XML 194 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8
DERIVATIVES
 12 Months Ended
Apr. 28, 2013
DERIVATIVES
13.
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
  
 
April 28, 2013
  
April 29, 2012
  
         
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)
   
 
 2013
    
 
 2012
    
 
2011
      
 
2013
    
 
 2012
    
 
2011
      
 
2013
    
 
2012
    
 
2011
  
                                                           
Canadian Dollar
Foreign Exchange
Contract
   $ -     $ -     $ (103 )
Other Exp
   $ -     $ -     $ 5  
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.