Derivatives And Hedging Activities

9 Months Ended

Jan. 27, 2012

Derivatives And Hedging Activities [Abstract]

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 foreign currency forward contracts that were entered into to hedge forecasted foreign currency denominated sales and our foreign currency denominated monetary asset and liability exposures consisted of the following (in millions):

	January 27, 2012		April 29, 2011
Cash Flow Hedges
Euro	$	147.9	$	104.0
British Pound Sterling		36.5		20.9
Balance Sheet Contracts
Euro		256.3		253.7
British Pound Sterling		45.4		70.8
Australian Dollar		39.8		34.4
Canadian Dollar		22.9		56.0
Other		63.6		52.6

As of January 27, 2012 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.

The effect of derivative instruments designated as cash flow hedges recognized in net revenues on our consolidated statements of operations for the three and nine months ended January 27, 2012 and January 28, 2011, respectively, was as follows (in millions):

	Three Months Ended January 27, 2012				Three Months Ended January 28, 2011
Derivatives in Cash Flow Hedging Relationships	Gain (Loss) Recognized  in AOCI		Gain (Loss) Reclassified from AOCI into Income		Gain  (Loss) Recognized in AOCI		Gain (Loss) Reclassified from AOCI into Income
Foreign exchange forward contracts	$	11.9	$	10.5	$	6.8	$	4.6

	Nine Months Ended January 27, 2012				Nine Months Ended January 28, 2011
Derivatives in Cash Flow Hedging Relationships	Gain (Loss) Recognized  in AOCI		Gain (Loss) Reclassified from AOCI into Income		Gain  (Loss) Recognized in AOCI		Gain (Loss) Reclassified from AOCI into Income
Foreign exchange forward contracts	$	22.2	$	18.1	$	8.8	$	9.0

The effect of derivative instruments not designated as hedges recognized in other income (expense), net on our consolidated statements of operations for the three and nine months ended January 27, 2012 and January 28, 2011, respectively, was as follows (in millions):

	Three Months Ended					Nine Months Ended
	January 27, 2012		January 28, 2011			January 27, 2012		January 28, 2011
Derivatives Not Designated as Hedging Instruments	Gain (Loss) Recognized into Income					Gain (Loss) Recognized into Income
Foreign exchange forward contracts	$	10.7	$	(0.2	)	$	24.9	$	(4.4	)