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Fair Value | 3 Months Ended
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Jul. 31, 2017
Fair Value Disclosures [Abstract] |
Fair Value | NOTE 6: FAIR VALUE ESTIMATED FAIR VALUE OF FINANCIAL INSTRUMENTS – The carrying amounts and estimated fair values of our financial instruments are as follows:
(in 000s) |
As of |  | July 31, 2017 |  | July 31, 2016 |  | April 30, 2017
|  | Carrying Amount |  |  | Estimated Fair Value |  |  | Carrying Amount |  |  | Estimated Fair Value |  |  | Carrying Amount |  |  | Estimated Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 551,566 |  |  | $ | 551,566 |  |  | $ | 306,871 |  |  | $ | 306,871 |  |  | $ | 1,011,331 |  |  | $ | 1,011,331 |
Cash and cash equivalents - restricted |  | 116,594 |  |  | 116,594 |  |  | 122,025 |  |  | 122,025 |  |  | 106,208 |  |  | 106,208 |
Receivables, net - short-term |  | 91,004 |  |  | 91,004 |  |  | 103,425 |  |  | 103,425 |  |  | 162,775 |  |  | 162,775 |
Receivables, net - long-term |  | 60,945 |  |  | 60,945 |  |  | 56,514 |  |  | 56,514 |  |  | 52,898 |  |  | 52,898 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt (excluding debt issuance costs) |  | 1,502,694 |  |  | 1,595,945 |  |  | 1,502,747 |  |  | 1,606,364 |  |  | 1,502,735 |  |  | 1,569,033 |
Contingent consideration |  | 9,125 |  |  | 9,125 |  |  | 8,347 |  |  | 8,347 |  |  | 10,428 |  |  | 10,428 |
Fair value estimates, methods and assumptions are set forth below. Fair value was not estimated for assets and liabilities that are not considered financial instruments.
▪ | Cash and cash equivalents, including restricted - Fair value approximates the carrying amount (Level 1).
▪ | Receivables, net - short-term - For short-term balances the carrying values reported in the balance sheet approximate fair market value due to the relative short-term nature of the respective instruments (Level 1).
▪ | Receivables, net - long-term - The carrying values for the long-term portion of loans to franchisees approximate fair market value due to variable interest rates, low historical delinquency rates and franchise territories serving as collateral (Level 1). Long-term EA receivables and tax preparation receivables are carried at net realizable value which approximates fair value (Level 3). Net realizable value is determined based on historical collection rates.
▪ | Long-term debt - The fair value of our Senior Notes is based on quotes from multiple banks (Level 2).
▪ | Contingent consideration - Fair value approximates the carrying amount (Level 3).

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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