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Financial Instruments (Tables) | 3 Months Ended
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Jul. 31, 2018
Financial Instruments and Balance Sheet Classification | The following tables show the Company’s financial instruments and balance sheet classification as of July 31, 2018 and April 30, 2018:
|  | July 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 |  | $ | 344,684 |  |  | $ | — |  |  | $ | — |  |  | $ | 344,684 |  |  | $ | 344,684 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  | 21,045 |  |  |  | — |  |  |  | — |  |  |  | 21,045 |  |  |  | 21,045 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mutual funds (1) |  |  | 124,589 |  |  |  | 10,395 |  |  |  | (908 | ) |  |  | 134,076 |  |  |  | — |  |  |  | 10,952 |  |  |  | 123,124 |  |  |  | — |  |  |  | — |
Total |  | $ | 490,318 |  |  | $ | 10,395 |  |  | $ | (908 | ) |  | $ | 499,805 |  |  | $ | 365,729 |  |  | $ | 10,952 |  |  | $ | 123,124 |  |  | $ | — |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 603 |  |  | $ | (621 | ) |  | $ | (18 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (18 | )
Interest rate swap |  | $ | — |  |  | $ | 2,256 |  |  | $ | — |  |  | $ | 2,256 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,256 |  |  | $ | — |
|  | April 30, 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 |  | $ | 519,818 |  |  | $ | — |  |  | $ | — |  |  | $ | 519,818 |  |  | $ | 519,818 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  | 1,030 |  |  |  | — |  |  |  | — |  |  |  | 1,030 |  |  |  | 1,030 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mutual funds (1) |  |  | 127,077 |  |  |  | 11,040 |  |  |  | (1,032 | ) |  |  | 137,085 |  |  |  | — |  |  |  | 14,293 |  |  |  | 122,792 |  |  |  | — |  |  |  | — |
Total |  | $ | 647,925 |  |  | $ | 11,040 |  |  | $ | (1,032 | ) |  | $ | 657,933 |  |  | $ | 520,848 |  |  | $ | 14,293 |  |  | $ | 122,792 |  |  | $ | — |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 1,778 |  |  | $ | (1,025 | ) |  | $ | 753 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 753 |  |  | $ | — |
Interest rate swap |  | $ | — |  |  | $ | 2,076 |  |  | $ | — |  |  | $ | 2,076 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,076 |  |  | $ | — |
(1) | These investments are held in trust for settlement of the Company’s vested obligations of $125.4 million and $118.2 million as of July 31, 2018 and April 30, 2018, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). During the three months ended July 31, 2018 and 2017, the fair value of the investments increased; therefore, the Company recognized income of $4.0 million and $3.4 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, 2018 and April 30, 2018:
|  | July 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 |  | $ | 344,684 |  |  | $ | — |  |  | $ | — |  |  | $ | 344,684 |  |  | $ | 344,684 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  | 21,045 |  |  |  | — |  |  |  | — |  |  |  | 21,045 |  |  |  | 21,045 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mutual funds (1) |  |  | 124,589 |  |  |  | 10,395 |  |  |  | (908 | ) |  |  | 134,076 |  |  |  | — |  |  |  | 10,952 |  |  |  | 123,124 |  |  |  | — |  |  |  | — |
Total |  | $ | 490,318 |  |  | $ | 10,395 |  |  | $ | (908 | ) |  | $ | 499,805 |  |  | $ | 365,729 |  |  | $ | 10,952 |  |  | $ | 123,124 |  |  | $ | — |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 603 |  |  | $ | (621 | ) |  | $ | (18 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (18 | )
Interest rate swap |  | $ | — |  |  | $ | 2,256 |  |  | $ | — |  |  | $ | 2,256 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,256 |  |  | $ | — |
|  | April 30, 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 |  | $ | 519,818 |  |  | $ | — |  |  | $ | — |  |  | $ | 519,818 |  |  | $ | 519,818 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  | 1,030 |  |  |  | — |  |  |  | — |  |  |  | 1,030 |  |  |  | 1,030 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mutual funds (1) |  |  | 127,077 |  |  |  | 11,040 |  |  |  | (1,032 | ) |  |  | 137,085 |  |  |  | — |  |  |  | 14,293 |  |  |  | 122,792 |  |  |  | — |  |  |  | — |
Total |  | $ | 647,925 |  |  | $ | 11,040 |  |  | $ | (1,032 | ) |  | $ | 657,933 |  |  | $ | 520,848 |  |  | $ | 14,293 |  |  | $ | 122,792 |  |  | $ | — |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 1,778 |  |  | $ | (1,025 | ) |  | $ | 753 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 753 |  |  | $ | — |
Interest rate swap |  | $ | — |  |  | $ | 2,076 |  |  | $ | — |  |  | $ | 2,076 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,076 |  |  | $ | — |
(1) | These investments are held in trust for settlement of the Company’s vested obligations of $125.4 million and $118.2 million as of July 31, 2018 and April 30, 2018, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). During the three months ended July 31, 2018 and 2017, the fair value of the investments increased; therefore, the Company recognized income of $4.0 million and $3.4 million, respectively, which was recorded in other income, net.
Summary of Gains and Losses on Interest Rate Swap | During the three months ended July 31, 2018, the Company recognized the following gains and losses on the interest rate swap:
|  | Three Months Ended July 31, |
|  | 2018 |  |  | 2017 |
|  | (in thousands) |
Gains (Losses) recognized in other comprehensive income (net of tax effects of $53 and ($149), respectively) |  | $ | 149 |  |  | $ | (234 | )
Gains (Losses) reclassified from accumulated other comprehensive income into interest expense, net |  | $ | 22 |  |  | $ | (280 | )
Fair Value of Liabilities Derivatives | The fair value of derivatives not designated as hedge instruments are as follows:
|  | July 31, 2018 |  |  | April 30, 2018 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 603 |  |  | $ | 1,778 |
Derivative liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 621 |  |  | $ | 1,025 |
Not Designated as Hedge Instrument |
Fair Value of Assets Derivatives | The fair value of derivatives not designated as hedge instruments are as follows:
|  | July 31, 2018 |  |  | April 30, 2018 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 603 |  |  | $ | 1,778 |
Derivative liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 621 |  |  | $ | 1,025 |
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, 2018 |  |  | April 30, 2018 |
|  | (in thousands) |
Derivative asset: |  |  |  |  |  |  |  |
Interest rate swap contract |  | $ | 2,256 |  |  | $ | 2,076 |

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