DERIVATIVES FINANCIAL INSTRUMENTS Derivatives Financial Instruments (Tables)

12 Months Ended

Apr. 28, 2013

Derivative [Line Items]

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

All derivative contracts are recorded in prepaid expenses and other current assets or accrued expenses and other current liabilities within the consolidated balance sheets, as appropriate.

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 28, 2013		April 29, 2012		April 28, 2013		April 29, 2012
	(in millions)				(in millions)
Derivatives using the "hedge accounting" method:
Grain contracts	$	2.5	$	35.3	$	73.0	$	9.6
Livestock contracts	4.1		22.9		1.1		—
Foreign exchange contracts	0.2		1.9		0.1		—
Total	6.8		60.1		74.2		9.6
Derivatives using the "mark-to-market" method:
Grain contracts	6.2		9.1		13.7		1.0
Livestock contracts	12.4		7.4		0.7		7.2
Energy contracts	3.1		—		0.6		12.2
Foreign exchange contracts	0.6		2.4		0.3		0.7
Total	22.3		18.9		15.3		21.1
Total fair value of derivative instruments	$	29.1	$	79.0	$	89.5	$	30.7

Cash Flow Hedging [Member]

Derivative [Line Items]

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

During fiscal 2013, 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	114,525,000	Bushels
Soybean meal	273,496	755,444	Tons
Lean Hogs	—	569,920,000	Pounds
Foreign currency (1)	11,687,888	71,979,138	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 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)
	2013		2012			2011			2013		2012			2011			2013		2012			2011
	(in millions)								(in millions)								(in millions)
Commodity contracts:
Grain contracts	$	39.1	$	5.5		$	232.9		$	108.4	$	75.1		$	80.7		$	—	$	(0.2	)	$	1.9
Lean hog contracts	13.6		102.8			(82.8		)	54.9		32.3			(44.5		)	0.4		(0.5		)	(1.0		)
Interest rate contracts	—		—			(1.2		)	—		(2.4		)	(7.0		)	—		—			—
Foreign exchange contracts	0.4		(2.5		)	(4.1		)	2.1		(4.1		)	(2.6		)	—		—			—
Total	$	53.1	$	105.8		$	144.8		$	165.4	$	100.9		$	26.6		$	0.4	$	(0.7	)	$	0.9

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 2013, 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	2,745,000	16,960,000	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
	2013			2012		2011			2013		2012			2011
	(in millions)								(in millions)
Commodity contracts	$	(12.8	)	$	21.9	$	(4.2	)	$	5.0	$	(16.7	)	$	5.4

We recognized losses of $2.5 million in fiscal 2013, gains of $6.0 million in fiscal 2012 and losses of $24.9 million in fiscal 2011, 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 losses of $7.5 million in fiscal 2013 and gains of $5.1 million and $0.2 million in fiscal 2012 and fiscal 2011, respectively.

Not Designated as Hedging Instrument [Member]

Derivative [Line Items]

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

During fiscal 2013, 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	542,440,000	Pounds
Corn	1,080,000	22,960,000	Bushels
Soybean meal	33,945	109,065	Tons
Soybeans	155,000	935,000	Bushels
Wheat	—	2,000,000	Bushels
Natural gas	9,370,000	11,030,000	Million BTU
Diesel	—	3,528,000	Gallons
Crude oil	—	144,000	Barrels
Foreign currency (1)	21,823,992	131,845,204	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 (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
	2013		2012		2011
	(in millions)
Commodity contracts (cost of sales)	$	12.9	$	6.4	$	63.4
Commodity contracts (sales)	29.7		—		—
Foreign exchange contracts	3.7		7.7		(9.0		)
Total	$	46.3	$	14.1	$	54.4

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.