Derivative Financial Instruments

3 Months Ended

Jul. 28, 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 condensed consolidated balance sheets 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 28, 2018 and April 28, 2018, we had not designated any of our derivative instruments as accounting hedges, and thus we recorded the changes in fair value in "Other (expense) income, net" in the condensed consolidated statements of operations.

The foreign currency exchange contracts in aggregated notional amounts in place to exchange U.S. dollars at July 28, 2018 and April 28, 2018 were as follows:



	July 28, 2018				April 28, 2018
	U.S. Dollars		Foreign Currency		U.S. Dollars		Foreign Currency
Foreign Currency Exchange Forward Contracts:
U.S. Dollars/Australian Dollars	3,147		4,242		1,081		1,400
U.S. Dollars/Canadian Dollars	2,539		3,313		2,165		2,819
U.S. Dollars/British Pounds	4,738		3,536		5,856		4,368
U.S. Dollars/Singapore Dollars	—		—		236		312
U.S. Dollars/Euros	(428	)	(354	)	(854	)	(708	)
U.S. Dollars/Swiss Franc	415		414		41		40
U.S. Dollars/Malaysian Ringgit	843		3,440		—		—

As of July 28, 2018, there was an asset and liability of $145 and $69, respectively, and as of April 28, 2018, there was an asset and liability of $41 and $236, respectively, representing the fair value of foreign currency exchange forward contracts, which were determined using Level 2 inputs from a third-party bank.