131.8			124.5			100.5
International	29.8			28.2			37.7
Other	—			4.2			6.9
Corporate	(13.6		)	46.1			72.4
Consolidated interest expense	$	176.7		$	245.4		$	266.4
Loss (income) from equity method investments
Pork	$	(2.7	)	$	(2.0	)	$	(3.6	)
Hog Production	0.3			(0.4		)	0.7
International	12.3			(46.5		)	(17.2		)
Other	—			(1.2		)	(18.5		)
Consolidated loss (income) from equity method investments	$	9.9		$	(50.1	)	$	(38.6	)
Operating profit:
Pork	$	623.7		$	753.4		$	538.7
Hog Production	166.1			224.4			(539.2		)
International	42.8			115.9			127.9
Other	—			(2.4		)	3.6
Corporate	(110.0		)	3.7			(68.2		)
Consolidated operating profit	$	722.6		$	1,095.0		$	62.8

	April 29, 2012		May 1, 2011		May 2, 2010
	(in millions)
Segment Asset Information
Total assets:
Pork	$	2,245.6	$	2,620.2	$	2,579.3
Hog Production	2,145.4		2,074.2		2,020.9
International	1,651.4		1,902.3		1,670.1
Other	—		—		169.4
Corporate	1,379.8		1,015.1		1,269.2
Consolidated total assets	$	7,422.2	$	7,611.8	$	7,708.9
Investments:
Pork	$	18.6	$	17.4	$	17.1
Hog Production	2.6		2.7		2.4
International	501.2		562.1		498.7
Other	—		—		106.7
Corporate	0.2		0.3		0.1
Consolidated investments	$	522.6	$	582.5	$	625.0
Capital expenditures:
Pork	$	143.5	$	81.3	$	141.7
Hog Production	89.4		68.6		10.0
International	26.5		26.8		22.1
Corporate	31.3		0.1		0.9
Consolidated capital expenditures	$	290.7	$	176.8	$	174.7

Schedule of Goodwill [Table Text Block]

The following table shows the change in the carrying amount of goodwill by reportable segment: 

	Pork			International			Hog Production			Other			Total
	(in millions)
Balance, May 2, 2010	$	216.5		$	141.4		$	445.5		$	19.5		$	822.9
Disposals (1)	—			—			(25.5		)	(19.5		)	(45.0		)
Other goodwill adjustments (2)	(0.4		)	15.8			—			—			15.4
Balance, May 1, 2011	216.1			157.2			420.0			—			793.3
Other goodwill adjustments (2)	(0.4		)	(24.7		)	—			—			(25.1		)
Balance, April 29, 2012	$	215.7		$	132.5		$	420.0		$	—		$	768.2

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⁽¹⁾  See Note 3—Impairment and Disposal of Long-lived Assets for discussion of disposals and impairments.

⁽²⁾  Other goodwill adjustments primarily include the effects of foreign currency translation.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

The following table presents our consolidated sales and long-lived assets attributed to operations by geographic area for the fiscal years ended April 29, 2012, May 1, 2011 and May 2, 2010:

	Fiscal Years
	2012		2011		2010
	(in millions)
Sales:
U.S.	$	11,663.9	$	10,900.2	$	9,960.9
International	1,430.4		1,302.5		1,241.7
Total sales	$	13,094.3	$	12,202.7	$	11,202.6
	April 29, 2012		May 1, 2011		May 2, 2010
	(in millions)
Long-lived assets:
U.S.	$	2,969.1	$	2,905.7	$	3,142.1
International	1,154.1		1,368.2		1,246.5
Total long-lived assets	$	4,123.2	$	4,273.9	$	4,388.6

Pork Segment [Member]

Segment Reporting Information [Line Items]

Schedule of Segment Revenue by Product [Table Text Block]

The following table shows the percentages of Pork segment revenues derived from packaged meats and fresh pork for the fiscal years indicated. 

	Fiscal Years
	2012		2011		2010
Packaged meats	54	%	56	%	55	%
Fresh pork (1)	46		44		45
	100	%	100	%	100	%

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⁽¹⁾  Includes by-products and rendering.

Hog Production Segment [Member]

Segment Reporting Information [Line Items]

Schedule of Segment Revenue by Product [Table Text Block]

The following table shows the percentages of Hog Production segment revenues derived from hogs sold internally and externally, and other products for the fiscal years indicated. 

	Fiscal Years
	2012		2011		2010
Internal hog sales	80	%	78	%	77	%
External hog sales	12		15		15
Other products (1)	8		7		8
	100	%	100	%	100	%

——————————————

⁽¹⁾  Consists primarily of feed, non-market hog sales and gains (losses) on derivatives.

International Segment [Member]

Segment Reporting Information [Line Items]

Schedule of Segment Revenue by Product [Table Text Block]

The following table shows the percentages of International segment revenues derived from packaged meats, fresh meats and other products for the fiscal years indicated. 

	Fiscal Years
	2012		2011		2010
Packaged meats	47	%	47	%	48	%
Fresh meats	43		42		41
Other products (1)	10		11		11
	100	%	100	%	100	%

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⁽¹⁾  Includes external hog sales, feed, feathers, by-products and rendering.