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Financial Instruments (Tables)

6 Months Ended

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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