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v3.22.2.2

Financial Instruments (Tables) | 6 Months Ended
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Oct. 31, 2022
Investments, All Other Investments [Abstract] |
Financial Instruments and Balance Sheet Classification | The following tables show the Company’s financial instruments and balance sheet classification as of October 31, 2022 and April 30, 2022:
| October 31, 2022
| 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 Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 23,362 |  |  | $ | — |  |  | $ | (213) |  |  | $ | 23,149 |  |  | $ | — |  |  | $ | 23,149 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds | 37,476 |  |  | — |  |  | (780) |  |  | 36,696 |  |  | — |  |  | 26,761 |  |  | 9,935 |  |  | — |
U.S. Treasury and Agency Securities | 998 |  |  | — |  |  | (8) |  |  | 990 |  |  | — |  |  | 990 |  |  | — |  |  | — |
Total debt investments | $ | 61,836 |  |  | $ | — |  |  | $ | (1,001) |  |  | $ | 60,835 |  |  | $ | — |  |  | $ | 50,900 |  |  | $ | 9,935 |  |  | $ | — |
Changes in Fair Value Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  | $ | 176,918 |  |  | $ | — |  |  | $ | 8,288 |  |  | $ | 168,630 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  | $ | 176,918 |  |  | $ | — |  |  | $ | 8,288 |  |  | $ | 168,630 |  |  | $ | — |
Cash |  |  |  |  |  |  | $ | 513,256 |  |  | $ | 513,256 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  | 80,644 |  |  | 80,644 |  |  | — |  |  | — |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  | (201) |  |  | — |  |  | — |  |  | — |  |  | (201) |
Total |  |  |  |  |  |  | $ | 831,452 |  |  | $ | 593,900 |  |  | $ | 59,188 |  |  | $ | 178,565 |  |  | $ | (201) |
| April 30, 2022
| 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 Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 41,627 |  |  | $ | — |  |  | $ | (126) |  |  | $ | 41,501 |  |  | $ | 15,489 |  |  | $ | 26,012 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds | 37,736 |  |  | — |  |  | (450) |  |  | 37,286 |  |  | — |  |  | 20,242 |  |  | 17,044 |  |  | — |
U.S. Treasury and Agency Securities | 995 |  |  | — |  |  | (8) |  |  | 987 |  |  | — |  |  | 987 |  |  | — |  |  | — |
Total debt investments | $ | 80,358 |  |  | $ | — |  |  | $ | (584) |  |  | $ | 79,774 |  |  | $ | 15,489 |  |  | $ | 47,241 |  |  | $ | 17,044 |  |  | $ | — |
Changes in Fair Value Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  | $ | 168,742 |  |  | $ | — |  |  | $ | 10,003 |  |  | $ | 158,739 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  | $ | 168,742 |  |  | $ | — |  |  | $ | 10,003 |  |  | $ | 158,739 |  |  | $ | — |
Cash |  |  |  |  |  |  | $ | 874,490 |  |  | $ | 874,490 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  | 88,091 |  |  | 88,091 |  |  | — |  |  | — |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  | (204) |  |  | — |  |  | — |  |  | — |  |  | (204) |
Total |  |  |  |  |  |  | $ | 1,210,893 |  |  | $ | 978,070 |  |  | $ | 57,244 |  |  | $ | 175,783 |  |  | $ | (204) |
___________________
(1) | These investments are held in trust for settlement of the Company’s vested obligations of $164.1 million and $160.8 million as of October 31, 2022 and April 30, 2022, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $20.7 million and $24.0 million as of October 31, 2022 and April 30, 2022, respectively. During the three and six months ended October 31, 2022, the fair value of the investments decreased; therefore, the Company recognized a loss of $9.7 million and $9.7 million, respectively, which was recorded in other (loss) income, net. 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 (loss) 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, 2022 and April 30, 2022:
| October 31, 2022
| 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 Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 23,362 |  |  | $ | — |  |  | $ | (213) |  |  | $ | 23,149 |  |  | $ | — |  |  | $ | 23,149 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds | 37,476 |  |  | — |  |  | (780) |  |  | 36,696 |  |  | — |  |  | 26,761 |  |  | 9,935 |  |  | — |
U.S. Treasury and Agency Securities | 998 |  |  | — |  |  | (8) |  |  | 990 |  |  | — |  |  | 990 |  |  | — |  |  | — |
Total debt investments | $ | 61,836 |  |  | $ | — |  |  | $ | (1,001) |  |  | $ | 60,835 |  |  | $ | — |  |  | $ | 50,900 |  |  | $ | 9,935 |  |  | $ | — |
Changes in Fair Value Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  | $ | 176,918 |  |  | $ | — |  |  | $ | 8,288 |  |  | $ | 168,630 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  | $ | 176,918 |  |  | $ | — |  |  | $ | 8,288 |  |  | $ | 168,630 |  |  | $ | — |
Cash |  |  |  |  |  |  | $ | 513,256 |  |  | $ | 513,256 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  | 80,644 |  |  | 80,644 |  |  | — |  |  | — |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  | (201) |  |  | — |  |  | — |  |  | — |  |  | (201) |
Total |  |  |  |  |  |  | $ | 831,452 |  |  | $ | 593,900 |  |  | $ | 59,188 |  |  | $ | 178,565 |  |  | $ | (201) |
| April 30, 2022
| 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 Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 41,627 |  |  | $ | — |  |  | $ | (126) |  |  | $ | 41,501 |  |  | $ | 15,489 |  |  | $ | 26,012 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds | 37,736 |  |  | — |  |  | (450) |  |  | 37,286 |  |  | — |  |  | 20,242 |  |  | 17,044 |  |  | — |
U.S. Treasury and Agency Securities | 995 |  |  | — |  |  | (8) |  |  | 987 |  |  | — |  |  | 987 |  |  | — |  |  | — |
Total debt investments | $ | 80,358 |  |  | $ | — |  |  | $ | (584) |  |  | $ | 79,774 |  |  | $ | 15,489 |  |  | $ | 47,241 |  |  | $ | 17,044 |  |  | $ | — |
Changes in Fair Value Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  | $ | 168,742 |  |  | $ | — |  |  | $ | 10,003 |  |  | $ | 158,739 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  | $ | 168,742 |  |  | $ | — |  |  | $ | 10,003 |  |  | $ | 158,739 |  |  | $ | — |
Cash |  |  |  |  |  |  | $ | 874,490 |  |  | $ | 874,490 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  | 88,091 |  |  | 88,091 |  |  | — |  |  | — |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  | (204) |  |  | — |  |  | — |  |  | — |  |  | (204) |
Total |  |  |  |  |  |  | $ | 1,210,893 |  |  | $ | 978,070 |  |  | $ | 57,244 |  |  | $ | 175,783 |  |  | $ | (204) |
___________________
(1) | These investments are held in trust for settlement of the Company’s vested obligations of $164.1 million and $160.8 million as of October 31, 2022 and April 30, 2022, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $20.7 million and $24.0 million as of October 31, 2022 and April 30, 2022, respectively. During the three and six months ended October 31, 2022, the fair value of the investments decreased; therefore, the Company recognized a loss of $9.7 million and $9.7 million, respectively, which was recorded in other (loss) income, net. 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 (loss) income, net.
Fair Value of Assets Derivatives | The fair value of derivatives not designated as hedge instruments are as follows:
| October 31, 2022 |  | April 30, 2022
| (in thousands)
Derivative assets: |  |  |
Foreign currency forward contracts | $ | 1,526 |  |  | $ | 1,639 |
Derivative liabilities: |  |  |
Foreign currency forward contracts | $ | 1,727 |  |  | $ | 1,843 |
Fair Value of Liabilities Derivatives | The fair value of derivatives not designated as hedge instruments are as follows:
| October 31, 2022 |  | April 30, 2022
| (in thousands)
Derivative assets: |  |  |
Foreign currency forward contracts | $ | 1,526 |  |  | $ | 1,639 |
Derivative liabilities: |  |  |
Foreign currency forward contracts | $ | 1,727 |  |  | $ | 1,843 |

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