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Financial Instruments (Tables) | 3 Months Ended
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Jul. 31, 2019
Financial Instruments and Balance Sheet Classification | The following tables show the Company’s financial instruments and balance sheet classification as of July 31, 2019 and April 30, 2019:
|  | July 31, 2019 |
|  | Fair Value Measurement |  |  | Balance Sheet Classification |
|  | Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |  |  | Cash and Cash Equivalents |  |  | Marketable Securities, Current |  |  | Marketable Securities, Non- current |  |  | Other Accrued Liabilities |
|  | (in thousands) |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 378,070 |  |  | $ | — |  |  | $ | — |  |  | $ | 378,070 |  |  | $ | 378,070 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  | 46,567 |  |  |  | — |  |  |  | — |  |  |  | 46,567 |  |  |  | 46,567 |  |  |  | — |  |  |  | — |  |  |  | — |
Mutual funds (1) |  |  | 136,258 |  |  |  | 7,168 |  |  |  | (770 | ) |  |  | 142,656 |  |  |  | — |  |  |  | 8,508 |  |  |  | 134,148 |  |  |  | — |
Total |  | $ | 560,895 |  |  | $ | 7,168 |  |  | $ | (770 | ) |  | $ | 567,293 |  |  | $ | 424,637 |  |  | $ | 8,508 |  |  | $ | 134,148 |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 840 |  |  | $ | (1,411 | ) |  | $ | (571 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (571 | )
Interest rate swap |  | $ | — |  |  | $ | — |  |  | $ | (185 | ) |  | $ | (185 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (185 | )
|  | April 30, 2019 |
|  | 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 |
|  | (in thousands) |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 579,998 |  |  | $ | — |  |  | $ | — |  |  | $ | 579,998 |  |  | $ | 579,998 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  | 46,362 |  |  |  | — |  |  |  | — |  |  |  | 46,362 |  |  |  | 46,362 |  |  |  | — |  |  |  | — |  |  |  | — |
Mutual funds (1) |  |  | 135,439 |  |  |  | 6,301 |  |  |  | (989 | ) |  |  | 140,751 |  |  |  | — |  |  |  | 8,288 |  |  |  | 132,463 |  |  |  | — |
Total |  | $ | 761,799 |  |  | $ | 6,301 |  |  | $ | (989 | ) |  | $ | 767,111 |  |  | $ | 626,360 |  |  | $ | 8,288 |  |  | $ | 132,463 |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 821 |  |  | $ | (722 | ) |  | $ | 99 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 99 |
Interest rate swap |  | $ | — |  |  | $ | 619 |  |  | $ | — |  |  | $ | 619 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 619 |
(1) | These investments are held in trust for settlement of the Company’s vested obligations of $133.7 million and $122.3 million as of July 31, 2019 and April 30, 2019, respectively, under the ECAP (see Note 7 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $17.3 million and $24.6 million as of July 31, 2019 and April 30, 2019, respectively. During the three months ended July 31, 2019 and 2018, the fair value of the investments increased; therefore, the Company recognized a gain of $1.9 million and $4.0 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, 2019 and April 30, 2019:
|  | July 31, 2019 |
|  | Fair Value Measurement |  |  | Balance Sheet Classification |
|  | Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |  |  | Cash and Cash Equivalents |  |  | Marketable Securities, Current |  |  | Marketable Securities, Non- current |  |  | Other Accrued Liabilities |
|  | (in thousands) |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 378,070 |  |  | $ | — |  |  | $ | — |  |  | $ | 378,070 |  |  | $ | 378,070 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  | 46,567 |  |  |  | — |  |  |  | — |  |  |  | 46,567 |  |  |  | 46,567 |  |  |  | — |  |  |  | — |  |  |  | — |
Mutual funds (1) |  |  | 136,258 |  |  |  | 7,168 |  |  |  | (770 | ) |  |  | 142,656 |  |  |  | — |  |  |  | 8,508 |  |  |  | 134,148 |  |  |  | — |
Total |  | $ | 560,895 |  |  | $ | 7,168 |  |  | $ | (770 | ) |  | $ | 567,293 |  |  | $ | 424,637 |  |  | $ | 8,508 |  |  | $ | 134,148 |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 840 |  |  | $ | (1,411 | ) |  | $ | (571 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (571 | )
Interest rate swap |  | $ | — |  |  | $ | — |  |  | $ | (185 | ) |  | $ | (185 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (185 | )
|  | April 30, 2019 |
|  | 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 |
|  | (in thousands) |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 579,998 |  |  | $ | — |  |  | $ | — |  |  | $ | 579,998 |  |  | $ | 579,998 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  | 46,362 |  |  |  | — |  |  |  | — |  |  |  | 46,362 |  |  |  | 46,362 |  |  |  | — |  |  |  | — |  |  |  | — |
Mutual funds (1) |  |  | 135,439 |  |  |  | 6,301 |  |  |  | (989 | ) |  |  | 140,751 |  |  |  | — |  |  |  | 8,288 |  |  |  | 132,463 |  |  |  | — |
Total |  | $ | 761,799 |  |  | $ | 6,301 |  |  | $ | (989 | ) |  | $ | 767,111 |  |  | $ | 626,360 |  |  | $ | 8,288 |  |  | $ | 132,463 |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 821 |  |  | $ | (722 | ) |  | $ | 99 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 99 |
Interest rate swap |  | $ | — |  |  | $ | 619 |  |  | $ | — |  |  | $ | 619 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 619 |
(1) | These investments are held in trust for settlement of the Company’s vested obligations of $133.7 million and $122.3 million as of July 31, 2019 and April 30, 2019, respectively, under the ECAP (see Note 7 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $17.3 million and $24.6 million as of July 31, 2019 and April 30, 2019, respectively. During the three months ended July 31, 2019 and 2018, the fair value of the investments increased; therefore, the Company recognized a gain of $1.9 million and $4.0 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, 2019 and 2018, the Company recognized the following gains and losses on the interest rate swap:
|  | Three Months Ended July 31, |
|  | 2019 |  |  | 2018 |
|  | (in thousands) |
(Losses) gains recognized in other comprehensive income (net of tax effects of $(172) and $53, respectively) |  | $ | (491 | ) |  | $ | 149 |
Gains reclassified from accumulated other comprehensive income into interest expense, net |  | $ | 141 |  |  | $ | 22 |
Fair Value of Liabilities Derivatives | The fair value of derivatives not designated as hedge instruments are as follows:
|  | July 31, 2019 |  |  | April 30, 2019 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 840 |  |  | $ | 821 |
Derivative liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 1,411 |  |  | $ | 722 |
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, 2019 |  |  | April 30, 2019 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 840 |  |  | $ | 821 |
Derivative liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 1,411 |  |  | $ | 722 |
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 was as follows:
|  | July 31, 2019 |  |  | April 30, 2019 |
|  | (in thousands) |
Derivative asset: |  |  |  |  |  |  |  |
Interest rate swap contract |  | $ | — |  |  | $ | 619 |
Derivative liability: |  |  |  |  |  |  |  |
Interest rate swap contract |  | $ | 185 |  |  | $ | — |

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