XML 85 R16.htm IDEA: XBRL DOCUMENT v2.4.1.9
Derivatives and Hedging Activities
 9 Months Ended
Jan. 23, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Activities

10. Derivatives and Hedging Activities

We use derivative instruments to manage exposures to foreign currency risk. All contracts have a maturity of less than six months. The notional amount of our outstanding U.S. dollar equivalent foreign currency exchange forward contracts consisted of the following (in millions):

 

 

 

January 23,

2015

 

 

April 25,

2014

 

Cash Flow Hedges

 

 

 

 

 

 

 

 

Forward contracts purchased

 

$

159.1

 

 

$

122.6

 

Balance Sheet Contracts

 

 

 

 

 

 

 

 

Forward contracts sold

 

 

183.2

 

 

 

155.5

 

Forward contracts purchased

 

 

304.7

 

 

 

389.9

 

We have master netting arrangements in place to mitigate the credit risk of our counterparties and to potentially reduce our losses due to counterparty nonperformance. We present our derivative instruments as net amounts in our condensed consolidated balance sheets. The gross and net fair value amounts of such instruments were not material as of January 23, 2015 and April 25, 2014. 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 and Note 9.

The effect of derivative instruments not designated as hedging instruments 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 23,

2015

 

 

January 24,

2014

 

 

January 23,

2015

 

 

January 24,

2014

 

 

 

Gain Recognized into Income

 

 

Gain Recognized into Income

 

Foreign exchange contracts

 

$

11.0

 

 

$

1.0

 

 

$

9.4

 

 

$

1.8