Note 7 - Derivative Financial Instruments - USD ($)
$ in Thousands

12 Months Ended

Apr. 27, 2024

Apr. 29, 2023

Assets, Current [Abstract]

Prepaid Expense and Other Assets, Current

$ 22,385

$ 9,835

Liabilities, Current [Abstract]

Accrued Liabilities, Current

$ 46,565

$ 47,318

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

7. DERIVATIVE FINANCIAL INSTRUMENTS

From time to time, the Company enters into aluminum swap contracts to partially mitigate our exposure to changes in the cost of aluminum containers. Such financial instruments are designated and accounted for as cash flow hedges. 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 following summarizes the gains (losses) recognized in the Consolidated Statements of Income and AOCI:         

	(In thousands)
	Fiscal			Fiscal			Fiscal
	2024			2023			2022
Recognized in AOCI-
(Loss) gain before income taxes	$	(425	)	$	(21,100	)	$	15,105
Less: income tax (benefit) provision		(111	)		(5,047	)		3,613
Net		(314	)		(16,053	)		11,492
Reclassified from AOCI to cost of sales-
(Loss) gain before income taxes		(10,805	)		(7,785	)		10,001
Less: income tax (benefit) provision		(2,581	)		(1,862	)		2,391
Net		(8,224	)		(5,923	)		7,610
Net change to AOCI	$	7,910		$	(10,130	)	$	3,882

As of April 27, 2024, the total notional amount of our outstanding aluminum swap contracts was $52.4 million and, assuming no change in the commodity prices, $5.7 million of unrealized gain before tax will be reclassified from AOCI and recognized into earnings over the next 12 months.

As of April 27, 2024, the fair value of the derivative asset was $5.7 million, which was included in prepaid and other assets. As of April 29, 2023, the fair value of the derivative liability, which was included in accrued liabilities, was $4.6 million. 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.