Derivative Financial Instruments

12 Months Ended

Apr. 27, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Note 17. 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 in the 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 April 27, 2019 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" line item in the consolidated statements of operations.

The foreign currency exchange contracts in aggregated notional amounts in place to exchange U.S. dollars at April 27, 2019 and April 28, 2018 were as follows:



	April 27, 2019		April 28, 2018
	U.S. Dollars	Foreign Currency	U.S. Dollars		Foreign Currency
Foreign Currency Exchange Forward Contracts:
U.S. Dollars/Australian Dollars	2,688	3,772	1,081		1,400
U.S. Dollars/Canadian Dollars	625	821	2,165		2,819
U.S. Dollars/British Pounds	3,547	2,680	5,856		4,368
U.S. Dollars/Singapore Dollars	—	—	236		312
U.S. Dollars/Euros	—	—	(854	)	(708	)
U.S. Dollars/Swiss Franc	927	925	41		40
U.S. Dollars/Malaysian Ringgit	60	246	—		—

As of April 27, 2019, there was an asset and liability of $91 and $4, 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. As of April 27, 2019 all contracts mature within 23 months.