Hedging Instruments (Tables)

6 Months Ended

Jul. 31, 2011

Derivative gains and losses in the Condensed Consolidated Statements of Earnings

Three Months Ended July 31,

2011

2010

Pre-Tax Gain

Pre-Tax Loss

Pre-Tax Gain

Pre-Tax Loss

Recognized in

Earnings on

(in thousands)

Derivatives

Hedged Item

Derivatives

Hedged Item

Derivatives in Fair Value Hedging Relationships:

Interest rate swap agreements ^a

1,775

(1,486

)

4,441

(3,899

)

Six Months Ended July 31,

2011

2010

Pre-Tax Gain

Pre-Tax Loss

Pre-Tax Gain

Pre-Tax Loss

Recognized in

Earnings on

(in thousands)

Derivatives

Hedged Item

Derivatives

Hedged Item

Derivatives in Fair Value Hedging Relationships:

Interest rate swap agreements ^a

1,750

(1,492

)

4,906

(4,297

)


	Three Months Ended July 31,
	2011						2010
				Amount of (Loss)						Amount of (Loss)
				Gain Reclassified						Gain Reclassified
	Pre-Tax Loss			from Accumulated			Pre-Tax Loss			from Accumulated
	Recognized in OCI			OCI into Earnings			Recognized in OCI			OCI into Earnings
(in thousands)	(Effective Portion)			(Effective Portion)			(Effective Portion)			(Effective Portion)
Derivatives in Cash Flow Hedging Relationships:
Foreign exchange forward contracts ^b	$	(8,959	)	$	(1,156	)	$	(1,968	)	$	(37	)
Put option contracts ^b		(51	)		(701	)		(1,769	)		(692	)
Precious metal collars ^b		—			213			(1	)		(466	)
Precious metal forward contracts ^b		(518	)		910			(1,435	)		322

	$	(9,528	)	$	(734	)	$	(5,173	)	$	(873	)


	Six Months Ended July 31,
	2011						2010
				Amount of (Loss)						Amount of (Loss)
	Pre-Tax (Loss)			Gain Reclassified			Pre-Tax (Loss)			Gain Reclassified
	Gain Recognized			from Accumulated			Gain Recognized			from Accumulated
	in OCI (Effective			OCI into Earnings			in OCI (Effective			OCI into Earnings
(in thousands)	Portion)			(Effective Portion)			Portion)			(Effective Portion)
Derivatives in Cash Flow Hedging Relationships:
Foreign exchange forward contracts ^b	$	(10,158	)	$	(2,053	)	$	643		$	(266	)
Put option contracts ^b		(61	)		(1,339	)		(1,416	)		(1,507	)
Precious metal collars ^b		—			607			276			(1,178	)
Precious metal forward contracts ^b		2,073			1,815			1,370			460

	$	(8,146	)	$	(970	)	$	873		$	(2,491	)


	Pre-Tax Gain (Loss) Recognized in Earnings
	on Derivative
	Three Months Ended			Three Months Ended
(in thousands)	July 31, 2011			July 31, 2010
Derivatives Not Designated as Hedging Instruments:
Foreign exchange forward contracts ^a	$	94	^c	$	(99	)^c
Call option contracts ^b		25			82
Put option contracts ^b		(25	)		(82	)

	$	94		$	(99	)


	Pre-Tax Gain (Loss) Recognized in Earnings
	on Derivative
	Six Months Ended			Six Months Ended
(in thousands)	July 31, 2011			July 31, 2010
Derivatives Not Designated as Hedging Instruments:
Foreign exchange forward contracts ^a	$	541	^c	$	(614	)^c
Call option contracts ^b		92			148
Put option contracts ^b		(92	)		(148	)

	$	541		$	(614	)


^a		The gain or loss recognized in earnings is included within Interest and other expenses, net on the Company’s Condensed Consolidated Statement of Earnings.

^b		The gain or loss recognized in earnings is included within Cost of sales on the Company’s Condensed Consolidated Statement of Earnings.

^c		Gains or losses on the undesignated foreign exchange forward contracts substantially offset foreign exchange losses or gains on the liabilities and transactions being hedged.

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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