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Derivatives
 6 Months Ended
Oct. 30, 2011
Derivatives
10. Derivatives
 
In accordance with the provisions ASC Topic 815, Derivatives and Hedging, our Canadian dollar foreign exchange contract was designated as a cash flow hedge, with the fair value of this financial instrument recorded in other assets and changes in fair value recorded in accumulated other comprehensive income. ASC Topic 815 requires disclosure of gains and losses on derivative instruments in the following tabular format.
                                                       
    (Amounts in Thousands)  
   
Fair Values of Derivative Instruments As of,
  
       
   
October 30, 2011
  
May 1, 2011
  
           
Derivatives designated as hedging instruments under ASC Topic 815
  
Balance
 Sheet
 Location
  
Fair
 Value
  
Balance
 Sheet
 Location
  
Fair
 Value
  
                   
Canadian dollar foreign exchange contract
    
Other assets
    
$   -
    
Other assets
    
  $-
  


Derivatives in
 ASC Topic 815
 Net
 Investment
 Hedging
 Relationships
  
Amt of Gain (Loss)
 (net of tax)
 Recognized in OCI on
 Derivative (Effective
 Portion) and recorded
 in Other assets
 and Accrued Expenses
  at Fair Value
  
Location of
 Gain or (Loss)
 Reclassified
 from
 Accumulated
 OCI into
 Income
 (Effective
 Portion)
  
Amount of Gain or
 (Loss) Reclassified
 from Accumulated
 OCI into Income
 (Effective Portion)
  
Location of
 Gain or (Loss)
 Recognized in
 Income on
 Derivative
 (Ineffective
 Portion and
 Amount
 Excluded from
 Effectiveness
 Testing)
  
Amount of Gain (net
 of tax) or (Loss)
 Recognized in Income
 on Derivative
 (Ineffective Portion
 and Amount Excluded
 from Effectiveness
 Testing)
  
                       
   
 2012
  
 2011
      
 2012
  
 2011
      
 2012
  
 2011
  
                                   
                                   
Canadian Dollar
Foreign Exchange Contract
  
$ -
  
$(103)
  
Other Expense
 
  
$ -
  
$  5
  
Other Expense
  
$ -
  
$   79
  

On January 21, 2009, we entered into a Canadian dollar foreign exchange rate contract to mitigate the risk of foreign exchange rate fluctuations associated with our loan from the Government of Quebec. This agreement effectively converted the Canadian dollar principal payments at a fixed Canadian dollar foreign exchange rate compared with the United States dollar of 1.218 and was due to expire on November 1, 2013. During the first quarter of fiscal 2011, we elected to terminate this contract due to the favorable Canadian dollar foreign changes rates in comparison to the fixed contractual rate noted above.