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Financial Instruments (Tables) | 3 Months Ended
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Jul. 31, 2024
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 July 31, 2024 and April 30, 2024:
| July 31, 2024
| 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 Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 12,163 |  |  | $ | — |  |  | $ | (9) |  |  | $ | 12,154 |  |  | $ | — |  |  | $ | 12,154 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds | 20,173 |  |  | 52 |  |  | (7) |  |  | 20,218 |  |  | — |  |  | 10,600 |  |  | 9,618 |  |  | — |
U.S. Treasury and Agency Securities | 6,867 |  |  | 2 |  |  | (3) |  |  | 6,866 |  |  | — |  |  | 5,370 |  |  | 1,496 |  |  | — |
Total debt investments | $ | 39,203 |  |  | $ | 54 |  |  | $ | (19) |  |  | $ | 39,238 |  |  | $ | — |  |  | $ | 28,124 |  |  | $ | 11,114 |  |  | $ | — |
Changes in Fair Value Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  | $ | 232,583 |  |  | $ | — |  |  | $ | 12,502 |  |  | $ | 220,081 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  | $ | 232,583 |  |  | $ | — |  |  | $ | 12,502 |  |  | $ | 220,081 |  |  | $ | — |
Cash |  |  |  |  |  |  | $ | 540,650 |  |  | $ | 540,650 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  | 92,726 |  |  | 92,726 |  |  | — |  |  | — |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  | 408 |  |  | — |  |  | — |  |  | — |  |  | 408 |
Total |  |  |  |  |  |  | $ | 905,605 |  |  | $ | 633,376 |  |  | $ | 40,626 |  |  | $ | 231,195 |  |  | $ | 408 |
| April 30, 2024
| 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 | $ | 16,873 |  |  | $ | 1 |  |  | $ | (19) |  |  | $ | 16,855 |  |  | $ | 3,932 |  |  | $ | 12,923 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds | 17,322 |  |  | 3 |  |  | (27) |  |  | 17,298 |  |  | — |  |  | 10,050 |  |  | 7,248 |  |  | — |
U.S. Treasury and Agency Securities | 4,355 |  |  | — |  |  | (9) |  |  | 4,346 |  |  | — |  |  | 2,441 |  |  | 1,905 |  |  | — |
Total debt investments | $ | 38,550 |  |  | $ | 4 |  |  | $ | (55) |  |  | $ | 38,499 |  |  | $ | 3,932 |  |  | $ | 25,414 |  |  | $ | 9,153 |  |  | $ | — |
Changes in Fair Value Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  | $ | 219,856 |  |  | $ | — |  |  | $ | 17,328 |  |  | $ | 202,528 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  | $ | 219,856 |  |  | $ | — |  |  | $ | 17,328 |  |  | $ | 202,528 |  |  | $ | — |
Cash |  |  |  |  |  |  | $ | 790,938 |  |  | $ | 790,938 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  | 146,135 |  |  | 146,135 |  |  | — |  |  | — |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  | (427) |  |  | — |  |  | — |  |  | — |  |  | (427) |
Total |  |  |  |  |  |  | $ | 1,195,001 |  |  | $ | 941,005 |  |  | $ | 42,742 |  |  | $ | 211,681 |  |  | $ | (427) |
___________________
(1) | These investments are held in trust for settlement of the Company’s vested obligations of $214.5 million and $198.6 million as of July 31, 2024 and April 30, 2024, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $16.7 million and $22.4 million as of July 31, 2024 and April 30, 2024, respectively. During the three months ended July 31, 2024 and 2023, the fair value of the investments increased; therefore, the Company recognized a gain of $14.2 million and $12.8 million, respectively, which was recorded in other income, net.
Financial Instruments and Balance Sheet Classification | The following tables show the Company’s financial instruments and balance sheet classification as of July 31, 2024 and April 30, 2024:
| July 31, 2024
| 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 Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 12,163 |  |  | $ | — |  |  | $ | (9) |  |  | $ | 12,154 |  |  | $ | — |  |  | $ | 12,154 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds | 20,173 |  |  | 52 |  |  | (7) |  |  | 20,218 |  |  | — |  |  | 10,600 |  |  | 9,618 |  |  | — |
U.S. Treasury and Agency Securities | 6,867 |  |  | 2 |  |  | (3) |  |  | 6,866 |  |  | — |  |  | 5,370 |  |  | 1,496 |  |  | — |
Total debt investments | $ | 39,203 |  |  | $ | 54 |  |  | $ | (19) |  |  | $ | 39,238 |  |  | $ | — |  |  | $ | 28,124 |  |  | $ | 11,114 |  |  | $ | — |
Changes in Fair Value Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  | $ | 232,583 |  |  | $ | — |  |  | $ | 12,502 |  |  | $ | 220,081 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  | $ | 232,583 |  |  | $ | — |  |  | $ | 12,502 |  |  | $ | 220,081 |  |  | $ | — |
Cash |  |  |  |  |  |  | $ | 540,650 |  |  | $ | 540,650 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  | 92,726 |  |  | 92,726 |  |  | — |  |  | — |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  | 408 |  |  | — |  |  | — |  |  | — |  |  | 408 |
Total |  |  |  |  |  |  | $ | 905,605 |  |  | $ | 633,376 |  |  | $ | 40,626 |  |  | $ | 231,195 |  |  | $ | 408 |
| April 30, 2024
| 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 | $ | 16,873 |  |  | $ | 1 |  |  | $ | (19) |  |  | $ | 16,855 |  |  | $ | 3,932 |  |  | $ | 12,923 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds | 17,322 |  |  | 3 |  |  | (27) |  |  | 17,298 |  |  | — |  |  | 10,050 |  |  | 7,248 |  |  | — |
U.S. Treasury and Agency Securities | 4,355 |  |  | — |  |  | (9) |  |  | 4,346 |  |  | — |  |  | 2,441 |  |  | 1,905 |  |  | — |
Total debt investments | $ | 38,550 |  |  | $ | 4 |  |  | $ | (55) |  |  | $ | 38,499 |  |  | $ | 3,932 |  |  | $ | 25,414 |  |  | $ | 9,153 |  |  | $ | — |
Changes in Fair Value Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  | $ | 219,856 |  |  | $ | — |  |  | $ | 17,328 |  |  | $ | 202,528 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  | $ | 219,856 |  |  | $ | — |  |  | $ | 17,328 |  |  | $ | 202,528 |  |  | $ | — |
Cash |  |  |  |  |  |  | $ | 790,938 |  |  | $ | 790,938 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  | 146,135 |  |  | 146,135 |  |  | — |  |  | — |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  | (427) |  |  | — |  |  | — |  |  | — |  |  | (427) |
Total |  |  |  |  |  |  | $ | 1,195,001 |  |  | $ | 941,005 |  |  | $ | 42,742 |  |  | $ | 211,681 |  |  | $ | (427) |
___________________
(1) | These investments are held in trust for settlement of the Company’s vested obligations of $214.5 million and $198.6 million as of July 31, 2024 and April 30, 2024, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $16.7 million and $22.4 million as of July 31, 2024 and April 30, 2024, respectively. During the three months ended July 31, 2024 and 2023, the fair value of the investments increased; therefore, the Company recognized a gain of $14.2 million and $12.8 million, respectively, which was recorded in other income, net.
Fair Value of Assets Derivatives | The fair value of derivatives not designated as hedge instruments are as follows:
| July 31, 2024 |  | April 30, 2024
| (in thousands)
Derivative assets: |  |  |
Foreign currency forward contracts | $ | 745 |  |  | $ | 979 |
Derivative liabilities: |  |  |
Foreign currency forward contracts | $ | 337 |  |  | $ | 1,406 |
Fair Value of Liabilities Derivatives | The fair value of derivatives not designated as hedge instruments are as follows:
| July 31, 2024 |  | April 30, 2024
| (in thousands)
Derivative assets: |  |  |
Foreign currency forward contracts | $ | 745 |  |  | $ | 979 |
Derivative liabilities: |  |  |
Foreign currency forward contracts | $ | 337 |  |  | $ | 1,406 |

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