XML 80 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Financing Arrangements
 3 Months Ended
Jul. 29, 2012
Transfers and Servicing [Abstract]  
Financing Arrangements
Financing Arrangements
During the first quarter of Fiscal 2013, the Company entered into an amendment for its $175 million accounts receivable securitization program that extended the term until June 7, 2013. For the sale of receivables under the program, the Company receives cash consideration of up to $175 million and a receivable for the remainder of the purchase price (the "Deferred Purchase Price"). The cash consideration and the carrying amount of receivables removed from the consolidated balance sheets were $123.4 million and $118.7 million during the first quarters ended July 29, 2012 and July 27, 2011, respectively, resulting in a decrease of $38.4 million in cash for sales under this program for the first quarter ended July 29, 2012 and an increase in cash of $89.7 million for the first quarter ended July 27, 2011. The fair value of the Deferred Purchase Price was $62.7 million and $56.8 million as of July 29, 2012 and April 29, 2012, respectively. The decrease in cash proceeds related to the Deferred Purchase Price was $6.0 million for the first quarter ended July 29, 2012 and was an increase in cash of $117.7 million for the first quarter ended July 27, 2011. This Deferred Purchase Price is included as a trade receivable on the consolidated balance sheets and has a carrying value which approximates fair value as of July 29, 2012 and April 29, 2012, due to the nature of the short-term underlying financial assets.
In addition, the Company acted as servicer for approximately $202.3 million and $205.6 million of trade receivables which were sold to unrelated third parties without recourse as of July 29, 2012 and April 29, 2012, 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 July 29, 2012 or April 29, 2012 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.