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Financial Instruments (Tables) | 9 Months Ended
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Jan. 31, 2021
Financial Instruments and Balance Sheet Classification | The following tables show the Company’s financial instruments and balance sheet classification as of January 31, 2021 and April 30, 2020:
|  | January 31, 2021 |
|  | 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 |  | $ | 23,087 |  |  | $ | 1 |  |  | $ | (2 | ) |  | $ | 23,086 |  |  | $ | — |  |  | $ | 23,086 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds |  |  | 15,050 |  |  |  | — |  |  |  | (7 | ) |  |  | 15,043 |  |  |  | 1,751 |  |  |  | 13,292 |  |  |  | — |  |  |  | — |
U.S. Treasury and Agency securities |  |  | 1,975 |  |  |  | 1 |  |  |  | — |  |  |  | 1,976 |  |  |  | — |  |  |  | 1,976 |  |  |  | — |  |  |  | — |
Total debt investments |  | $ | 40,112 |  |  | $ | 2 |  |  | $ | (9 | ) |  | $ | 40,105 |  |  | $ | 1,751 |  |  | $ | 38,354 |  |  | $ | — |  |  | $ | — |
Changes in Fair Value Recorded in |
Net Income |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 164,600 |  |  | $ | — |  |  | $ | 7,577 |  |  | $ | 157,023 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 164,600 |  |  | $ | — |  |  | $ | 7,577 |  |  | $ | 157,023 |  |  | $ | — |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 603,382 |  |  |  | 603,382 |  |  |  | — |  |  |  | — |  |  |  | — |
Money market funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 88,995 |  |  |  | 88,995 |  |  |  | — |  |  |  | — |  |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 483 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 483 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 897,565 |  |  | $ | 694,128 |  |  | $ | 45,931 |  |  | $ | 157,023 |  |  | $ | 483 |
|  | 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 $147.1 million and $124.6 million as of January 31, 2021 and April 30, 2020, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $25.4 million and $21.7 million as of January 31, 2021 and April 30, 2020, respectively. During the three and nine months ended January 31, 2021, the fair value of the investments increased; therefore, the Company recognized a gain of $15.2 million and $27.2 million, respectively, which was recorded in other income, net. During the three and nine months ended January 31, 2020, the fair value of the investments increased; therefore, the Company recognized a gain of $5.2 million and $8.3 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 January 31, 2021 and April 30, 2020:
|  | January 31, 2021 |
|  | 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 |  | $ | 23,087 |  |  | $ | 1 |  |  | $ | (2 | ) |  | $ | 23,086 |  |  | $ | — |  |  | $ | 23,086 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds |  |  | 15,050 |  |  |  | — |  |  |  | (7 | ) |  |  | 15,043 |  |  |  | 1,751 |  |  |  | 13,292 |  |  |  | — |  |  |  | — |
U.S. Treasury and Agency securities |  |  | 1,975 |  |  |  | 1 |  |  |  | — |  |  |  | 1,976 |  |  |  | — |  |  |  | 1,976 |  |  |  | — |  |  |  | — |
Total debt investments |  | $ | 40,112 |  |  | $ | 2 |  |  | $ | (9 | ) |  | $ | 40,105 |  |  | $ | 1,751 |  |  | $ | 38,354 |  |  | $ | — |  |  | $ | — |
Changes in Fair Value Recorded in |
Net Income |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 164,600 |  |  | $ | — |  |  | $ | 7,577 |  |  | $ | 157,023 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 164,600 |  |  | $ | — |  |  | $ | 7,577 |  |  | $ | 157,023 |  |  | $ | — |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 603,382 |  |  |  | 603,382 |  |  |  | — |  |  |  | — |  |  |  | — |
Money market funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 88,995 |  |  |  | 88,995 |  |  |  | — |  |  |  | — |  |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 483 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 483 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 897,565 |  |  | $ | 694,128 |  |  | $ | 45,931 |  |  | $ | 157,023 |  |  | $ | 483 |
|  | 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 $147.1 million and $124.6 million as of January 31, 2021 and April 30, 2020, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $25.4 million and $21.7 million as of January 31, 2021 and April 30, 2020, respectively. During the three and nine months ended January 31, 2021, the fair value of the investments increased; therefore, the Company recognized a gain of $15.2 million and $27.2 million, respectively, which was recorded in other income, net. During the three and nine months ended January 31, 2020, the fair value of the investments increased; therefore, the Company recognized a gain of $5.2 million and $8.3 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:
|  | January 31, 2021 |  |  | April 30, 2020 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 1,034 |  |  | $ | 3,034 |
Derivative liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 551 |  |  | $ | 400 |
Not Designated as Hedge Instrument |
Fair Value of Assets Derivatives | The fair value of derivatives not designated as hedge instruments are as follows:
|  | January 31, 2021 |  |  | April 30, 2020 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 1,034 |  |  | $ | 3,034 |
Derivative liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 551 |  |  | $ | 400 |

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