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INVESTMENTS | 12 Months Ended
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Dec. 28, 2014
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS | INVESTMENTS Investments consist of the following:
Equity Investment |  | Segment |  | % Owned |  | December 28, 2014 |  | December 29, 2013
|  |  |  |  |  | (in millions)
Campofrío Food Group (CFG) (1) |  | International |  | 37% |  | $ | 330.0 |  |  | $ | 351.4 |
Mexican joint ventures |  | International |  | 50% |  | 142.8 |  |  | 118.0 |
All other equity method investments |  | Various |  | Various |  | 25.2 |  |  | 27.1 |
Total investments |  |  |  |  |  | $ | 498.0 |  |  | $ | 496.5 |
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(1) | Beginning in June 2014, our investment in CFG is through our interest in Sigma & WH Europe, as described 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 financial statements. In November 2013, Mexican processed meats producer Sigma Alimentos (Sigma) announced its intention to tender for all of CFG’s outstanding shares (CFG Tender Offer). In December 2013, we announced our intention to participate in the CFG Tender Offer by retaining our 37% interest in CFG. 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 in exchange for the same number of shares in Sigma & WH Europe. Effective September 19, 2014, CFG's common stock ceased to trade on the Madrid Exchange. As of December 28, 2014, Sigma & WH Europe owned approximately 98% of the outstanding shares of CFG. The CFG 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:
|  |  |  | Successor |  | Predecessor
|  |  |  | Twelve Months Ended |  |  |  |  |  | Twelve Months Ended
Equity Investment |  | Segment |  | December 28, 2014 |  | September 27 - December 29, 2013 |  | April 29 - September 26, 2013 |  | April 28, 2013 |  | April 29, 2012
|  |  |  | (in millions)
CFG |  | International |  | $ | (11.1 | ) |  | $ | (0.3 | ) |  | $ | (0.4 | ) |  | $ | (4.8 | ) |  | $ | 25.0 |
Mexican joint ventures |  | International |  | (43.7 | ) |  | 2.4 |  |  | 2.1 |  |  | (9.3 | ) |  | (13.4 | )
All other equity method investments |  | Various |  | (3.4 | ) |  | 0.5 |  |  | (1.2 | ) |  | (0.9 | ) |  | (1.7 | )
(Income) loss from equity method investments |  |  |  | $ | (58.2 | ) |  | $ | 2.6 |  |  | $ | 0.5 |  |  | $ | (15.0 | ) |  | $ | 9.9 |
In December 2011, the board of CFG approved a multi-year plan to consolidate and streamline its manufacturing operations to improve operating efficiencies and increase utilization (the CFG Consolidation Plan). The CFG Consolidation Plan includes the disposal of certain assets, employee redundancy costs and the contribution of CFG's French cooked ham business into a newly formed joint venture. As a result, we recorded our share of CFG's charges totaling $38.7 million in (income) loss from equity method investments within the International segment in the twelve months ended April 29, 2012. The following summarized financial information for Sigma & WH Europe is based on its financial statements and translated into U.S. Dollars:
|  | Twelve Months Ended |  |  | Twelve Months Ended
|  | December 28, 2014 |  | April 29 - December 29, 2013 |  | April 28, 2013 |  | April 29, 2012
|  | (in millions)
Income statement information: |  |  |  |  |  |  |  |
Sales |  | $ | 2,564.4 |  |  | $ | 1,717.6 |  |  | $ | 2,464.6 |  |  | $ | 2,536.1 |
Gross profit |  | 571.9 |  |  | 389.9 |  |  | 564.4 |  |  | 583.0 |
Net income (loss) |  | 12.6 |  |  | 8.1 |  |  | 13.0 |  |  | (71.2 | )
|  |  |  |  |  |  | December 28, 2014 |  | December 29, 2013
|  |  |  |  |  |  | (in millions)
Balance sheet information: |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  | $ | 913.3 |  |  | $ | 821.5 |
Long-term assets |  |  |  |  |  |  | 2,046.2 |  |  | 2,051.2 |
Current liabilities |  |  |  |  |  |  | 1,021.9 |  |  | 999.0 |
Long-term liabilities |  |  |  |  |  |  | 1,046.8 |  |  | 1,077.7 |

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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 32 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32787-111569 Reference 4: 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=35687916&loc=d3e32847-111569 + Details
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