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Financial Instruments (Tables) | 6 Months Ended
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Oct. 31, 2018
Financial Instruments and Balance Sheet Classification | The following tables show the Company’s financial instruments and balance sheet classification as of October 31, 2018 and April 30, 2018:
|  | October 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 |  | $ | 366,549 |  |  | $ | — |  |  | $ | — |  |  | $ | 366,549 |  |  | $ | 366,549 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  | 21,130 |  |  |  | — |  |  |  | — |  |  |  | 21,130 |  |  |  | 21,130 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mutual funds (1) |  |  | 133,202 |  |  |  | 5,061 |  |  |  | (2,664 | ) |  |  | 135,599 |  |  |  | — |  |  |  | 6,686 |  |  |  | 128,913 |  |  |  | — |  |  |  | — |
Total |  | $ | 520,881 |  |  | $ | 5,061 |  |  | $ | (2,664 | ) |  | $ | 523,278 |  |  | $ | 387,679 |  |  | $ | 6,686 |  |  | $ | 128,913 |  |  | $ | — |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 1,436 |  |  | $ | (2,150 | ) |  | $ | (714 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (714 | )
Interest rate swap |  | $ | — |  |  | $ | 2,452 |  |  | $ | — |  |  | $ | 2,452 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,452 |  |  | $ | — |
|  | 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 $115.9 million and $118.2 million as of October 31, 2018 and April 30, 2018, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $24.2 million and $29.5 million as of October 31, 2018 and April 30, 2018, respectively. During the three and six months ended October 31, 2018, the fair value of the investments decreased; therefore, the Company recognized a loss of $4.8 million and $0.8 million, respectively, which was recorded in other (loss) income, net. During the three and six months ended October 31, 2017, the fair value of the investments increased; therefore, the Company recognized income of $3.4 million and $6.8 million, respectively, which was recorded in other (loss) income, net.
Financial Instruments and Balance Sheet Classification | The following tables show the Company’s financial instruments and balance sheet classification as of October 31, 2018 and April 30, 2018:
|  | October 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 |  | $ | 366,549 |  |  | $ | — |  |  | $ | — |  |  | $ | 366,549 |  |  | $ | 366,549 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  | 21,130 |  |  |  | — |  |  |  | — |  |  |  | 21,130 |  |  |  | 21,130 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mutual funds (1) |  |  | 133,202 |  |  |  | 5,061 |  |  |  | (2,664 | ) |  |  | 135,599 |  |  |  | — |  |  |  | 6,686 |  |  |  | 128,913 |  |  |  | — |  |  |  | — |
Total |  | $ | 520,881 |  |  | $ | 5,061 |  |  | $ | (2,664 | ) |  | $ | 523,278 |  |  | $ | 387,679 |  |  | $ | 6,686 |  |  | $ | 128,913 |  |  | $ | — |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 1,436 |  |  | $ | (2,150 | ) |  | $ | (714 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (714 | )
Interest rate swap |  | $ | — |  |  | $ | 2,452 |  |  | $ | — |  |  | $ | 2,452 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,452 |  |  | $ | — |
|  | 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 $115.9 million and $118.2 million as of October 31, 2018 and April 30, 2018, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $24.2 million and $29.5 million as of October 31, 2018 and April 30, 2018, respectively. During the three and six months ended October 31, 2018, the fair value of the investments decreased; therefore, the Company recognized a loss of $4.8 million and $0.8 million, respectively, which was recorded in other (loss) income, net. During the three and six months ended October 31, 2017, the fair value of the investments increased; therefore, the Company recognized income of $3.4 million and $6.8 million, respectively, which was recorded in other (loss) income, net.
Summary of Gains and Losses on Interest Rate Swap | During the three and six months ended October 31, 2018, the Company recognized the following gains and losses on the interest rate swap:
|  | Three Months Ended October 31, |  |  | Six Months Ended October 31, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
|  | (in thousands) |
Gains (Losses) recognized in other comprehensive income (net of tax effects of $67, ($205), $120, and ($56), respectively) |  | $ | 193 |  |  | $ | (322 | ) |  | $ | 342 |  |  | $ | (88 | )
Gains (Losses) reclassified from accumulated other comprehensive income into interest expense, net |  | $ | 64 |  |  | $ | (220 | ) |  | $ | 86 |  |  | $ | (500 | )
Fair Value of Liabilities Derivatives | The fair value of derivatives not designated as hedge instruments are as follows:
|  | October 31, 2018 |  |  | April 30, 2018 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 1,436 |  |  | $ | 1,778 |
Derivative liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 2,150 |  |  | $ | 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:
|  | October 31, 2018 |  |  | April 30, 2018 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 1,436 |  |  | $ | 1,778 |
Derivative liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 2,150 |  |  | $ | 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:
|  | October 31, 2018 |  |  | April 30, 2018 |
|  | (in thousands) |
Derivative asset: |  |  |  |  |  |  |  |
Interest rate swap contract |  | $ | 2,452 |  |  | $ | 2,076 |

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