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Note 6 - Derivative Financial Instruments | 12 Months Ended
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Apr. 28, 2018
Notes to Financial Statements |
Derivative Instruments and Hedging Activities Disclosure [Text Block] |
6. | DERIVATIVE FINANCIAL INSTRUMENTS
From time to time, we enter into aluminum swap contracts to partially mitigate our exposure to changes in the cost of aluminum cans. Such financial instruments are designated and accounted for as a cash flow hedge. Accordingly, gains or losses attributable to the effective portion of the cash flow hedge are reported in Accumulated Other Comprehensive Income (Loss) (“AOCI”) and reclassified into cost of sales in the period in which the hedged transaction affects earnings. The ineffective portion of the change in fair value of our cash flow hedge was immaterial. The following summarizes the gains (losses) recognized in the Consolidated Statements of Income and AOCI relative to the cash flow hedge for Fiscal 2018, Fiscal 2017 and Fiscal 2016:
|  | (In thousands) |
|  | Fiscal |  |  | Fiscal |  |  | Fiscal |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Recognized in AOCI- |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) before income taxes |  | $ | 9,498 |  |  | $ | (984 | ) |  | $ | (5,743 | )
Less income tax provision (benefit) |  |  | 3,085 |  |  |  | (365 | ) |  |  | ( 2,131 | )
Net |  |  | 6,413 |  |  |  | (619 | ) |  |  | (3,612 | )
Reclassified from AOCI to cost of sales- |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) before income taxes |  |  | 2,569 |  |  |  | (2,749 | ) |  |  | (6,987 | )
Less income tax provision (benefit) |  |  | 1,383 |  |  |  | (1,020 | ) |  |  | (2,592 | )
Net |  |  | 1,186 |  |  |  | (1,729 | ) |  |  | (4,395 | )
Net change to AOCI |  | $ | 5,227 |  |  | $ | 1,110 |  |  | $ | 783 |
As of April 28, 2018, the notional amount of our outstanding aluminum swap contracts was $37.5 million and, assuming no change in the commodity prices, $6.2 million of unrealized gain before tax will be reclassified from AOCI and recognized in earnings over the next 12 months. See Note 1. As of April 28, 2018, the fair value of the derivative asset was $6.2 million, which was included in prepaid and other assets. As of April 29, 2017, the fair value of the derivative asset, derivative liability and derivative long-term liability was $602 thousand, $848 thousand and $476 thousand, which was included in prepaid and other assets, accrued liabilities and other liabilities, respectively. Such valuation does not entail a significant amount of judgment and the inputs that are significant to the fair value measurement are Level 2 as defined by the fair value hierarchy as they are observable market based inputs or unobservable inputs that are corroborated by market data.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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