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Note 7 - Derivative Financial Instruments - USD ($) $ in Thousands | 12 Months Ended |
--- | --- | ---
Apr. 27, 2024 | Apr. 29, 2023
Assets, Current [Abstract] |  |
Prepaid Expense and Other Assets, Current | $ 22,385 | $ 9,835
Liabilities, Current [Abstract] |  |
Accrued Liabilities, Current | $ 46,565 | $ 47,318
Notes to Financial Statements |  |
Derivative Instruments and Hedging Activities Disclosure [Text Block] |
7. | DERIVATIVE FINANCIAL INSTRUMENTS
From time to time, the Company enters into aluminum swap contracts to partially mitigate our exposure to changes in the cost of aluminum containers. Such financial instruments are designated and accounted for as cash flow hedges. 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 following summarizes the gains (losses) recognized in the Consolidated Statements of Income and AOCI:
|  | (In thousands) |
|  | Fiscal |  |  | Fiscal |  |  | Fiscal |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Recognized in AOCI- |  |  |  |  |  |  |  |  |  |  |  |
(Loss) gain before income taxes |  | $ | (425 | ) |  | $ | (21,100 | ) |  | $ | 15,105 |
Less: income tax (benefit) provision |  |  | (111 | ) |  |  | (5,047 | ) |  |  | 3,613 |
Net |  |  | (314 | ) |  |  | (16,053 | ) |  |  | 11,492 |
Reclassified from AOCI to cost of sales- |  |  |  |  |  |  |  |  |  |  |  |
(Loss) gain before income taxes |  |  | (10,805 | ) |  |  | (7,785 | ) |  |  | 10,001 |
Less: income tax (benefit) provision |  |  | (2,581 | ) |  |  | (1,862 | ) |  |  | 2,391 |
Net |  |  | (8,224 | ) |  |  | (5,923 | ) |  |  | 7,610 |
Net change to AOCI |  | $ | 7,910 |  |  | $ | (10,130 | ) |  | $ | 3,882 |
As of April 27, 2024, the total notional amount of our outstanding aluminum swap contracts was $52.4 million and, assuming no change in the commodity prices, $5.7 million of unrealized gain before tax will be reclassified from AOCI and recognized into earnings over the next 12 months. As of April 27, 2024, the fair value of the derivative asset was $5.7 million, which was included in prepaid and other assets. As of April 29, 2023, the fair value of the derivative liability, which was included in accrued liabilities, was $4.6 million. 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 Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(20)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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