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INVESTMENTS (Tables)

3 Months Ended

Jul. 29, 2012

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments [Table Text Block]

Investments consist of the following:

Equity Investment		% Owned		July 29, 2012				April 29, 2012
				(in millions)
Campofrío Food Group (CFG)		37%		$	367.6			$	385.2
Mexican joint ventures		50%		108.3				111.2
Other		Various		26.5				26.2
Total investments				$	502.4			$	522.6

Per Share Price for Equtiy Method Investment [Table Text Block]

The table below shows CFG's intra-day high share price and Smithfield's carrying value, expressed in euro per share, on various dates relevant to our disclosures.

Date		Share Price				Carrying Value
February 17, 2012		€	7.20			€	7.54
July 29, 2012 (1)		€	5.85			€	7.89
August 23, 2012		€	6.20			€	7.80

——————————————

⁽¹⁾  Share prices on quarter end date reflect the last trading day in the quarter.

Schedule of Equity in (Income) Loss of Equity Method Investments [Table Text Block]

consists of the following:

				Three Months Ended
Equity Investment		Segment		July 29, 2012				July 31, 2011
				(in millions)
CFG (1)		International		$	(0.1	)		$	(0.2	)
Mexican joint ventures		International		0.4				(3.0		)
All other equity method investments		Various		(1.0		)		(1.6		)
Income from equity method investments				$	(0.7	)		$	(4.8	)

——————————————

⁽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.

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Per Share Price for Equtiy Method Investment [Table Text Block]

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Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 20

-Subparagraph a, b

-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.

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