Derivatives And Hedging Activities

3 Months Ended

Jul. 29, 2011

Derivatives And Hedging Activities

Derivatives And Hedging Activities

11. Derivatives and Hedging Activities

We use derivative instruments to manage exposures to foreign currency risk. The maximum length of time over which forecasted foreign denominated revenues are hedged is six months. The notional value of our outstanding currency forward contracts that were entered into to hedge forecasted foreign denominated sales and our foreign currency denominated balance sheet monetary asset and liability exposures consisted of the following (in millions):

	July 29, 2011		April 29, 2011
Cash Flow Hedges
Euro	$	122.5	$	104.0
British Pound Sterling		27.0		20.9
Balance Sheet Contracts
Euro		131.7		253.7
British Pound Sterling		55.8		70.8
Australian Dollar		55.6		34.4
Canadian Dollar		33.4		56.0
Other		60.6		52.6

As of July 29, 2011 and April 29, 2011, the fair value of our short-term foreign currency contracts was not material. Certain of these contracts are designed to hedge our exposure to foreign currency denominated monetary assets and liabilities and are not designated as hedging instruments. Accordingly, changes in the fair value of these instruments are recognized in earnings during the period of change. Gains on derivatives not designated as hedging instruments were not material for each of the three months ended July 29, 2011 and July 30, 2010. Net deferred gains and losses recognized into AOCI related to changes in the fair value of our foreign currency contracts that are accounted for as cash flow hedges were not material for any period presented. We did not recognize any gains and losses in earnings due to hedge ineffectiveness for any period presented. The amount of gains reclassified from AOCI into income was not material for any period presented.