Financing Arrangements

9 Months Ended

Jan. 25, 2012

Transfers and Servicing [Abstract]

Financing Arrangements

Financing Arrangements

In Fiscal 2010, the Company entered into a three-year $175 million accounts receivable securitization program. For the sale of receivables under the program, the Company receives initial cash funding and a deferred purchase price. The initial cash funding was $137.0 million and $134.2 million during the nine months endedJanuary 25, 2012 and January 26, 2011, respectively, resulting in an increase of cash for sales under this program for the nine months endedJanuary 25, 2012 and January 26, 2011 of $108.0 million and $50.0 million, respectively. The fair value of the deferred purchase price was $84.4 million and $173.9 million as of January 25, 2012 and April 27, 2011, respectively. The increases in cash proceeds related to the deferred purchase price were $89.5 million and $21.9 million for the nine months endedJanuary 25, 2012 and January 26, 2011, respectively. This deferred purchase price is included as a trade receivable on the condensed consolidated balance sheets and has a carrying value which approximates fair value as of January 25, 2012 and April 27, 2011, due to the nature of the short-term underlying financial assets.

In addition, the Company acted as servicer for approximately $150 million and $146 million of trade receivables which were sold to unrelated third parties without recourse as of January 25, 2012 and April 27, 2011, respectively. These trade receivables are short-term in nature. The proceeds from these sales are also recognized on the statements of cash flows as a component of operating activities.

The Company has not recorded any servicing assets or liabilities as of January 25, 2012 or April 27, 2011 for the arrangements discussed above because the fair value of these servicing agreements as well as the fees earned were not material to the financial statements.