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INVESTMENTS | 6 Months Ended
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Oct. 27, 2013
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS | INVESTMENTS Investments consist of the following:
|  |  |  | Successor |  | Predecessor
Equity Investment |  | % Owned |  | October 27, 2013 |  | April 28, 2013
|  |  |  | (in millions)
Campofrío Food Group (CFG) |  | 37% |  | $ | 349.9 |  |  | $ | 376.2 |
Mexican joint ventures |  | 50% |  | 122.1 |  |  | 129.6 |
Other |  | Various |  | 27.8 |  |  | 26.6 |
Total investments |  |  |  | $ | 499.8 |  |  | $ | 532.4 |
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. As of October 27, 2013, we held 37.8 million shares of CFG common stock. Shares of CFG are publicly traded on the Bolsa de Madrid Exchange (Madrid Exchange). Our investment in CFG contractually entitles us to two seats on CFG's 9-person board of directors, giving us the ability to exert significant influence over the strategic and operational decisions of our investee. The stock is very thinly traded on the Madrid Exchange. CFG is a closely held company, with the three largest shareholders owning approximately 74% of the outstanding shares. We are CFG's largest shareholder, with approximately a 37% interest. As discussed in Note 2—Merger and Acquisition, we performed a preliminary allocation of the total purchase consideration from the Merger between the assets acquired and liabilities assumed by Shuanghui, including our investments. In assessing the fair value of our investment in CFG, we considered a variety of information, including CFG’s history of positive cash flows, expectations about the future cash flows of CFG, market multiples for comparable businesses, and an influence premium applied to the market price of CFG's shares on the Madrid Exchange to adjust for our contractual right to two board seats and our ability to exert significant influence over the operational and strategic decisions. In November 2013, Mexican processed meats producer Sigma Alimentos (Sigma) announced its intention to tender for all of CFG’s outstanding shares at a bid price of €6.80 per share (the Bid Price). As part of the announcement, Sigma publicly acknowledged that it has obtained commitments to purchase approximately 44.5% of CFG's outstanding shares at the Bid Price. The Bid Price offered by Sigma was also considered in our fair value assessment discussed above. We, along with Shuanghui, are currently weighing our options and no decision has been made regarding Sigma’s offer. (Income) loss from equity method investments consists of the following:
|  |  |  | Successor |  | Predecessor
|  |  |  | September 27 - October 27, 2013 |  | July 29 - September 26, 2013 |  | Three Months Ended
Equity Investment |  | Segment |  |  |  | October 28, 2012
|  |  |  | (in millions)
CFG (1) |  | International |  | $ | (0.1 | ) |  | $ | (0.3 | ) |  | $ | (1.3 | )
Mexican joint ventures |  | International |  | (1.4 | ) |  | (0.9 | ) |  | (5.9 | )
All other equity method investments |  | Various |  | 0.3 |  |  | — |  |  | 0.5 |
Income from equity method investments |  |  |  | $ | (1.2 | ) |  | $ | (1.2 | ) |  | $ | (6.7 | )
|  |  |  | Successor |  | Predecessor
|  |  |  | September 27 - October 27, 2013 |  | April 29 - September 26, 2013 |  | Six Months Ended
Equity Investment |  | Segment |  |  |  | October 28, 2012
|  |  |  | (in millions)
CFG (1) |  | International |  | $ | (0.1 | ) |  | $ | (0.4 | ) |  | $ | (1.4 | )
Mexican joint ventures |  | International |  | (1.4 | ) |  | 2.1 |  |  | (5.5 | )
All other equity method investments |  | Various |  | 0.3 |  |  | (1.2 | ) |  | (0.5 | )
(Income) loss from equity method investments |  |  |  | $ | (1.2 | ) |  | $ | 0.5 |  |  | $ | (7.4 | )
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(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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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32847-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32787-111569 + Details
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