Derivative Financial Instruments

12 Months Ended

May 02, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Note 18. Derivative Financial Instruments

We utilize derivative financial instruments to manage the economic impact of fluctuations in currency exchange rates on those transactions denominated in currencies other than our functional currency, which is the U.S. dollar. We enter into currency forward contracts to manage these economic risks. We account for all derivatives in the consolidated balance sheets within accounts receivable or accounts payable measured at fair value, and changes in fair values are recognized in earnings unless specific hedge accounting criteria are met for cash flow or net investment hedges. As of May 2, 2020 and April 27, 2019, we had not designated any of our derivative instruments as accounting hedges, and thus we recorded the changes in fair value in the "Other (expense) income, net" line item in the consolidated statements of operations.

The foreign currency exchange contracts in aggregated notional amounts in place to exchange U.S. dollars at May 2, 2020 and April 27, 2019 were as follows:



	May 2, 2020		April 27, 2019
	U.S. Dollars	Foreign Currency	U.S. Dollars	Foreign Currency
Foreign Currency Exchange Forward Contracts:
U.S. Dollars/Australian Dollars	2,235	3,323	2,688	3,772
U.S. Dollars/Canadian Dollars	452	648	625	821
U.S. Dollars/British Pounds	3,160	2,424	3,547	2,680
U.S. Dollars/Euros	1,881	1,689	—	—
U.S. Dollars/Swiss Franc	—	—	927	925
U.S. Dollars/Malaysian Ringgit	—	—	60	246

As of May 2, 2020, there was an asset and liability of $261 and $17, respectively, and as of April 27, 2019, there was an asset and liability of $91 and $4, respectively, representing the fair value of foreign currency exchange forward contracts, which were determined using Level 2 inputs from a third-party bank. As of May 2, 2020, all contracts mature within 11 months.