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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 )