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Derivative Financial Instruments
 9 Months Ended
Jan. 28, 2012
Derivative Financial Instruments [Abstract]  
Derivative Financial Instruments
Note 12.  Derivative Financial Instruments

We utilize derivative financial instruments to manage the economic impact of fluctuations in currency exchange rates on those transactions that are denominated in currencies other than our functional currency, which is the U.S. dollar.  We enter into currency forward contracts to manage these economic risks.  We account for all derivatives on the balance sheet as an asset or liability measured at fair value, and changes in fair values are recognized in earnings unless specific hedge accounting criteria are met for cash flow or net investment hedges. If such hedge accounting criteria are met, the change is deferred in shareholders' equity as a component of accumulated other comprehensive income. The deferred items are recognized in the statement of operations in the period the derivative contract is settled.  As of January 28, 2012 and April 30, 2011, we had not designated any of our derivative instruments as accounting hedges, and, thus  recorded the changes in fair value in the other income/expense.
 
The foreign currency exchange contracts in aggregated notional amounts in place to exchange United States Dollars at January 28, 2012 and April 30, 2011 were as follows:


 
January 28, 2012
 
April 30, 2011
 
 
U.S. Dollars
 
Foreign
Currency
 
U.S.
Dollars
 
Foreign
Currency
 
Foreign Currency Exchange Forward Contracts:
        
U.S. Dollars/Australian Dollars
 2,022  2,006 1,302  1,320 
U.S. Dollars/Polish Zloty
 -  - 803  2,390 
U.S. Dollars/Singapore Dollar
 506  649 -  - 

As of January 28, 2012, the fair value of foreign currency exchange forward contracts, using Level 2 inputs from a third party bank, represented liabilities of $99 compared to liabilities of $258 as of April 30, 2011.  Changes in the fair value of the foreign currency exchange contracts are reflected in other income.