DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Jul. 29, 2012

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

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
	July 29, 2012		April 29, 2012		July 29, 2012		April 29, 2012
	(in millions)				(in millions)
Derivatives using the "hedge accounting" method:
Grain contracts	$	102.6	$	35.3	$	15.3	$	9.6
Livestock contracts	3.6		22.9		5.9		—
Foreign exchange contracts	0.9		1.9		0.7		—
Total	107.1		60.1		21.9		9.6
Derivatives using the "mark-to-market" method:
Grain contracts	21.1		9.1		34.2		1.0
Livestock contracts	2.7		7.4		2.0		7.2
Energy contracts	1.7		—		6.0		12.2
Foreign exchange contracts	0.3		2.4		0.4		0.7
Total	25.8		18.9		42.6		21.1
Total fair value of derivative instruments	$	132.9	$	79.0	$	64.5	$	30.7

Cash Flow Hedging [Member]

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

During the three months ended July 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	30,885,000	56,730,000	Bushels
Soybean meal	303,886	553,854	Tons
Lean hogs	—	421,040,000	Pounds
Foreign currency (1)	39,968,781	69,266,888	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
	July 29, 2012			July 31, 2011			July 29, 2012			July 31, 2011			July 29, 2012		July 31, 2011
	(in millions)						(in millions)						(in millions)
Commodity contracts:
Grain contracts	$	133.9		$	(14.0	)	$	2.7		$	43.8		$	2.7	$	(0.1	)
Lean hog contracts	0.3			8.0			32.2			(1.7		)	0.1		(0.1		)
Interest rate contracts	—			—			—			(1.8		)	—		—
Foreign exchange contracts	(1.8		)	0.3			(0.2		)	0.2			—		—
Total	$	132.4		$	(5.7	)	$	34.7		$	40.5		$	2.8	$	(0.2	)

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 three months ended July 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	—	286,800,000	Pounds
Corn	3,015,000	12,975,000	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
	July 29, 2012			July 31, 2011		July 29, 2012		July 31, 2011
	(in millions)					(in millions)
Commodity contracts	$	(26.4	)	$	9.7	$	20.3	$	(3.6	)

We recognized gains of $3.4 million and $5.9 million for the three months ended July 29, 2012 and July 31, 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 losses of $6.3 million and gains of $5.7 million for the three months ended July 29, 2012 and July 31, 2011, respectively.

Not Designated as Hedging Instrument [Member]

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

During the three months ended July 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	320,000	94,800,000	Pounds
Corn	4,825,000	22,960,000	Bushels
Soybean meal	40,314	105,102	Tons
Soybeans	235,000	695,000	Bushels
Wheat	—	2,000,000	Bushels
Natural gas	10,580,000	11,030,000	Million BTU
Diesel	—	2,016,000	Gallons
Crude oil	18,000	31,000	Barrels
Foreign currency (1)	43,255,205	100,186,869	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
	July 29, 2012			July 31, 2011
	(in millions)
Commodity contracts	$	(8.2	)	$	20.8
Foreign exchange contracts	4.6			1.3
Total	$	(3.6	)	$	22.1

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.