Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Jan. 25, 2012

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 January 25, 2012 and April 27, 2011:

	January 25, 2012						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	$	18,392	$	10,260	$	23,717	$	28,139	$	38,703	$	—
Other non-current assets	6,287		30,443		10,792		7,913		16,723		14,898
	24,679		40,703		34,509		36,052		55,426		14,898
Derivatives not designated as hedging instruments:
Other receivables, net	570		—		—		9,329		—		—
Other non-current assets	—		—		—		—		—		—
	570		—		—		9,329		—		—
Total assets	$	25,249	$	40,703	$	34,509	$	45,381	$	55,426	$	14,898
Liabilities:
Derivatives designated as hedging instruments:
Other payables	$	8,801	$	—	$	2,666	$	27,804	$	—	$	6,125
Other non-current liabilities	466		—		—		8,054		—		—
	9,267		—		2,666		35,858		—		6,125
Derivatives not designated as hedging instruments:
Other payables	6,308		739		—		1,024		—		—
Other non-current liabilities	—		—		—		—		—		—
	6,308		739		—		1,024		—		—
Total liabilities	$	15,575	$	739	$	2,666	$	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 third quarters endedJanuary 25, 2012 and January 26, 2011:

	Third Quarter Ended
	January 25, 2012									January 26, 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)
Cash flow hedges:
Net gains/(losses) recognized in other comprehensive loss (effective portion)	$	13,634		$	—		$	(8,985	)	$	10,091		$	—		$	(2,335	)
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):
Sales	$	1,456		$	—		$	—		$	1,361		$	—		$	—
Cost of products sold	(4,419		)	—			—			(5,491		)	—			—
Selling, general and administrative expenses	(57		)	—			—			(53		)	—			—
Other income/(expense), net	12,875			—			(8,373		)	21,825			—			571
Interest income/(expense)	33			(59		)	(1,449		)	33			—			(1,214		)
	9,888			(59		)	(9,822		)	17,675			—			(643		)
Fair value hedges:
Net losses recognized in other expense, net	—			(4,113		)	—			—			(25,207		)	—
Derivatives not designated as hedging instruments:
Net losses recognized in other expense, net	(1,846		)	—			—			(998		)	—			—
Net losses recognized in interest income	—			(739		)	—			—			—			—
	(1,846		)	(739		)	—			(998		)	—			—
Total amount recognized in statement of income	$	8,042		$	(4,911	)	$	(9,822	)	$	16,677		$	(25,207	)	$	(643	)

The following table presents the pre-tax effect of derivative instruments on the statement of income for the nine months endedJanuary 25, 2012 and January 26, 2011:

	Nine Months Ended
	January 25, 2012									January 26, 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)
Cash flow hedges:
Net gains/(losses) recognized in other comprehensive loss (effective portion)	$	31,965		$	(2,341	)	$	18,644		$	3,064		$	—		$	18,202
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):
Sales	$	5,549		$	—		$	—		$	2,037		$	—		$	—
Cost of products sold	(14,223		)	—			—			(14,679		)	—			—
Selling, general and administrative expenses	48			—			—			(189		)	—			—
Other income, net	20,878			—			21,289			21,477			—			24,607
Interest income/(expense)	214			(88		)	(4,392		)	45			—			(2,934		)
	12,466			(88		)	16,897			8,691			—			21,673
Fair value hedges:
Net losses recognized in other expense, net	—			(14,723		)	—			—			(35,534		)	—
Net losses recognized in interest expense	—			—			—			—			(351		)	—
	—			(14,723		)	—			—			(35,885		)	—
Derivatives not designated as hedging instruments:
Net losses recognized in other expense, net	(5,915		)	—			—			(6,126		)	—			—
Net losses recognized in interest income	—			(739		)	—			—			—			—
	(5,915		)	(739		)	—			(6,126		)	—			—
Total amount recognized in statement of income	$	6,551		$	(15,550	)	$	16,897		$	2,565		$	(35,885	)	$	21,673