XML 48 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
DERIVATIVES
 12 Months Ended
Apr. 29, 2012
DERIVATIVES
15.
DERIVATIVES
 
In accordance with the provisions of ASC Topic 815, Derivatives and Hedging, our Canadian dollar foreign exchange contract was designated as a cash flow hedge, with the fair value of these financial instruments 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,
  
 
April 29, 2012
  
May 1, 2011
  
Derivatives designated as hedging instruments under ASC Topic 815
Balance
 Sheet
 Location
  
Fair
 Value
  
Balance
 Sheet
 Location
  
Fair
 Value
  
None
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 (loss) (net of tax) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
  
   
 2012
    
 2011
    
2010
      
2012
    
 2011
    
2010
      
2012
    
2011
    
2010
  
  
                                                          
                                                           
Canadian Dollar Foreign Exchange Contract
   $ -     $ (103 )   $ 83  
Other Exp
   $ -     $ 5     $ 15  
Other Exp
   $ -     $ 79     $ -  
                                                                             
 
Canadian Dollar Foreign Exchange Rate
 
On January 21, 2009, we entered into a Canadian dollar foreign exchange contract to mitigate the risk of foreign exchange rate fluctuations associated with our loan from the Government of Quebec. The 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 exchange rates in comparison to the fixed contractual rate noted above.