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Financial Instruments (Tables) | 6 Months Ended
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Oct. 31, 2023
Fair Value Disclosures [Abstract] |
Financial Instruments and Balance Sheet Classification | The following tables show the Company’s financial instruments and balance sheet classification as of October 31, 2023 and April 30, 2023:
| October 31, 2023
| 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) Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 8,264 |  |  | $ | — |  |  | $ | (5) |  |  | $ | 8,259 |  |  | $ | 3,889 |  |  | $ | 4,370 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds | 21,622 |  |  | — |  |  | (136) |  |  | 21,486 |  |  | — |  |  | 11,727 |  |  | 9,759 |  |  | — |
U.S. Treasury and Agency Securities | 8,093 |  |  | — |  |  | (14) |  |  | 8,079 |  |  | 4,299 |  |  | — |  |  | 3,780 |  |  | — |
Total debt investments | $ | 37,979 |  |  | $ | — |  |  | $ | (155) |  |  | $ | 37,824 |  |  | $ | 8,188 |  |  | $ | 16,097 |  |  | $ | 13,539 |  |  | $ | — |
Changes in Fair Value Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  | $ | 193,373 |  |  | $ | — |  |  | $ | 10,052 |  |  | $ | 183,321 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  | $ | 193,373 |  |  | $ | — |  |  | $ | 10,052 |  |  | $ | 183,321 |  |  | $ | — |
Cash |  |  |  |  |  |  | $ | 499,666 |  |  | $ | 499,666 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  | 112,982 |  |  | 112,982 |  |  | — |  |  | — |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  | (1,460) |  |  | — |  |  | — |  |  | — |  |  | (1,460) |
Total |  |  |  |  |  |  | $ | 842,385 |  |  | $ | 620,836 |  |  | $ | 26,149 |  |  | $ | 196,860 |  |  | $ | (1,460) |
| April 30, 2023
| 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 Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 11,751 |  |  | $ | — |  |  | $ | (30) |  |  | $ | 11,721 |  |  | $ | — |  |  | $ | 11,721 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds | 24,754 |  |  | — |  |  | (355) |  |  | 24,399 |  |  | — |  |  | 21,492 |  |  | 2,907 |  |  | — |
Total debt investments | $ | 36,505 |  |  | $ | — |  |  | $ | (385) |  |  | $ | 36,120 |  |  | $ | — |  |  | $ | 33,213 |  |  | $ | 2,907 |  |  | $ | — |
Changes in Fair Value Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  | $ | 187,757 |  |  | $ | — |  |  | $ | 11,624 |  |  | $ | 176,133 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  | $ | 187,757 |  |  | $ | — |  |  | $ | 11,624 |  |  | $ | 176,133 |  |  | $ | — |
Cash |  |  |  |  |  |  | $ | 696,180 |  |  | $ | 696,180 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  | 147,844 |  |  | 147,844 |  |  | — |  |  | — |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  | 2,133 |  |  | — |  |  | — |  |  | — |  |  | 2,133 |
Total |  |  |  |  |  |  | $ | 1,070,034 |  |  | $ | 844,024 |  |  | $ | 44,837 |  |  | $ | 179,040 |  |  | $ | 2,133 |
___________________
(1) | These investments are held in trust for settlement of the Company’s vested obligations of $177.8 million and $172.2 million as of October 31, 2023 and April 30, 2023, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $21.4 million and $21.9 million as of October 31, 2023 and April 30, 2023, respectively. During the three and six months ended October 31, 2023, the fair value of the investments decreased; therefore, the Company recognized a loss of $13.8 million and $1.0 million, respectively, which was recorded in other loss, net. 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, net.
Financial Instruments and Balance Sheet Classification | The following tables show the Company’s financial instruments and balance sheet classification as of October 31, 2023 and April 30, 2023:
| October 31, 2023
| 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) Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 8,264 |  |  | $ | — |  |  | $ | (5) |  |  | $ | 8,259 |  |  | $ | 3,889 |  |  | $ | 4,370 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds | 21,622 |  |  | — |  |  | (136) |  |  | 21,486 |  |  | — |  |  | 11,727 |  |  | 9,759 |  |  | — |
U.S. Treasury and Agency Securities | 8,093 |  |  | — |  |  | (14) |  |  | 8,079 |  |  | 4,299 |  |  | — |  |  | 3,780 |  |  | — |
Total debt investments | $ | 37,979 |  |  | $ | — |  |  | $ | (155) |  |  | $ | 37,824 |  |  | $ | 8,188 |  |  | $ | 16,097 |  |  | $ | 13,539 |  |  | $ | — |
Changes in Fair Value Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  | $ | 193,373 |  |  | $ | — |  |  | $ | 10,052 |  |  | $ | 183,321 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  | $ | 193,373 |  |  | $ | — |  |  | $ | 10,052 |  |  | $ | 183,321 |  |  | $ | — |
Cash |  |  |  |  |  |  | $ | 499,666 |  |  | $ | 499,666 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  | 112,982 |  |  | 112,982 |  |  | — |  |  | — |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  | (1,460) |  |  | — |  |  | — |  |  | — |  |  | (1,460) |
Total |  |  |  |  |  |  | $ | 842,385 |  |  | $ | 620,836 |  |  | $ | 26,149 |  |  | $ | 196,860 |  |  | $ | (1,460) |
| April 30, 2023
| 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 Loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 11,751 |  |  | $ | — |  |  | $ | (30) |  |  | $ | 11,721 |  |  | $ | — |  |  | $ | 11,721 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds | 24,754 |  |  | — |  |  | (355) |  |  | 24,399 |  |  | — |  |  | 21,492 |  |  | 2,907 |  |  | — |
Total debt investments | $ | 36,505 |  |  | $ | — |  |  | $ | (385) |  |  | $ | 36,120 |  |  | $ | — |  |  | $ | 33,213 |  |  | $ | 2,907 |  |  | $ | — |
Changes in Fair Value Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  | $ | 187,757 |  |  | $ | — |  |  | $ | 11,624 |  |  | $ | 176,133 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  | $ | 187,757 |  |  | $ | — |  |  | $ | 11,624 |  |  | $ | 176,133 |  |  | $ | — |
Cash |  |  |  |  |  |  | $ | 696,180 |  |  | $ | 696,180 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  | 147,844 |  |  | 147,844 |  |  | — |  |  | — |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  | 2,133 |  |  | — |  |  | — |  |  | — |  |  | 2,133 |
Total |  |  |  |  |  |  | $ | 1,070,034 |  |  | $ | 844,024 |  |  | $ | 44,837 |  |  | $ | 179,040 |  |  | $ | 2,133 |
___________________
(1) | These investments are held in trust for settlement of the Company’s vested obligations of $177.8 million and $172.2 million as of October 31, 2023 and April 30, 2023, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $21.4 million and $21.9 million as of October 31, 2023 and April 30, 2023, respectively. During the three and six months ended October 31, 2023, the fair value of the investments decreased; therefore, the Company recognized a loss of $13.8 million and $1.0 million, respectively, which was recorded in other loss, net. 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, net.
Fair Value of Assets Derivatives | The fair value of derivatives not designated as hedge instruments are as follows:
| October 31, 2023 |  | April 30, 2023
| (in thousands)
Derivative assets: |  |  |
Foreign currency forward contracts | $ | 546 |  |  | $ | 2,813 |
Derivative liabilities: |  |  |
Foreign currency forward contracts | $ | 2,006 |  |  | $ | 680 |
Fair Value of Liabilities Derivatives | The fair value of derivatives not designated as hedge instruments are as follows:
| October 31, 2023 |  | April 30, 2023
| (in thousands)
Derivative assets: |  |  |
Foreign currency forward contracts | $ | 546 |  |  | $ | 2,813 |
Derivative liabilities: |  |  |
Foreign currency forward contracts | $ | 2,006 |  |  | $ | 680 |

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