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Derivative Financial Instruments
 3 Months Ended
Jul. 28, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
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 July 28, 2012 and April 28, 2012, we had not designated any of our derivative instruments as accounting hedges, and thus recorded the changes in fair value in the other expense, net.

The foreign currency exchange contracts in aggregated notional amounts in place to exchange United States Dollars at July 28, 2012 and April 28, 2012 were as follows:
 
July 28, 2012
 
April 28, 2012
 
U.S.
Dollars
 
Foreign
Currency
 
U.S.
Dollars
 
Foreign
Currency
Foreign Currency Exchange Forward Contracts:
 
 
 
 
 
 
 
U.S. Dollars/Australian Dollars
3,027

 
3,076

 
3,315

 
3,269

U.S. Dollars/Canadian Dollars
398

 
410

 
870

 
868

U.S. Dollars/Singapore Dollars
2,192

 
2,817

 
96

 
121

U.S. Dollars/Brazilian Reais
—

 
—

 
242

 
436

U.S. Dollars/Euros
—

 
—

 
130

 
99



As of July 28, 2012 and April 28, 2012, there was a net liability of $253 and $95, respectively, representing the fair value of foreign currency exchange forward contracts, which was determined using Level 2 inputs from a third party bank.