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Financial Instruments (Tables)

9 Months Ended

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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+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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