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DERIVATIVES FINANCIAL INSTRUMENTS Derivatives Financial Instruments (Tables) | 12 Months Ended
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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
——————————————
(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
——————————————
(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.

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- Definition Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph 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. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -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. + Details
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