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Derivative Instruments and Hedging Activities | 9 Months Ended
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Jan. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities From time-to-time, we enter into forward exchange and interest rate swap contracts as a hedge against foreign currency asset and liability commitments, changes in interest rates and anticipated transaction exposures, including intercompany sales and purchases. All derivatives are recognized as assets or liabilities and measured at fair value. Derivatives that are not determined to be effective hedges are adjusted to fair value with a corresponding adjustment to earnings. We do not use financial instruments for trading or speculative purposes. Interest Rate Contracts As of January 31, 2023, we had total debt outstanding of $945.6 million, net of unamortized issuance costs of $0.8 million of which $946.4 million are variable rate loans outstanding under the Amended and Restated CA, which approximated fair value. The following table summarizes our interest rate swaps designated as cash flow hedges:
|  |  | Notional Amount |  |
Hedged Item (1) | Date entered into | Nature of Swap | January 31, 2022 | April 30, 2022 | Fixed Interest Rate | Variable Interest Rate
Amended and Restated CA | December 13, 2022 | Pay fixed/receive variable | $ | 50 |  | $ | — |  | 3.772 | % | 1-month SOFR reset every month for a 3-year period ending December 15, 2025
Amended and Restated CA | June 16, 2022 | Pay fixed/receive variable | $ | 100 |  | $ | — |  | 3.467 | % | 1-month SOFR reset every month for a 3-year period ending May 15, 2024 (2)
Amended and Restated CA | April 12, 2021 | Pay fixed/receive variable | $ | 100 |  | $ | 100 |  | 0.465 | % | 1-month SOFR reset every month for a 3-year period ending April 15, 2024 (2)
Amended and Restated CA | April 6, 2022 | Pay fixed/receive variable | $ | 100 |  | $ | 100 |  | 2.588 | % | 1-month SOFR reset every month for a 2-year period ending April 15, 2024 (2)
Amended and Restated CA | February 26, 2020 | Pay fixed/receive variable | $ | 100 |  | $ | 100 |  | 1.168 | % | 1-month SOFR reset every month for a 3-year period ending March 15, 2023 (2)
Amended and Restated CA | August 7, 2019 | Pay fixed/receive variable | $ | — |  | $ | 100 |  | 1.400 | % | 1-month LIBOR reset every month for a 3-year period ending August 15, 2022
Amended and Restated CA | June 24, 2019 | Pay fixed/receive variable | $ | — |  | $ | 100 |  | 1.650 | % | 1-month LIBOR reset every month for a 3-year period ending July 15, 2022
|  |  | $ | 450 |  | $ | 500 |  |  |
(1) | On November 30, 2022, we entered into the Second Amendment to our Amended and Restated CA. Refer to Note 15, "Debt and Available Credit Facilities" for more information related to our Amended and Restated CA.
(2) | On November 30, 2022, we amended the Amended and Restated CA (as defined in Note 15, “Debt and Available Credit Facilities”) and as a result we amended our outstanding interest rate swaps designated as cash flow hedges to change the rates from LIBOR-based rates to SOFR-based rates. We applied ASU 2020-04 at the time of modification, and there was no impact on our Condensed Consolidated Financial Statements.
We record the fair value of our interest rate swaps on a recurring basis using Level 2 inputs of quoted prices for similar assets or liabilities in active markets. The fair value of the interest rate swaps as of January 31, 2023 was a deferred gain of $9.6 million. Based on the maturity dates of the contracts, $0.5 million of the deferred gain as of January 31, 2023 was recorded within Prepaid expenses and other current assets and $9.1 million of the deferred gain was recorded within Other non-current assets. The fair value of the interest rate swaps as of April 30, 2022 was a deferred loss of $(0.2) million and a deferred gain of $5.8 million. Based on the maturity dates of the contracts, the entire deferred loss as of April 30, 2022 was recorded within Other accrued liabilities, $0.9 million of the deferred gain was recorded within Prepaid expenses and other current assets, and $4.9 million was recorded within Other non-current assets. The pretax gains that were reclassified from Accumulated other comprehensive loss into Interest expense for the three and nine months ended January 31, 2023 were $2.2 million and $2.5 million, respectively. The pretax (losses) that were reclassified from Accumulated other comprehensive loss into Interest expense for the three and nine months ended January 31, 2022 were $(1.1) million and $(3.3) million, respectively. Foreign Currency Contracts We may enter into forward exchange contracts to manage our exposure on certain foreign currency denominated assets and liabilities. The forward exchange contracts are marked to market through Foreign exchange transaction gains (losses) on our Unaudited Condensed Consolidated Statements of Net (Loss) Income and carried at fair value on our Unaudited Condensed Consolidated Statements of Financial Position. Foreign currency denominated assets and liabilities are remeasured at spot rates in effect on the balance sheet date, with the effects of changes in spot rates reported in Foreign exchange transaction gains (losses) on our Unaudited Condensed Consolidated Statements of Net (Loss) Income. As of January 31, 2023, and April 30, 2022, we did not maintain any open forward exchange contracts. In addition, we did not maintain any open forward contracts during the nine months ended January 31, 2023 and 2022.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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