XML 28 R12.htm IDEA: XBRL DOCUMENT
v3.20.2

Financial Instruments | 6 Months Ended
--- | ---
Oct. 31, 2020
Investments All Other Investments [Abstract] |
Financial Instruments | 5. Financial Instruments The following tables show the Company’s financial instruments and balance sheet classification as of October 31, 2020 and April 30, 2020:
|  | October 31, 2020 |
|  | 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) |
Changes in Fair Value Recorded in |
Other Comprehensive Income |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 21,386 |  |  | $ | 3 |  |  | $ | (3 | ) |  | $ | 21,386 |  |  | $ | — |  |  | $ | 21,386 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds |  |  | 16,890 |  |  |  | 7 |  |  |  | (6 | ) |  |  | 16,891 |  |  |  | — |  |  |  | 16,891 |  |  |  | — |  |  |  | — |
U.S. Treasury and Agency securities |  |  | 1,975 |  |  |  | — |  |  |  | (1 | ) |  |  | 1,974 |  |  |  | — |  |  |  | 1,974 |  |  |  | — |  |  |  | — |
Total debt investments |  | $ | 40,251 |  |  | $ | 10 |  |  | $ | (10 | ) |  | $ | 40,251 |  |  | $ | — |  |  | $ | 40,251 |  |  | $ | — |  |  | $ | — |
Changes in Fair Value Recorded in |
Net Loss |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 154,093 |  |  | $ | — |  |  | $ | 7,468 |  |  | $ | 146,625 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 154,093 |  |  | $ | — |  |  | $ | 7,468 |  |  | $ | 146,625 |  |  | $ | — |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 463,916 |  |  |  | 463,916 |  |  |  | — |  |  |  | — |  |  |  | — |
Money market funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 89,193 |  |  |  | 89,193 |  |  |  | — |  |  |  | — |  |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (113 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (113 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 747,340 |  |  | $ | 553,109 |  |  | $ | 47,719 |  |  | $ | 146,625 |  |  | $ | (113 | )
|  | April 30, 2020 |
|  | 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) |
Changes in Fair Value Recorded in |
Other Comprehensive Income |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 19,132 |  |  | $ | 39 |  |  | $ | — |  |  | $ | 19,171 |  |  | $ | 4,785 |  |  | $ | 14,386 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds |  |  | 19,181 |  |  |  | 26 |  |  |  | (19 | ) |  |  | 19,188 |  |  |  | 901 |  |  |  | 18,287 |  |  |  | — |  |  |  | — |
Total debt investments |  | $ | 38,313 |  |  | $ | 65 |  |  | $ | (19 | ) |  | $ | 38,359 |  |  | $ | 5,686 |  |  | $ | 32,673 |  |  | $ | — |  |  | $ | — |
Changes in Fair Value Recorded in |
Net Income |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 141,412 |  |  | $ | — |  |  | $ | 9,278 |  |  | $ | 132,134 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 141,412 |  |  | $ | — |  |  | $ | 9,278 |  |  | $ | 132,134 |  |  | $ | — |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 611,795 |  |  | $ | 611,795 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 71,763 |  |  |  | 71,763 |  |  |  | — |  |  |  | — |  |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,634 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,634 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 865,963 |  |  | $ | 689,244 |  |  | $ | 41,951 |  |  | $ | 132,134 |  |  | $ | 2,634 |
(1) | These investments are held in trust for settlement of the Company’s vested obligations of $133.8 million and $124.6 million as of October 31, 2020 and April 30, 2020, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $24.4 million and $21.7 million as of October 31, 2020 and April 30, 2020, respectively. During the three and six months ended October 31, 2020, the fair value of the investments increased; therefore, the Company recognized a gain of $0.6 million and $12.0 million, respectively, which was recorded in other income, net. 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, net.
Investments in marketable securities classified as available-for-sale securities are made based on the Company’s investment policy, which restricts the types of investments that can be made. As of October 31, 2020 and April 30, 2020, marketable securities classified as available-for-sale consisted of commercial paper, corporate notes/bonds and US Treasury and Agency securities for which market prices for similar assets are readily available. Investments that have an original maturity of 90 days or less and are considered highly liquid investments are classified as cash equivalents. As of October 31, 2020, available-for-sale marketable securities had remaining maturities ranging from one to twelve months. During the three and six months ended October 31, 2020, there were $16.7 million and $28.4 million in sales/maturities of available-for-sale marketable securities, respectively. During the three and six months ended October 31, 2019, there were no sales/maturities of available-for-sale marketable securities. Investments in marketable securities that are held in trust for settlement of the Company’s vested obligations under the ECAP are equity securities and are based upon the investment selections the employee elects from a pre-determined set of securities in the ECAP and the Company invests in equity securities to mirror these elections. As of October 31, 2020 and April 30, 2020, the Company’s investments in equity securities consisted of mutual funds for which market prices are readily available. Unrealized gains that relate to equity securities still held as of October 31, 2020 was $11.2 million. Unrealized losses that relate to equity securities still held as of April 30, 2020 was $8.2 million. Foreign Currency Forward Contracts Not Designated as Hedges The fair value of derivatives not designated as hedge instruments are as follows:
|  | October 31, 2020 |  |  | April 30, 2020 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 718 |  |  | $ | 3,034 |
Derivative liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 831 |  |  | $ | 400 |
As of October 31, 2020, the total notional amounts of the forward contracts purchased and sold were $85.1 million and $49.2 million, respectively. As of April 30, 2020, the total notional amounts of the forward contracts purchased and sold were $91.2 million and $41.8 million, respectively. The Company recognizes forward contracts as a net asset or net liability on the consolidated balance sheets as such contracts are covered by a master netting agreement. During the three and six months ended October 31, 2020, the Company incurred losses of $0.5 million and gains of $0.3 million, respectively, related to forward contracts, which are recorded in general and administrative expenses in the accompanying consolidated statements of operations. These foreign currency losses and gains offset foreign currency gains and losses that result from transactions denominated in a currency other than the Company’s functional currency. During the three and six months ended October 31, 2019, the Company incurred gains of $2.1 million and $0.5 million, respectively, related to forward contracts, which are recorded in general and administrative expenses in the accompanying consolidated statements of operations. These foreign currency gains offset foreign currency losses that result from transactions denominated in a currency other than the Company’s functional currency. The cash flows related to foreign currency forward contracts are included in cash flow from operating activities.

X
- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAllOtherInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration