Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Apr. 28, 2013

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 April 28, 2013 and April 29, 2012:

	April 28, 2013						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	$	23,240	$	4,226	$	—	$	17,318	$	6,851	$	18,222
Other non-current assets	11,498		29,103		—		8,188		29,393		4,974
	34,738		33,329		—		25,506		36,244		23,196
Derivatives not designated as hedging instruments:
Other receivables, net	825		—		—		5,041		—		—
Other non-current assets	—		—		—		—		234		—
	825		—		—		5,041		234		—
Total assets	$	35,563	$	33,329	$	—	$	30,547	$	36,478	$	23,196
Liabilities:
Derivatives designated as hedging instruments:
Other payables	$	1,508	$	—	$	34,805	$	10,653	$	—	$	2,760
Other non-current liabilities	217		—		37,520		14		—		—
	1,725		—		72,325		10,667		—		2,760
Derivatives not designated as hedging instruments:
Other payables	4,860		—		—		1,952		—		—
Other non-current liabilities	—		960		—		—		—		—
	4,860		960		—		1,952		—		—
Total liabilities	$	6,585	$	960	$	72,325	$	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 statement of income for the fiscal year ended April 28, 2013:

	Fiscal Year Ended
	April 28, 2013
	Foreign Exchange Contracts			Interest Rate Contracts			Cross-Currency Interest Rate Swap Contracts
	(In thousands)
Cash flow hedges:
Net gains/(losses) recognized in other comprehensive loss (effective portion)	$	47,623		$	—		$	(77,080	)
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):
Sales	$	10,940		$	—		$	—
Cost of products sold	(4,584		)	—			—
Selling, general and administrative expenses	(102		)	—			—
Other income/(expense), net	13,924			—			(70,135		)
Interest income/(expense)	29			(236		)	(5,389		)
	20,207			(236		)	(75,524		)
Fair value hedges:
Net losses recognized in other expense, net	—			(2,915		)	70,135
Derivatives not designated as hedging instruments:
Net losses recognized in other expense, net	(7,976		)	—			—
Net losses recognized in interest income	—			(1,193		)	—
	(7,976		)	(1,193		)	—
Total amount recognized in statement of income	$	12,231		$	(4,344	)	$	(5,389	)

The following table presents the pre-tax effect of derivative instruments on the statement of income for the fiscal year ended April 29, 2012:

	Fiscal Year Ended
	April 29, 2012
	Foreign Exchange Contracts			Interest Rate Contracts			Cross-Currency Interest Rate Swap Contracts
	(In thousands)
Cash flow hedges:
Net gains/(losses) recognized in other comprehensive loss (effective portion)	$	45,658		$	(2,341	)	$	5,725
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):
Sales	$	8,033		$	—		$	—
Cost of products sold	(19,880		)	—			—
Selling, general and administrative expenses	(62		)	—			—
Other income, net	33,401			—			8,901
Interest income/(expense)	199			(146		)	(5,966		)
	21,691			(146		)	2,935
Fair value hedges:
Net losses recognized in other expense, net	—			(19,181		)	—
Derivatives not designated as hedging instruments:
Net losses recognized in other expense, net	(2,183		)	—			—
Net gains recognized in interest income	—			$	234		—
	$	(2,183	)	$	234		$	—
Total amount recognized in statement of income	$	19,508		$	(19,093	)	$	2,935

The following table presents the pre-tax effect of derivative instruments on the statement of income for the fiscal year ended April 27, 2011:

	Fiscal Year Ended
	April 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)	$	3,626		$	—		$	16,649
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):
Sales	$	3,375		$	—		$	—
Cost of products sold	(23,372		)	—			—
Selling, general and administrative expenses	(141		)	—			—
Other income, net	35,744			—			24,644
Interest income/(expense)	226			—			(4,484		)
	15,832			—			20,160
Fair value hedges:
Net losses recognized in other expense, net	—			(51,125		)	—
Net losses recognized in interest expense, net	—			(351		)	—
	—			(51,476		)	—
Derivatives not designated as hedging instruments:
Net gains recognized in other expense, net	3,351			—			—
Total amount recognized in statement of income	$	19,183		$	(51,476	)	$	20,160