XML 42 R26.htm IDEA: XBRL DOCUMENT v3.21.2
Financial Instruments (Tables)
 6 Months Ended
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