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Financial Instruments (Tables)

6 Months Ended

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

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=126976982&loc=SL7498348-110258

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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-Subparagraph (bb)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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