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Financial Instruments (Tables) | 6 Months Ended
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Oct. 31, 2024
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, 2024 and April 30, 2024:
| October 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 |  | Other Accrued Liabilities
| (in thousands)
Changes in Fair Value Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 5,645 |  |  | $ | 1 |  |  | $ | (4) |  |  | $ | 5,642 |  |  | $ | — |  |  | $ | 5,642 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds | 27,879 |  |  | 92 |  |  | (28) |  |  | 27,943 |  |  | — |  |  | 15,536 |  |  | 12,407 |  |  | — |
U.S. Treasury and Agency Securities | 6,166 |  |  | 15 |  |  | — |  |  | 6,181 |  |  | — |  |  | 4,931 |  |  | 1,250 |  |  | — |
Total debt investments | $ | 39,690 |  |  | $ | 108 |  |  | $ | (32) |  |  | $ | 39,766 |  |  | $ | — |  |  | $ | 26,109 |  |  | $ | 13,657 |  |  | $ | — |
Changes in Fair Value Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  | $ | 232,848 |  |  | $ | — |  |  | $ | 14,549 |  |  | $ | 218,299 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  | $ | 232,848 |  |  | $ | — |  |  | $ | 14,549 |  |  | $ | 218,299 |  |  | $ | — |
Cash |  |  |  |  |  |  | $ | 519,083 |  |  | $ | 519,083 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  | 175,767 |  |  | 175,767 |  |  | — |  |  | — |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  | (1,007) |  |  | — |  |  | — |  |  | — |  |  | (1,007) |
Total |  |  |  |  |  |  | $ | 966,457 |  |  | $ | 694,850 |  |  | $ | 40,658 |  |  | $ | 231,956 |  |  | $ | (1,007) |
| 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 $215.4 million and $198.6 million as of October 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 $19.6 million and $22.4 million as of October 31, 2024 and April 30, 2024, respectively. During the three and six months ended October 31, 2024, the fair value of the investments increased; therefore, the Company recognized a gain of $4.7 million and $18.9 million, respectively, which was recorded in other income (loss), net. 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 income (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, 2024 and April 30, 2024:
| October 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 |  | Other Accrued Liabilities
| (in thousands)
Changes in Fair Value Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | $ | 5,645 |  |  | $ | 1 |  |  | $ | (4) |  |  | $ | 5,642 |  |  | $ | — |  |  | $ | 5,642 |  |  | $ | — |  |  | $ | — |
Corporate notes/bonds | 27,879 |  |  | 92 |  |  | (28) |  |  | 27,943 |  |  | — |  |  | 15,536 |  |  | 12,407 |  |  | — |
U.S. Treasury and Agency Securities | 6,166 |  |  | 15 |  |  | — |  |  | 6,181 |  |  | — |  |  | 4,931 |  |  | 1,250 |  |  | — |
Total debt investments | $ | 39,690 |  |  | $ | 108 |  |  | $ | (32) |  |  | $ | 39,766 |  |  | $ | — |  |  | $ | 26,109 |  |  | $ | 13,657 |  |  | $ | — |
Changes in Fair Value Recorded in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds (1) |  |  |  |  |  |  | $ | 232,848 |  |  | $ | — |  |  | $ | 14,549 |  |  | $ | 218,299 |  |  | $ | — |
Total equity investments |  |  |  |  |  |  | $ | 232,848 |  |  | $ | — |  |  | $ | 14,549 |  |  | $ | 218,299 |  |  | $ | — |
Cash |  |  |  |  |  |  | $ | 519,083 |  |  | $ | 519,083 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Money market funds |  |  |  |  |  |  | 175,767 |  |  | 175,767 |  |  | — |  |  | — |  |  | — |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  |  |  |  |  |  | (1,007) |  |  | — |  |  | — |  |  | — |  |  | (1,007) |
Total |  |  |  |  |  |  | $ | 966,457 |  |  | $ | 694,850 |  |  | $ | 40,658 |  |  | $ | 231,956 |  |  | $ | (1,007) |
| 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 $215.4 million and $198.6 million as of October 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 $19.6 million and $22.4 million as of October 31, 2024 and April 30, 2024, respectively. During the three and six months ended October 31, 2024, the fair value of the investments increased; therefore, the Company recognized a gain of $4.7 million and $18.9 million, respectively, which was recorded in other income (loss), net. 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 income (loss), net.
Fair Value of Assets Derivatives | The fair value of derivatives not designated as hedge instruments are as follows:
| October 31, 2024 |  | April 30, 2024
| (in thousands)
Derivative assets: |  |  |
Foreign currency forward contracts | $ | 730 |  |  | $ | 979 |
Derivative liabilities: |  |  |
Foreign currency forward contracts | $ | 1,737 |  |  | $ | 1,406 |
Fair Value of Liabilities Derivatives | The fair value of derivatives not designated as hedge instruments are as follows:
| October 31, 2024 |  | April 30, 2024
| (in thousands)
Derivative assets: |  |  |
Foreign currency forward contracts | $ | 730 |  |  | $ | 979 |
Derivative liabilities: |  |  |
Foreign currency forward contracts | $ | 1,737 |  |  | $ | 1,406 |

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