Derivatives and Hedging Activities

9 Months Ended

Jan. 25, 2013

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 currency denominated revenues are hedged is six months. The notional value of our outstanding foreign currency forward purchase 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 25, 2013		April 27, 2012
Cash Flow Hedges
Euro	$	146.9	$	96.9
British Pound Sterling		26.9		29.8
Balance Sheet Contracts
Euro		180.5		267.4
British Pound Sterling		48.3		86.4
Australian Dollar		91.6		54.3
Israeli Shekel		22.3		17.2
Canadian Dollar		19.7		38.5
Swiss Franc		10.3		7.3
Other		46.8		44.0

The fair value of our short-term foreign currency contracts was not material as of January 25, 2013 and April 27, 2012. We did not recognize any gains and losses in earnings due to hedge ineffectiveness for any period presented.

The effect of derivative instruments designated as cash flow hedges recognized in net revenues on our condensed consolidated statements of operations is presented in the condensed consolidated statements of comprehensive income.

The effect of derivative instruments not designated as hedges recognized in other income (expense), net on our condensed consolidated statements of operations was as follows (in millions):

	Three Months Ended				Nine Months Ended
	January 25, 2013		January 27, 2012		January 25, 2013		January 27, 2012
Derivatives Not Designated as Hedging Instruments	Gain Recognized into Income				Gain Recognized into Income
Foreign exchange forward purchase contracts	$	0.0	$	10.7	$	6.2	$	24.9