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Financial Instruments (Tables)

3 Months Ended

Jul. 31, 2017

Financial Instruments and Balance Sheet Classification

The following tables show the Company’s financial instruments and balance sheet classification as of July 31, 2017 and April 30, 2017:

		July 31, 2017
		Fair Value Measurement																Balance Sheet Classification
		Cost				Unrealized Gains				Unrealized Losses				Fair Value				Cash and Cash Equivalents				Marketable Securities, Current				Marketable Securities, Non-current				Other Accrued Liabilities				Income Taxes & Other Receivables
		(in thousands)
Level 1:
Cash		$	280,961			$	—			$	—			$	280,961			$	280,961			$	—			$	—			$	—			$	—
Money market funds			1,058				—				—				1,058				1,058				—				—				—				—
Mutual funds (1)			117,222				9,533				(496	)			126,259				—				11,651				114,608				—				—
Total		$	399,241			$	9,533			$	(496	)		$	408,278			$	282,019			$	11,651			$	114,608			$	—			$	—
Level 2:
Foreign currency forward contracts		$	—			$	386			$	(400	)		$	(14	)		$	—			$	—			$	—			$	(315	)		$	301
Interest rate swap		$	—			$	—			$	(1,050	)		$	(1,050	)		$	—			$	—			$	—			$	(1,050	)		$	—
		April 30, 2017
		Fair Value Measurement																Balance Sheet Classification
		Cost				Unrealized Gains				Unrealized Losses				Fair Value				Cash and Cash Equivalents				Marketable Securities, Current				Marketable Securities, Non-current				Other Accrued Liabilities				Income Taxes & Other Receivables
		(in thousands)
Level 1:
Cash		$	409,824			$	—			$	—			$	409,824			$	409,824			$	—			$	—			$	—			$	—
Money market funds			1,058				—				—				1,058				1,058				—				—				—				—
Mutual funds (1)			113,818				6,697				(578	)			119,937				—				4,363				115,574				—				—
Total		$	524,700			$	6,697			$	(578	)		$	530,819			$	410,882			$	4,363			$	115,574			$	—			$	—
Level 2:
Foreign currency forward contracts		$	—			$	129			$	(846	)		$	(717	)		$	—			$	—			$	—			$	(717	)		$	—
Interest rate swap		$	—			$	—			$	(947	)		$	(947	)		$	—			$	—			$	—			$	(947	)		$	—

(1) These investments are held in trust for settlement of the Company’s vested obligations of $116.2 million and $99.5 million as of July 31, 2017 and April 30, 2017, respectively, under the ECAP (see Note 7 — Deferred Compensation and Retirement Plans). During the three months ended July 31, 2017 and 2016, the fair value of the investments increased; therefore, the Company recognized income of $3.4 million and $3.9 million, respectively, which was recorded in other income, net.

Financial Instruments and Balance Sheet Classification

The following tables show the Company’s financial instruments and balance sheet classification as of July 31, 2017 and April 30, 2017:

		July 31, 2017
		Fair Value Measurement																Balance Sheet Classification
		Cost				Unrealized Gains				Unrealized Losses				Fair Value				Cash and Cash Equivalents				Marketable Securities, Current				Marketable Securities, Non-current				Other Accrued Liabilities				Income Taxes & Other Receivables
		(in thousands)
Level 1:
Cash		$	280,961			$	—			$	—			$	280,961			$	280,961			$	—			$	—			$	—			$	—
Money market funds			1,058				—				—				1,058				1,058				—				—				—				—
Mutual funds (1)			117,222				9,533				(496	)			126,259				—				11,651				114,608				—				—
Total		$	399,241			$	9,533			$	(496	)		$	408,278			$	282,019			$	11,651			$	114,608			$	—			$	—
Level 2:
Foreign currency forward contracts		$	—			$	386			$	(400	)		$	(14	)		$	—			$	—			$	—			$	(315	)		$	301
Interest rate swap		$	—			$	—			$	(1,050	)		$	(1,050	)		$	—			$	—			$	—			$	(1,050	)		$	—
		April 30, 2017
		Fair Value Measurement																Balance Sheet Classification
		Cost				Unrealized Gains				Unrealized Losses				Fair Value				Cash and Cash Equivalents				Marketable Securities, Current				Marketable Securities, Non-current				Other Accrued Liabilities				Income Taxes & Other Receivables
		(in thousands)
Level 1:
Cash		$	409,824			$	—			$	—			$	409,824			$	409,824			$	—			$	—			$	—			$	—
Money market funds			1,058				—				—				1,058				1,058				—				—				—				—
Mutual funds (1)			113,818				6,697				(578	)			119,937				—				4,363				115,574				—				—
Total		$	524,700			$	6,697			$	(578	)		$	530,819			$	410,882			$	4,363			$	115,574			$	—			$	—
Level 2:
Foreign currency forward contracts		$	—			$	129			$	(846	)		$	(717	)		$	—			$	—			$	—			$	(717	)		$	—
Interest rate swap		$	—			$	—			$	(947	)		$	(947	)		$	—			$	—			$	—			$	(947	)		$	—

(1) These investments are held in trust for settlement of the Company’s vested obligations of $116.2 million and $99.5 million as of July 31, 2017 and April 30, 2017, respectively, under the ECAP (see Note 7 — Deferred Compensation and Retirement Plans). During the three months ended July 31, 2017 and 2016, the fair value of the investments increased; therefore, the Company recognized income of $3.4 million and $3.9 million, respectively, which was recorded in other income, net.

Summary of Losses on Interest Rate Swap

During the three months ended July 31, 2017, the Company recognized the following losses on the interest rate swap:

		July 31, 2017
		(in thousands)
Losses recognized in other comprehensive income (net of tax effects of $149)		$	234
Losses reclassified from accumulated other comprehensive income into interest expense, net			280

Cash Flow Hedge

Fair Value of Derivative Designated as Cash Flow Hedge Instrument

The fair value of the derivative designated as a cash flow hedge instrument is as follows:

		July 31, 2017				April 30, 2017
		(in thousands)
Derivative liability:
Interest rate swap contract		$	1,050			$	947

Not Designated as Hedge Instrument

Fair Value of Liabilities Derivatives

The fair value of derivatives not designated as hedge instruments are as follows:

		July 31, 2017				April 30, 2017
		(in thousands)
Derivative assets:
Total gross amount of foreign currency forward contracts		$	386			$	—
Gross derivatives offset on the balance sheet (1)			(85	)			—
Net amounts presented on the balance sheet		$	301			$	—
Derivative liabilities:
Total gross amount of foreign currency forward contracts		$	400			$	846
Gross derivatives offset on the balance sheet (1)			(85	)			(129	)
Net amounts presented on the balance sheet		$	315			$	717

(1) These amounts represent the impact of netting derivative assets and derivative liabilities when a legally enforceable master netting agreement exists and fair value of adjustments related to our counterparty credit risk.

Fair Value of Assets Derivatives

The fair value of derivatives not designated as hedge instruments are as follows:

		July 31, 2017				April 30, 2017
		(in thousands)
Derivative assets:
Total gross amount of foreign currency forward contracts		$	386			$	—
Gross derivatives offset on the balance sheet (1)			(85	)			—
Net amounts presented on the balance sheet		$	301			$	—
Derivative liabilities:
Total gross amount of foreign currency forward contracts		$	400			$	846
Gross derivatives offset on the balance sheet (1)			(85	)			(129	)
Net amounts presented on the balance sheet		$	315			$	717

(1) These amounts represent the impact of netting derivative assets and derivative liabilities when a legally enforceable master netting agreement exists and fair value of adjustments related to our counterparty credit risk.

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