4. Comprehensive Income

Comprehensive income is comprised of net income 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. Accumulated other comprehensive income (loss), net of taxes, is recorded as a component of stockholders’ equity.

The components of accumulated other comprehensive income (loss), net were as follows:


	October 31, 2017			April 30, 2017
	(in thousands)
Foreign currency translation adjustments	$	(43,294	)	$	(55,359	)
Deferred compensation and pension plan adjustments, net of tax		(14,423	)		(15,127	)
Interest rate swap unrealized loss, net of taxes		(185	)		(578	)

Accumulated other comprehensive loss, net	$	(57,902	)	$	(71,064	)

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


	Foreign Currency Translation			Deferred Compensation and Pension Plan (1)			Unrealized (Losses) Gains on Interest Rate Swap (2)			Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance as of July 31, 2017	$	(39,275	)	$	(14,775	)	$	(641	)	$	(54,691	)
Unrealized (losses) gains arising during the period		(4,019	)		—			322			(3,697	)
Reclassification of realized net losses to net income		—			352			134			486

Balance as of October 31, 2017	$	(43,294	)	$	(14,423	)	$	(185	)	$	(57,902	)


The following table summarizes the changes in each component of accumulated other comprehensive income (loss), net for the six months ended October 31, 2017:
	Foreign Currency Translation			Deferred Compensation and Pension Plan (1)			Unrealized (Losses) Gains 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 arising during the period		12,065			—			88			12,153
Reclassification of realized net losses to net income		—			704			305			1,009

Balance as of October 31, 2017	$	(43,294	)	$	(14,423	)	$	(185	)	$	(57,902	)

(1)	The tax effect on the reclassifications of realized net losses was $0.2 million and $0.5 million for the three and six months ended October 31, 2017, respectively.

(2)

The tax effect on unrealized gains was $0.2 million and $0.1 million for the three and six months ended October 31, 2017, respectively. The tax effect on the reclassification of realized net losses to net income was $0.1 million and $0.2 million for the three and six months ended October 31, 2017, respectively.

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


	Foreign Currency Translation			Deferred Compensation and Pension Plan (1)			Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance as of July 31, 2016	$	(49,467	)	$	(21,110	)	$	(70,577	)
Unrealized losses arising during the period		(5,131	)		—			(5,131	)
Reclassification of realized net losses to net income		—			465			465

Balance as of October 31, 2016	$	(54,598	)	$	(20,645	)	$	(75,243	)

The following table summarizes the changes in each component of accumulated other comprehensive income (loss), net for the six months ended October 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		(18,259	)		—			(18,259	)
Reclassification of realized net losses to net income		—			927			927

Balance as of October 31, 2016	$	(54,598	)	$	(20,645	)	$	(75,243	)

(1)	The tax effect on the reclassifications of realized net losses was $0.3 million and $0.6 million for the three and six months ended October 31, 2016, respectively.