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Note 6 - Derivative Financial Instruments
 12 Months Ended
Apr. 29, 2017
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]
6.
       
DERIVATIVE FINANCIAL INSTRUMENTS
 
From time to time, we enter into aluminum swap contracts to partially mitigate our exposure to changes in the cost of aluminum cans. Such financial instruments are designated and accounted for as a cash flow hedge. Accordingly, gains or losses attributable to the effective portion of the cash flow hedge are reported in Accumulated Other Comprehensive Income (Loss) (“AOCI”) and reclassified into cost of sales in the period in which the hedged transaction affects earnings. The ineffective portion of the change in fair value of our cash flow hedge was immaterial. The following summarizes the gains (losses) recognized in the Consolidated Statements of Income and AOCI relative to the cash flow hedge for Fiscal
2017,
Fiscal
2016
and Fiscal
2015:
 
 
 
   
(In thousands)
  
   
Fiscal
    
Fiscal
    
Fiscal
  
   
2017
    
2016
    
2015
  
Recognized in AOCI-
                        
Loss before income taxes
   $
(984
 )   $
(5,743
 )   $
(3,488
 )
Less income tax benefit
    
( 365
 )    
( 2,131
 )    
( 1,294
 )
Net
    
(619
 )    
(3,612
 )    
(2,194
 )
Reclassified from AOCI to cost of sales-
                        
(Loss) gain before income taxes
    
(2,749
 )    
(6,987
 )    
248
  
Less income tax (benefit) provision
   
(1,020
 )    
(2,592
 )    
92
  
Net
    
(1,729
 )    
(4,395
 )    
156
  
Net change to AOCI
   $
1,110
     $
783
     $
(2,350
 )
 
As of
April 29, 2017,
the notional amount of our outstanding aluminum swap contracts was
$56.7
million and, assuming
no
change in the commodity prices,
$246,000
of unrealized loss before tax will be reclassified from AOCI and recognized in earnings over the next
12
months. See Note
1.
 
As of
April 29, 2017,
the fair value of the derivative asset, derivative liability and derivative long-term liability was
$602,000,
$848,000
and
$476,000,
which was included in prepaid and other assets, accrued liabilities and other liabilities, respectively. As of
April 30, 2016,
the fair value of the derivative liability was
$2.5
million, which was included in accrued liabilities. Such valuation does
not
entail a significant amount of judgment and the inputs that are significant to the fair value measurement are Level
2
as defined by the fair value hierarchy as they are observable market based inputs or unobservable inputs that are corroborated by market data.