Derivative Financial Instruments

3 Months Ended

Jul. 29, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Note 13. Derivative Financial Instruments

We utilize derivative financial instruments to manage the economic impact of fluctuations in currency exchange rates on those transactions 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 within accounts receivable or accounts payable 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. As of July 29, 2017 and April 29, 2017, we had not designated any of our derivative instruments as accounting hedges, and thus we recorded the changes in fair value in other income (expense), net.

The foreign currency exchange contracts in aggregated notional amounts in place to exchange U.S. dollars at July 29, 2017 and April 29, 2017 were as follows:



	July 29, 2017		April 29, 2017
	U.S. Dollars	Foreign Currency	U.S. Dollars	Foreign Currency
Foreign Currency Exchange Forward Contracts:
U.S. Dollars/Australian Dollars	3,632	4,842	7,984	10,669
U.S. Dollars/Canadian Dollars	998	1,319	256	345
U.S. Dollars/British Pounds	3,283	2,633	4,936	3,959
U.S. Dollars/Singapore Dollars	—	—	605	844
U.S. Dollars/Euros	1,688	1,498	528	491

As of July 29, 2017, there was an asset and liability of $31 and $602, respectively, and as of April 29, 2017, there was an asset and liability of $64 and $277, respectively, representing the fair value of foreign currency exchange forward contracts, which were determined using Level 2 inputs from a third-party bank.