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Derivatives

12 Months Ended

May 03, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivatives

18. DERIVATIVES

During the fourth quarter of fiscal 2018, we entered into a EURO foreign exchange contract to mitigate the risk of foreign exchange rate fluctuations associated with certain capital expenditures. The contract effectively converted our EURO capital expenditures at a fixed EURO foreign exchange rate compared with the United States dollar of 1.263. This contract expired during the first quarter of fiscal 2019.

In accordance with the provisions of ASC Topic 815, Derivatives and Hedging, our EURO foreign exchange contract was designated as a cash flow hedge, with the fair value of these financial instruments recorded in accrued expenses and changes in fair value recorded in accumulated other comprehensive income (loss). 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

May 3, 2020

April 28, 2019

Derivatives designated as hedging instruments under ASC Topic    815

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

Euro Foreign Exchange Contract

N/A

$

—

Accrued Expense

$

—

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 Accrued Expenses at Fair Value												Location of Gain or (Loss) Reclassified from Accumulated OCI into Income		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		Amount of Gain (loss) (net of tax) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
		2020				2019				2018				(Effective Portion)		2020				2019				2018				Effectiveness Testing)		2020				2019				2018
EURO Foreign    Exchange    Contract		$	—			$	55			$	(55	)		Other Exp		$	—			$	(64	)		$	—			Other Exp		$	—			$	—			$	—

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- References

No definition available.

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- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-URI http://asc.fasb.org/topic&trid=2229140

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