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INVESTMENTS
 9 Months Ended
Sep. 28, 2014
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS
NOTE 4:
INVESTMENTS 
Investments consist of the following:
Equity Investment
 
% Owned
 
September 28,
2014
 
December 29,
2013
 
 
 
 
(in millions)
Campofrío Food Group (CFG) (1)
 
37%
 
$
343.4

 
$
351.4

Mexican joint ventures
 
50%
 
138.4

 
118.0

Other
 
Various
 
25.1

 
27.1

Total investments
 
 
 
$
506.9

 
$
496.5

 
——————————————
(1) 
Beginning in June 2014, our investment in CFG is through our interest in Sigma & WH Europe, as defined below.
We record our share of earnings and losses from our equity method investments in (income) loss from equity method investments. Some of these results are reported on a one-month lag which, in our opinion, does not materially impact our consolidated condensed financial statements.

In November 2013, Mexican processed meats producer Sigma Alimentos, S.A. De C.V. (Sigma) announced its intention to tender for all of CFG’s outstanding shares (the Tender Offer) at a bid price of €6.80 per share (the Bid Price). In December 2013, we announced our intention to participate in the Tender Offer by retaining our 37% interest in CFG. As a result, the Bid Price was increased to €6.90 per share.

In June 2014, we finalized our shareholder agreement with Sigma creating a new entity called Sigma & WH Food Europe, S.L. (Sigma & WH Europe) to hold all shares of CFG owned by Sigma and the Company. At the formation of Sigma & WH Europe, both the Company and Sigma contributed all of our shares of CFG to Sigma & WH Europe. As of September 28, 2014, Sigma & WH Europe owned 98% of the outstanding shares of CFG. The Tender Offer and the shareholder agreement with Sigma had no impact on the book value of our investment in CFG.




(Income) loss from equity method investments consists of the following:
 
 
 
 
Three Months Ended
 
Nine Months Ended
Equity Investment
 
Segment
 
September 28,
2014
 
September 26,
2013
 
September 28,
2014
 
September 26,
2013
 
 
 
 
(in millions)
 
(in millions)
CFG (1)
 
International
 
$
0.4

 
$
(0.6
)
 
$
(2.8
)
 
$
(3.1
)
Mexican joint ventures
 
International
 
(13.9
)
 
(1.9
)
 
(34.4
)
 
(3.0
)
All other equity method investments
 
Various
 
(1.0
)
 
(0.2
)
 
(3.3
)
 
(1.9
)
Income from equity method investments
 
 
 
$
(14.5
)
 
$
(2.7
)
 
$
(40.5
)
 
$
(8.0
)
——————————————
(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.