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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | 12 Months Ended
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Apr. 29, 2012
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
|  | First |  | Second |  | Third |  | Fourth |  | Fiscal Year
|  | (in millions, except per share data)
Fiscal 2012 |  |
Sales |  | $ | 3,094.2 |  |  | $ | 3,312.6 |  |  | $ | 3,478.3 |  |  | $ | 3,209.2 |  |  | $ | 13,094.3 |
Gross profit |  | 407.1 |  |  | 419.6 |  |  | 379.8 |  |  | 342.9 |  |  | 1,549.4 |
Operating profit |  | 173.2 |  |  | 224.7 |  |  | 170.5 |  |  | 154.2 |  |  | 722.6 |
Net income |  | 82.1 |  |  | 120.7 |  |  | 79.0 |  |  | 79.5 |  |  | 361.3 |
Net income per share:(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | .50 |  |  | $ | .74 |  |  | $ | .49 |  |  | $ | .50 |  |  | $ | 2.23 |
Diluted |  | $ | .49 |  |  | $ | .74 |  |  | $ | .49 |  |  | $ | .49 |  |  | $ | 2.21 |
Fiscal 2011 |  |  |  |  |  |  | 112.5 |  |  | 624.6 |  |
Sales |  | $ | 2,901.3 |  |  | $ | 2,998.8 |  |  | $ | 3,186.2 |  |  | $ | 3,116.4 |  |  | $ | 12,202.7 |
Gross profit |  | 367.7 |  |  | 432.7 |  |  | 457.2 |  |  | 456.5 |  |  | 1,714.1 |
Operating profit |  | 177.6 |  |  | 278.1 |  |  | 372.7 |  |  | 266.6 |  |  | 1,095.0 |
Net income |  | 76.3 |  |  | 143.7 |  |  | 202.6 |  |  | 98.4 |  |  | 521.0 |
Net income per share:(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | .46 |  |  | $ | .87 |  |  | $ | 1.22 |  |  | $ | .59 |  |  | $ | 3.14 |
Diluted |  | $ | .46 |  |  | $ | .86 |  |  | $ | 1.21 |  |  | $ | .59 |  |  | $ | 3.12 |
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(1) | Per common share amounts for the quarters and full years have each been calculated separately. Accordingly, quarterly amounts may not add to the annual amounts because of differences in the weighted average common shares outstanding during each period.
The following significant infrequent or unusual items impacted our quarterly results in fiscal 2012 and fiscal 2011: Fiscal 2012
▪ | Net income in the first, second and third quarters included losses on debt extinguishment of $1.2 million, $6.4 million and $4.6 million, respectively.
▪ | Operating profit in the first and fourth quarters included charges of $39.0 million and a net benefit of $16.8 million, respectively, related to the Missouri litigation.
▪ | Gross profit in the first, second and third quarters included accelerated depreciation charges associated with the idling of certain Missouri hog farm assets of $4.3 million, $3.2 million, and $0.7 million, respectively.
▪ | Operating profit in the second, third and fourth quarters included charges associated with the planned closure of our Portsmouth facility of $1.8 million, $1.7 million, and $1.2 million, respectively.
▪ | Operating profit in the first and second quarters included professional fees related to the potential acquisition of a controlling interest in CFG of $5.7 million and $0.7 million, respectively. In June 2011 (fiscal 2012), we terminated negotiations to purchase the additional interest.
▪ | Operating profit in the third quarter included our share of charges related to the CFG Consolidation Plan of $38.7 million.
Fiscal 2011
▪ | Gross profit in the first, second, third and fourth quarters included charges associated with the Cost Savings Initiative of $0.5 million, $15.3 million, $10.9 million and $1.3 million, respectively.
▪ | Net income in the second, third and fourth quarters included losses on debt extinguishment of $7.3 million, $14.1 million and $71.1 million, respectively.
▪ | Operating profit in the third quarter included an involuntary conversion gain on fire insurance recovery of $120.6 million and a net benefit of $19.1 million related to the Missouri litigation.
▪ | Operating profit in the third and fourth quarters included net gains of $5.1 million and $13.6 million, respectively, on the sale of hog farms.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=20225539&loc=d3e1280-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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