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Financial Instruments (Tables) | 9 Months Ended
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Jan. 31, 2018
Financial Instruments and Balance Sheet Classification | The following tables show the Company’s financial instruments and balance sheet classification as of January 31, 2018 and April 30, 2017:
|  | January 31, 2018 |
|  | Fair Value Measurement |  |  | Balance Sheet Classification |
|  | Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |  |  | Cash and Cash Equivalents |  |  | Marketable Securities, Current |  |  | Marketable Securities, Non-current |  |  | Income Taxes & Other Receivables |  |  | Other Accrued Liabilities |
|  | (in thousands) |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 388,962 |  |  | $ | — |  |  | $ | — |  |  | $ | 388,962 |  |  | $ | 388,962 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  | 1,028 |  |  |  | — |  |  |  | — |  |  |  | 1,028 |  |  |  | 1,028 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mutual funds (1) |  |  | 124,202 |  |  |  | 15,489 |  |  |  | (688 | ) |  |  | 139,003 |  |  |  | — |  |  |  | 14,807 |  |  |  | 124,196 |  |  |  | — |  |  |  | — |
Total |  | $ | 514,192 |  |  | $ | 15,489 |  |  | $ | (688 | ) |  | $ | 528,993 |  |  | $ | 389,990 |  |  | $ | 14,807 |  |  | $ | 124,196 |  |  | $ | — |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 814 |  |  | $ | (1,992 | ) |  | $ | (1,178 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 78 |  |  | $ | (1,256 | )
Interest rate swap |  | $ | — |  |  | $ | 1,390 |  |  | $ | — |  |  | $ | 1,390 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,390 |  |  | $ | — |
|  | 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 |  |  | Income Taxes & Other Receivables |  |  | Other Accrued Liabilities |
|  | (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 $122.3 million and $99.5 million as of January 31, 2018 and April 30, 2017, respectively, under the ECAP (see Note 7 — Deferred Compensation and Retirement Plans). During the three and nine months ended January 31, 2018, the fair value of the investments increased; therefore, the Company recognized income of $7.2 million and $14.0 million, respectively, which was recorded in other income, net. During the three and nine months ended January 31, 2017, the fair value of the investments increased; therefore, the Company recognized income of $3.9 million and $7.1 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 January 31, 2018 and April 30, 2017:
|  | January 31, 2018 |
|  | Fair Value Measurement |  |  | Balance Sheet Classification |
|  | Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |  |  | Cash and Cash Equivalents |  |  | Marketable Securities, Current |  |  | Marketable Securities, Non-current |  |  | Income Taxes & Other Receivables |  |  | Other Accrued Liabilities |
|  | (in thousands) |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 388,962 |  |  | $ | — |  |  | $ | — |  |  | $ | 388,962 |  |  | $ | 388,962 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  | 1,028 |  |  |  | — |  |  |  | — |  |  |  | 1,028 |  |  |  | 1,028 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mutual funds (1) |  |  | 124,202 |  |  |  | 15,489 |  |  |  | (688 | ) |  |  | 139,003 |  |  |  | — |  |  |  | 14,807 |  |  |  | 124,196 |  |  |  | — |  |  |  | — |
Total |  | $ | 514,192 |  |  | $ | 15,489 |  |  | $ | (688 | ) |  | $ | 528,993 |  |  | $ | 389,990 |  |  | $ | 14,807 |  |  | $ | 124,196 |  |  | $ | — |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 814 |  |  | $ | (1,992 | ) |  | $ | (1,178 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 78 |  |  | $ | (1,256 | )
Interest rate swap |  | $ | — |  |  | $ | 1,390 |  |  | $ | — |  |  | $ | 1,390 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,390 |  |  | $ | — |
|  | 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 |  |  | Income Taxes & Other Receivables |  |  | Other Accrued Liabilities |
|  | (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 $122.3 million and $99.5 million as of January 31, 2018 and April 30, 2017, respectively, under the ECAP (see Note 7 — Deferred Compensation and Retirement Plans). During the three and nine months ended January 31, 2018, the fair value of the investments increased; therefore, the Company recognized income of $7.2 million and $14.0 million, respectively, which was recorded in other income, net. During the three and nine months ended January 31, 2017, the fair value of the investments increased; therefore, the Company recognized income of $3.9 million and $7.1 million, respectively, which was recorded in other income, net.
Summary of Gains and Losses on Interest Rate Swap | During the three and nine months ended January 31, 2018, the Company recognized the following gains and losses on the interest rate swap:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | January 31, 2018 |
|  | (in thousands) |
Gains recognized in other comprehensive income (net of tax effects of $553 and $609, respectively) |  | $ | 973 |  |  | $ | 1,061 |
Losses reclassified from accumulated other comprehensive income into interest expense, net |  | $ | 167 |  |  | $ | 667 |
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:
|  | January 31, 2018 |  |  | April 30, 2017 |
|  | (in thousands) |
Derivative asset: |  |  |  |  |  |  |  |
Interest rate swap contract |  | $ | 1,390 |  |  | $ | — |
Derivative liability: |  |  |  |  |  |  |  |
Interest rate swap contract |  | $ | — |  |  | $ | 947 |
Not Designated as Hedge Instrument |
Fair Value of Liabilities Derivatives | The fair value of derivatives not designated as hedge instruments are as follows:
|  | January 31, 2018 |  |  | April 30, 2017 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Total gross amount of foreign currency forward contracts |  | $ | 814 |  |  | $ | — |
Gross derivatives offset on the balance sheet (1) |  |  | (736 | ) |  |  | — |
Net amounts presented on the balance sheet |  | $ | 78 |  |  | $ | — |
Derivative liabilities: |  |  |  |  |  |  |  |
Total gross amount of foreign currency forward contracts |  | $ | 1,992 |  |  | $ | 846 |
Gross derivatives offset on the balance sheet (1) |  |  | (736 | ) |  |  | (129 | )
Net amounts presented on the balance sheet |  | $ | 1,256 |  |  | $ | 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 | he fair value of derivatives not designated as hedge instruments are as follows:
|  | January 31, 2018 |  |  | April 30, 2017 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Total gross amount of foreign currency forward contracts |  | $ | 814 |  |  | $ | — |
Gross derivatives offset on the balance sheet (1) |  |  | (736 | ) |  |  | — |
Net amounts presented on the balance sheet |  | $ | 78 |  |  | $ | — |
Derivative liabilities: |  |  |  |  |  |  |  |
Total gross amount of foreign currency forward contracts |  | $ | 1,992 |  |  | $ | 846 |
Gross derivatives offset on the balance sheet (1) |  |  | (736 | ) |  |  | (129 | )
Net amounts presented on the balance sheet |  | $ | 1,256 |  |  | $ | 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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