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Financial Instruments (Tables) | 6 Months Ended
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Oct. 31, 2021
Financial Instruments and Balance Sheet Classifications | The following tables show the Company’s financial instruments and balance sheet classifications as of October 31, 2021 and April 30, 2021:
|  | October 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 and other receivables |
|  | (in thousands) |
Changes in Fair Value Recorded in |
Other Comprehensive Loss |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 41,629 |  |  | $ | 1 |  |  | $ | (10 | ) |  | $ | 41,620 |  |  | $ | — |  |  | $ | 41,620 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds |  |  | 38,754 |  |  |  | — |  |  |  | (41 | ) |  |  | 38,713 |  |  |  | — |  |  |  | 25,801 |  |  |  | 12,912 |  |  |  | — |
Total debt investments |  | $ | 80,383 |  |  | $ | 1 |  |  | $ | (51 | ) |  | $ | 80,333 |  |  | $ | — |  |  | $ | 67,421 |  |  | $ | 12,912 |  |  | $ | — |
Changes in Fair Value Recorded in |
Net Income |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 191,210 |  |  | $ | — |  |  | $ | 10,075 |  |  | $ | 181,135 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 191,210 |  |  | $ | — |  |  | $ | 10,075 |  |  | $ | 181,135 |  |  | $ | — |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 637,541 |  |  | $ | 637,541 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 87,850 |  |  |  | 87,850 |  |  |  | — |  |  |  | — |  |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 564 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 564 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 997,498 |  |  | $ | 725,391 |  |  | $ | 77,496 |  |  | $ | 194,047 |  |  | $ | 564 |
|  | April 30, 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 |  |  | Other Accrued Liabilities |
|  | (in thousands) |
Changes in Fair Value Recorded in |
Other Comprehensive Income |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 51,979 |  |  | $ | 1 |  |  | $ | (7 | ) |  | $ | 51,973 |  |  | $ | 9,499 |  |  | $ | 42,474 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds |  |  | 26,371 |  |  |  | — |  |  |  | (20 | ) |  |  | 26,351 |  |  |  | — |  |  |  | 10,134 |  |  |  | 16,217 |  |  |  | — |
U.S. Treasury and Agency Securities |  |  | 1,975 |  |  |  | — |  |  |  | — |  |  |  | 1,975 |  |  |  | — |  |  |  | 1,975 |  |  |  | — |  |  |  | — |
Total debt investments |  | $ | 80,325 |  |  | $ | 1 |  |  | $ | (27 | ) |  | $ | 80,299 |  |  | $ | 9,499 |  |  | $ | 54,583 |  |  | $ | 16,217 |  |  | $ | — |
Changes in Fair Value Recorded in |
Net Income |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 175,559 |  |  | $ | — |  |  | $ | 9,084 |  |  | $ | 166,475 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 175,559 |  |  | $ | — |  |  | $ | 9,084 |  |  | $ | 166,475 |  |  | $ | — |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 752,737 |  |  | $ | 752,737 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 88,542 |  |  |  | 88,542 |  |  |  | — |  |  |  | — |  |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,097,125 |  |  | $ | 850,778 |  |  | $ | 63,667 |  |  | $ | 182,692 |  |  | $ | (12 | )
(1) | These investments are held in trust for settlement of the Company’s vested obligations of $174.6 million and $157.3 million as of October 31, 2021 and April 30, 2021, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $26.7 million and $26.5 million as of October 31, 2021 and April 30, 2021, respectively. During the three and six months ended October 31, 2021, the fair value of the investments increased; therefore, the Company recognized a gain of $4.8 million and $10.0 million, respectively, which was recorded in other income, net. 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.
Financial Instruments and Balance Sheet Classifications | The following tables show the Company’s financial instruments and balance sheet classifications as of October 31, 2021 and April 30, 2021:
|  | October 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 and other receivables |
|  | (in thousands) |
Changes in Fair Value Recorded in |
Other Comprehensive Loss |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 41,629 |  |  | $ | 1 |  |  | $ | (10 | ) |  | $ | 41,620 |  |  | $ | — |  |  | $ | 41,620 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds |  |  | 38,754 |  |  |  | — |  |  |  | (41 | ) |  |  | 38,713 |  |  |  | — |  |  |  | 25,801 |  |  |  | 12,912 |  |  |  | — |
Total debt investments |  | $ | 80,383 |  |  | $ | 1 |  |  | $ | (51 | ) |  | $ | 80,333 |  |  | $ | — |  |  | $ | 67,421 |  |  | $ | 12,912 |  |  | $ | — |
Changes in Fair Value Recorded in |
Net Income |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 191,210 |  |  | $ | — |  |  | $ | 10,075 |  |  | $ | 181,135 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 191,210 |  |  | $ | — |  |  | $ | 10,075 |  |  | $ | 181,135 |  |  | $ | — |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 637,541 |  |  | $ | 637,541 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 87,850 |  |  |  | 87,850 |  |  |  | — |  |  |  | — |  |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 564 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 564 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 997,498 |  |  | $ | 725,391 |  |  | $ | 77,496 |  |  | $ | 194,047 |  |  | $ | 564 |
|  | April 30, 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 |  |  | Other Accrued Liabilities |
|  | (in thousands) |
Changes in Fair Value Recorded in |
Other Comprehensive Income |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  | $ | 51,979 |  |  | $ | 1 |  |  | $ | (7 | ) |  | $ | 51,973 |  |  | $ | 9,499 |  |  | $ | 42,474 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds |  |  | 26,371 |  |  |  | — |  |  |  | (20 | ) |  |  | 26,351 |  |  |  | — |  |  |  | 10,134 |  |  |  | 16,217 |  |  |  | — |
U.S. Treasury and Agency Securities |  |  | 1,975 |  |  |  | — |  |  |  | — |  |  |  | 1,975 |  |  |  | — |  |  |  | 1,975 |  |  |  | — |  |  |  | — |
Total debt investments |  | $ | 80,325 |  |  | $ | 1 |  |  | $ | (27 | ) |  | $ | 80,299 |  |  | $ | 9,499 |  |  | $ | 54,583 |  |  | $ | 16,217 |  |  | $ | — |
Changes in Fair Value Recorded in |
Net Income |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 175,559 |  |  | $ | — |  |  | $ | 9,084 |  |  | $ | 166,475 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 175,559 |  |  | $ | — |  |  | $ | 9,084 |  |  | $ | 166,475 |  |  | $ | — |
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 752,737 |  |  | $ | 752,737 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 88,542 |  |  |  | 88,542 |  |  |  | — |  |  |  | — |  |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,097,125 |  |  | $ | 850,778 |  |  | $ | 63,667 |  |  | $ | 182,692 |  |  | $ | (12 | )
(1) | These investments are held in trust for settlement of the Company’s vested obligations of $174.6 million and $157.3 million as of October 31, 2021 and April 30, 2021, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $26.7 million and $26.5 million as of October 31, 2021 and April 30, 2021, respectively. During the three and six months ended October 31, 2021, the fair value of the investments increased; therefore, the Company recognized a gain of $4.8 million and $10.0 million, respectively, which was recorded in other income, net. 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.
Fair Value of Liabilities Derivatives | The fair value of derivatives not designated as hedge instruments are as follows:
|  | October 31, 2021 |  |  | April 30, 2021 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 1,374 |  |  | $ | 822 |
Derivative liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 810 |  |  | $ | 834 |
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, 2021 |  |  | April 30, 2021 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 1,374 |  |  | $ | 822 |
Derivative liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 810 |  |  | $ | 834 |

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