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Derivative Financial Instruments and Hedging Activities (Tables)
3 Months Ended
Jul. 29, 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 July 29, 2012 and April 29, 2012:
 
July 29, 2012
 
April 29, 2012
 
Foreign
Exchange
Contracts
 
Interest
Rate
Contracts
 
Cross-
Currency
Interest Rate
Swap
Contracts
 
Foreign
Exchange
Contracts
 
Interest
Rate
Contracts
 
Cross-
Currency
Interest Rate
Swap
Contracts
 
(In thousands)
Assets:
 

 
 

 
 

 
 

 
 

 
 

Derivatives designated as hedging instruments:
 

 
 

 
 

 
 

 
 

 
 

Other receivables, net
$
23,382

 
$
6,856

 
$
—

 
$
17,318

 
$
6,851

 
$
18,222

Other non-current assets
5,512

 
34,022

 
10,760

 
8,188

 
29,393

 
4,974

 
28,894

 
40,878

 
10,760

 
25,506

 
36,244

 
23,196

Derivatives not designated as hedging instruments:
 

 
 

 
 

 
 

 
 

 
 

Other receivables, net
206

 
—

 
—

 
5,041

 
—

 
—

Other non-current assets
—

 
427

 
—

 
—

 
234

 
—

 
206

 
427

 
—

 
5,041

 
234

 
—

Total assets
$
29,100

 
$
41,305

 
$
10,760

 
$
30,547

 
$
36,478

 
$
23,196

Liabilities:
 

 
 

 
 

 
 

 
 

 
 

Derivatives designated as hedging instruments:
 

 
 

 
 

 
 

 
 

 
 

Other payables
$
5,166

 
$
—

 
$
4,852

 
$
10,653

 
$
—

 
$
2,760

Other non-current liabilities
—

 
—

 
—

 
14

 
—

 
—

 
5,166

 
—

 
4,852

 
10,667

 
—

 
2,760

Derivatives not designated as hedging instruments:
 

 
 

 
 

 
 

 
 

 
 

Other payables
7,786

 
—

 
—

 
1,952

 
—

 
—

Total liabilities
$
12,952

 
$
—

 
$
4,852

 
$
12,619

 
$
—

 
$
2,760

Effect of derivative instruments on the statement of income
The following table presents the pre-tax effect of derivative instruments on the consolidated statement of income for the first quarter ended July 29, 2012:
 
First Quarter Ended
 
July 29, 2012
 
Foreign Exchange
Contracts
 
Interest Rate
Contracts
 
Cross-Currency
Interest Rate
Swap Contracts
 
(In thousands)
Cash flow hedges:
 

 
 

 
 

Net gains recognized in other comprehensive loss (effective portion)
$
4,889

 
$
—

 
$
5,123

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

 
 

 
 

Sales
$
1,746

 
$
—

 
$
—

Cost of products sold
(1,368
)
 
—

 
—

Selling, general and administrative expenses
(148
)
 
—

 
—

Other income, net
7,300

 
—

 
8,917

Interest expense
(50
)
 
(59
)
 
(1,452
)
 
7,480

 
(59
)
 
7,465

Fair value hedges:
 

 
 

 
 

Net gains recognized in other expense, net
—

 
4,634

 
—

 


 


 


Derivatives not designated as hedging instruments:
 

 
 

 
 

Net losses recognized in other expense, net
(1,675
)
 
—

 
—

Net gains recognized in interest income
—

 
193

 
—

 
(1,675
)
 
193

 
—

Total amount recognized in statement of income
$
5,805

 
$
4,768

 
$
7,465


The following table presents the pre-tax effect of derivative instruments on the consolidated statement of income for the first quarter ended July 27, 2011:

 
First Quarter Ended
 
July 27, 2011
 
Foreign Exchange
Contracts
 
Interest Rate
Contracts
 
Cross-Currency
Interest Rate
Swap Contracts
 
(In thousands)
Cash flow hedges:
 

 
 

 
 

Net gains recognized in other comprehensive loss (effective portion)
$
7,386

 
$
—

 
$
18,329

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

 
 

 
 

Sales
$
2,104

 
$
—

 
$
—

Cost of products sold
(5,588
)
 
—

 
—

Selling, general and administrative expenses
123

 
—

 
—

Other income, net
5,150

 
—

 
20,264

Interest income/(expense)
107

 
—

 
(1,506
)
 
1,896

 
—

 
18,758

Fair value hedges:
 

 
 

 
 

Net losses recognized in other expense, net
—

 
(13,123
)
 
—

Derivatives not designated as hedging instruments:
 

 
 

 
 

Net losses recognized in other expense, net
(8,863
)
 
—

 
—

Total amount recognized in statement of income
$
(6,967
)
 
$
(13,123
)
 
$
18,758