4. Comprehensive Income (Loss)

Comprehensive income (loss) is comprised of net income (loss) and all changes to stockholders’ equity, except those changes resulting from investments by stockholders (changes in paid in capital) and distributions to stockholders (dividends) and is reported in the accompanying consolidated statements of comprehensive income (loss). Accumulated other comprehensive loss, net of taxes, is recorded as a component of stockholders’ equity.

The components of accumulated other comprehensive loss were as follows:


	July 31, 2017			April 30, 2017
	(in thousands)
Foreign currency translation adjustments	$	(39,275	)	$	(55,359	)
Deferred compensation and pension plan adjustments, net of tax		(14,775	)		(15,127	)
Interest rate swap unrealized loss, net of taxes		(641	)		(578	)

Accumulated other comprehensive loss, net	$	(54,691	)	$	(71,064	)

The following table summarizes the changes in each component of accumulated other comprehensive income (loss) for the three months ended July 31, 2017:


	Foreign Currency Translation			Deferred Compensation and Pension Plan (1)			Unrealized (losses) on interest rate swap (2)			Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance as of April 30, 2017	$	(55,359	)	$	(15,127	)	$	(578	)	$	(71,064	)
Unrealized gains (losses) arising during the period		16,084			—			(234	)		15,850
Reclassification of realized net losses to net income		—			352			171			523

Balance as of July 31, 2017	$	(39,275	)	$	(14,775	)	$	(641	)	$	(54,691	)

The following table summarizes the changes in each component of accumulated other comprehensive income (loss) for the three months ended July 31, 2016:


	Foreign Currency Translation			Deferred Compensation and Pension Plan (1)			Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance as of April 30, 2016	$	(36,339	)	$	(21,572	)	$	(57,911	)
Unrealized losses arising during the period		(13,128	)		—			(13,128	)
Reclassification of realized net losses to net income		—			462			462

Balance as of July 31, 2016	$	(49,467	)	$	(21,110	)	$	(70,577	)

(1)	The tax effect on the reclassifications of realized net losses was $0.2 million and $0.3 million for the three months ended July 31, 2017 and 2016, respectively.

(2)	The tax effect on unrealized (losses) was $0.1 million for the three months ended July 31, 2017. The tax effect on the reclassification of realized net losses to net income was $0.1 million for the three months ended July 31, 2017.