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 endedJuly 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 endedJuly 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