Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Oct. 28, 2012

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 October 28, 2012 and April 29, 2012:

	October 28, 2012						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	$	15,046	$	6,057	$	—	$	17,318	$	6,851	$	18,222
Other non-current assets	7,266		30,921		7,459		8,188		29,393		4,974
	22,312		36,978		7,459		25,506		36,244		23,196
Derivatives not designated as hedging instruments:
Other receivables, net	6,427		—		—		5,041		—		—
Other non-current assets	—		724		—		—		234		—
	6,427		724		—		5,041		234		—
Total assets	$	28,739	$	37,702	$	7,459	$	30,547	$	36,478	$	23,196
Liabilities:
Derivatives designated as hedging instruments:
Other payables	$	4,417	$	—	$	4,976	$	10,653	$	—	$	2,760
Other non-current liabilities	—		—		2,157		14		—		—
	4,417		—		7,133		10,667		—		2,760
Derivatives not designated as hedging instruments:
Other payables	933		—		—		1,952		—		—
Total liabilities	$	5,350	$	—	$	7,133	$	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 consolidated statement of income for the second quarters endedOctober 28, 2012 and October 26, 2011:

	Second Quarter Ended
	October 28, 2012									October 26, 2011
	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)
Cash flow hedges:
Net gains/(losses) recognized in other comprehensive loss (effective portion)	$	7,184		$	—		$	(6,798	)	$	10,945		$	(2,341	)	$	9,300
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):
Sales	$	2,439		$	—		$	—		$	1,989		$	—		$	—
Cost of products sold	(3,920		)	—			—			(4,216		)	—			—
Selling, general and administrative expenses	31			—			—			(18		)	—			—
Other income, net	1,259			—			(5,908		)	2,853			—			9,398
Interest (expense)/income	(70		)	(59		)	(1,215		)	74			(29		)	(1,437		)
	(261		)	(59		)	(7,123		)	682			(29		)	7,961
Fair value hedges:
Net gains recognized in other (expense)/income, net	—			(3,900		)	—			—			2,513			—
Derivatives not designated as hedging instruments:
Net gains recognized in other expense, net	564			—			—			4,794			—			—
Net gains recognized in interest income	—			297			—			—			—			—
	564			297			—			4,794			—			—
Total amount recognized in statement of income	$	303		$	(3,662	)	$	(7,123	)	$	5,476		$	2,484		$	7,961

The following table presents the pre-tax effect of derivative instruments on the consolidated statement of income for the six months endedOctober 28, 2012 and October 26, 2011:

	Six Months Ended
	October 28, 2012									October 26, 2011
	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)
Cash flow hedges:
Net gains/(losses) recognized in other comprehensive loss (effective portion)	$	12,360		$	—		$	(1,675	)	$	18,331		$	(2,341	)	$	27,629
Net gains/(losses) reclassified from other comprehensive loss into earnings (effective portion):
Sales	$	4,184		$	—		$	—		$	4,093		$	—		$	—
Cost of products sold	(5,288		)	—			—			(9,804		)	—			—
Selling, general and administrative expenses	(117		)	—			—			105			—			—
Other income, net	8,559			—			3,009			8,003			—			29,662
Interest (expense)/income	(120		)	(118		)	(2,667		)	181			(29		)	(2,943		)
	7,218			(118		)	342			2,578			(29		)	26,719
Fair value hedges:
Net gains/(losses) recognized in other expense, net	—			734			—			—			(10,610		)	—
Derivatives not designated as hedging instruments:
Net losses recognized in other expense, net	(1,111		)	—			—			(4,069		)	—			—
Net gains recognized in interest income	—			490			—			—			—			—
	(1,111		)	490			—			(4,069		)	—			—
Total amount recognized in statement of income	$	6,107		$	1,106		$	342		$	(1,491	)	$	(10,639	)	$	26,719