Derivative Financial Instruments

9 Months Ended

Jan. 27, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Note 14. 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 January 27, 2018 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 January 27, 2018 and April 29, 2017 were as follows:



	January 27, 2018				April 29, 2017
	U.S. Dollars		Foreign Currency		U.S. Dollars	Foreign Currency
Foreign Currency Exchange Forward Contracts:
U.S. Dollars/Australian Dollars	2,615		3,408		7,984	10,669
U.S. Dollars/Canadian Dollars	1,424		1,864		256	345
U.S. Dollars/British Pounds	6,402		4,778		4,936	3,959
U.S. Dollars/Singapore Dollars	237		312		605	844
U.S. Dollars/Euros	(1,277	)	(1,061	)	528	491
U.S. Dollars/Swiss Franc	998		989		—	—

As of January 27, 2018, there was an asset and liability of $64 and $720, 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.