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Financial Instruments (Tables) | 6 Months Ended
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Oct. 31, 2019
Financial Instruments and Balance Sheet Classification | The following tables show the Company’s financial instruments and balance sheet classification as of October 31, 2019 and April 30, 2019:
|  | October 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 |  |  | Income Taxes & Other Receivables |  |  | Other Accrued Liabilities |
|  | (in thousands) |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 459,313 |  |  | $ | — |  |  | $ | — |  |  | $ | 459,313 |  |  | $ | 459,313 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  | 5,110 |  |  |  | — |  |  |  | — |  |  |  | 5,110 |  |  |  | 5,110 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mutual funds (1) |  |  | 137,601 |  |  |  | 7,560 |  |  |  | (598 | ) |  |  | 144,563 |  |  |  | — |  |  |  | 6,508 |  |  |  | 138,055 |  |  |  | — |  |  |  | — |
Total |  | $ | 602,024 |  |  | $ | 7,560 |  |  | $ | (598 | ) |  | $ | 608,986 |  |  | $ | 464,423 |  |  | $ | 6,508 |  |  | $ | 138,055 |  |  | $ | — |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 1,301 |  |  | $ | (548 | ) |  | $ | 753 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 753 |  |  | $ | — |
Interest rate swap |  | $ | — |  |  | $ | — |  |  | $ | (666 | ) |  | $ | (666 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (666 | )
|  | 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 $131.5 million and $122.3 million as of October 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 $23.2 million and $24.6 million as of October 31, 2019 and April 30, 2019, respectively. During the three and six months ended October 31, 2019, the fair value of the investments increased; therefore, the Company recognized a gain of $1.2 million and $3.1 million, respectively, which was recorded in other income (loss), net. 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 income (loss), net.
Financial Instruments and Balance Sheet Classification | The following tables show the Company’s financial instruments and balance sheet classification as of October 31, 2019 and April 30, 2019:
|  | October 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 |  |  | Income Taxes & Other Receivables |  |  | Other Accrued Liabilities |
|  | (in thousands) |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 459,313 |  |  | $ | — |  |  | $ | — |  |  | $ | 459,313 |  |  | $ | 459,313 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  | 5,110 |  |  |  | — |  |  |  | — |  |  |  | 5,110 |  |  |  | 5,110 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mutual funds (1) |  |  | 137,601 |  |  |  | 7,560 |  |  |  | (598 | ) |  |  | 144,563 |  |  |  | — |  |  |  | 6,508 |  |  |  | 138,055 |  |  |  | — |  |  |  | — |
Total |  | $ | 602,024 |  |  | $ | 7,560 |  |  | $ | (598 | ) |  | $ | 608,986 |  |  | $ | 464,423 |  |  | $ | 6,508 |  |  | $ | 138,055 |  |  | $ | — |  |  | $ | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 1,301 |  |  | $ | (548 | ) |  | $ | 753 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 753 |  |  | $ | — |
Interest rate swap |  | $ | — |  |  | $ | — |  |  | $ | (666 | ) |  | $ | (666 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (666 | )
|  | 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 $131.5 million and $122.3 million as of October 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 $23.2 million and $24.6 million as of October 31, 2019 and April 30, 2019, respectively. During the three and six months ended October 31, 2019, the fair value of the investments increased; therefore, the Company recognized a gain of $1.2 million and $3.1 million, respectively, which was recorded in other income (loss), net. 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 income (loss), net.
Summary of Gains and Losses on Interest Rate Swap | During the three and six months ended October 31, 2019 and 2018, the Company recognized the following gains and losses on the interest rate swap:
|  | Three Months Ended October 31, |  |  | Six Months Ended October 31, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
|  | (in thousands) |
(Losses) gains recognized in other comprehensive income (net of tax effects of $(111), $67, $(283) and $120, respectively) |  | $ | (315 | ) |  | $ | 193 |  |  | $ | (806 | ) |  | $ | 342 |
Gains reclassified from accumulated other comprehensive income into interest expense, net |  | $ | 55 |  |  | $ | 64 |  |  | $ | 196 |  |  | $ | 86 |
Fair Value of Liabilities Derivatives | The fair value of derivatives not designated as hedge instruments are as follows:
|  | October 31, 2019 |  |  | April 30, 2019 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 1,301 |  |  | $ | 821 |
Derivative liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 548 |  |  | $ | 722 |
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, 2019 |  |  | April 30, 2019 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 1,301 |  |  | $ | 821 |
Derivative liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 548 |  |  | $ | 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:
|  | October 31, 2019 |  |  | April 30, 2019 |
|  | (in thousands) |
Derivative asset: |  |  |  |  |  |  |  |
Interest rate swap contract |  | $ | — |  |  | $ | 619 |
Derivative liability: |  |  |  |  |  |  |  |
Interest rate swap contract |  | $ | 666 |  |  | $ | — |

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