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Derivative Financial Instruments and Hedging Activities (Tables)
6 Months Ended
Oct. 26, 2011
Derivative Instruments and Hedging Activities Disclosure [Abstract] 
Fair values and corresponding balance sheet captions of the Company's derivative instruments
The following table presents the fair values and corresponding balance sheet captions of the Company’s derivative instruments as of October 26, 2011 and April 27, 2011:
 
October 26, 2011
 
April 27, 2011
 
Foreign
Exchange
Contracts
 
Interest
Rate
Contracts
 
Cross-
Currency
Interest Rate
Swap
Contracts
 
Foreign
Exchange
Contracts
 
Interest
Rate
Contracts
 
Cross-
Currency
Interest Rate
Swap
Contracts
 
(Dollars in Thousands)
Assets:
 

 
 

 
 

 
 

 
 

 
 

Derivatives designated as hedging instruments:
 

 
 

 
 

 
 

 
 

 
 

Other receivables, net
$
10,383

 
$
16,158

 
$
27,065

 
$
28,139

 
$
38,703

 
$
—

Other non-current assets
4,509

 
28,658

 
14,938

 
7,913

 
16,723

 
14,898

 
14,892

 
44,816

 
42,003

 
36,052

 
55,426

 
14,898

Derivatives not designated as hedging instruments:
 

 
 

 
 

 
 

 
 

 
 

Other receivables, net
864

 
—

 
—

 
9,329

 
—

 
—

Other non-current assets
—

 
—

 
—

 
—

 
—

 
—

 
864

 
—

 
—

 
9,329

 
—

 
—

Total assets
$
15,756

 
$
44,816

 
$
42,003

 
$
45,381

 
$
55,426

 
$
14,898

Liabilities:
 

 
 

 
 

 
 

 
 

 
 

Derivatives designated as hedging instruments:
 

 
 

 
 

 
 

 
 

 
 

Other payables
$
10,053

 
$
—

 
$
2,627

 
$
27,804

 
$
—

 
$
6,125

Other non-current liabilities
1,478

 
—

 
—

 
8,054

 
—

 
—

 
11,531

 
—

 
2,627

 
35,858

 
—

 
6,125

Derivatives not designated as hedging instruments:
 

 
 

 
 

 
 

 
 

 
 

Other payables
4,792

 
—

 
—

 
1,024

 
—

 
—

Other non-current liabilities
—

 
—

 
—

 
—

 
—

 
—

 
4,792

 
—

 
—

 
1,024

 
—

 
—

Total liabilities
$
16,323

 
$
—

 
$
2,627

 
$
36,882

 
$
—

 
$
6,125

Effect of derivative instruments on the statement of income
The following table presents the pre-tax effect of derivative instruments on the statement of income for the second quarters ended October 26, 2011 and October 27, 2010:
 
Second Quarter Ended
 
October 26, 2011
 
October 27, 2010
 
Foreign Exchange
Contracts
 
Interest Rate
Contracts
 
Cross-Currency
Interest Rate
Swap Contracts
 
Foreign Exchange
Contracts
 
Interest Rate
Contracts
 
Cross-Currency
Interest Rate
Swap Contracts
 
 
 
 
 
(Dollars in Thousands)
 
 
 
 
Cash flow hedges:
 

 
 

 
 

 
 

 
 

 
 

Net gains/(losses) recognized in other comprehensive loss (effective portion)
$
10,945

 
$
(2,341
)
 
$
9,300

 
$
(3,861
)
 
$
—

 
$
10,682

Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):
 

 
 

 
 

 
 

 
 

 
 

Sales
$
1,989

 
$
—

 
$
—

 
$
296

 
$
—

 
$
—

Cost of products sold
(4,216
)
 
—

 
—

 
(5,394
)
 
—

 
—

Selling, general and administrative expenses
(18
)
 
—

 
—

 
(39
)
 
—

 
—

Other income, net
2,853

 
—

 
9,398

 
3,294

 
—

 
12,036

Interest income/(expense)
74

 
(29
)
 
(1,437
)
 
14

 
—

 
(829
)
 
682

 
(29
)
 
7,961

 
(1,829
)
 
—

 
11,207

Fair value hedges:
 

 
 

 
 

 
 

 
 

 
 

Net gain/(losses) recognized in other expense, net
—

 
2,513

 
—

 
—

 
(12,008
)
 
—

Net losses recognized in interest expense
—

 
—

 
—

 
—

 
(351
)
 
—

 
—

 
2,513

 
—

 
—

 
(12,359
)
 
—

Derivatives not designated as hedging instruments:
 

 
 

 
 

 
 

 
 

 
 

Net gains recognized in other expense, net
4,794

 
—

 
—

 
157

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total amount recognized in statement of income
$
5,476

 
$
2,484

 
$
7,961

 
$
(1,672
)
 
$
(12,359
)
 
$
11,207


The following table presents the pre-tax effect of derivative instruments on the statement of income for the six months ended October 26, 2011 and October 27, 2010:
 
Six Months Ended
 
October 26, 2011
 
October 27, 2010
 
Foreign Exchange
Contracts
 
Interest Rate
Contracts
 
Cross-Currency
Interest Rate
Swap Contracts
 
Foreign Exchange
Contracts
 
Interest Rate
Contracts
 
Cross-Currency
Interest Rate
Swap Contracts
 
 
 
 
 
(Dollars in Thousands)
 
 
 
 
Cash flow hedges:
 

 
 

 
 

 
 

 
 

 
 

Net gains/(losses) recognized in other comprehensive loss (effective portion)
$
18,331

 
$
(2,341
)
 
$
27,629

 
$
(7,027
)
 
$
—

 
$
20,537

Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):
 

 
 

 
 

 
 

 
 

 
 

Sales
$
4,093

 
$
—

 
$
—

 
$
676

 
$
—

 
$
—

Cost of products sold
(9,804
)
 
—

 
—

 
(9,188
)
 
—

 
—

Selling, general and administrative expenses
105

 
—

 
—

 
(136
)
 
—

 
—

Other income/(expense), net
8,003

 
—

 
29,662

 
(348
)
 
—

 
24,036

Interest income/(expense)
181

 
(29
)
 
(2,943
)
 
12

 
—

 
(1,720
)
 
2,578

 
(29
)
 
26,719

 
(8,984
)
 
—

 
22,316

Fair value hedges:
 

 
 

 
 

 
 

 
 

 
 

Net losses recognized in other expense, net
—

 
(10,610
)
 
—

 
—

 
(10,327
)
 
—

Net losses recognized in interest expense
—

 
—

 
—

 
—

 
(351
)
 
—

 
—

 
(10,610
)
 
—

 
—

 
(10,678
)
 
—

Derivatives not designated as hedging instruments:
 

 
 

 
 

 
 

 
 

 
 

Net losses recognized in other expense, net
(4,069
)
 
—

 
—

 
(5,128
)
 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total amount recognized in statement of income
$
(1,491
)
 
$
(10,639
)
 
$
26,719

 
$
(14,112
)
 
$
(10,678
)
 
$
22,316