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Financial Instruments (Tables) | 6 Months Ended
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Oct. 31, 2020
Financial Instruments and Balance Sheet Classification | 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.
Financial Instruments and Balance Sheet Classification | 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.
Fair Value of Liabilities Derivatives | 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 |
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, 2020 |  |  | April 30, 2020 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 718 |  |  | $ | 3,034 |
Derivative liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 831 |  |  | $ | 400 |

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