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Derivative Instruments and Hedging Activities | 3 Months Ended
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Jul. 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 July 31, 2023, we had total debt outstanding of $895.9 million, net of unamortized issuance costs of $0.7 million of which $896.6 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 | July 31, 2023 | April 30, 2023 | Fixed Interest Rate | Variable Interest Rate
Amended and Restated CA | March 15, 2023 | Pay fixed/receive variable | $ | 50,000 |  | $ | 50,000 |  | 3.565 | % | 1-month SOFR reset every month for a 3-year period ending April 15, 2026
Amended and Restated CA | March 14, 2023 | Pay fixed/receive variable | 50,000 |  | 50,000 |  | 4.053 | % | 1-month SOFR reset every month for a 3-year period ending March 15, 2026
Amended and Restated CA | March 13, 2023 | Pay fixed/receive variable | 50,000 |  | 50,000 |  | 3.720 | % | 1-month SOFR reset every month for a 3-year period ending March 15, 2026
Amended and Restated CA | December 13, 2022 | Pay fixed/receive variable | 50,000 |  | 50,000 |  | 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 | 100,000 |  | 100,000 |  | 3.467 | % | 1-month SOFR reset every month for a 2-year period ending May 15, 2024
Amended and Restated CA | April 6, 2022 | Pay fixed/receive variable | 100,000 |  | 100,000 |  | 2.588 | % | 1-month SOFR reset every month for a 2-year period ending April 15, 2024
Amended and Restated CA | April 12, 2021 | Pay fixed/receive variable | 100,000 |  | 100,000 |  | 0.465 | % | 1-month SOFR reset every month for a 3-year period ending April 15, 2024
|  |  | $ | 500,000 |  | $ | 500,000 |  |  |
(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.
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 July 31, 2023 was a deferred gain of $10.6 million. Based on the maturity dates of the contracts, $7.2 million of the deferred gain as of July 31, 2023 was recorded within Prepaid expenses and other current assets, and $3.4 million of the deferred gain was recorded within Other non-current assets. The fair value of the interest rate swaps as of April 30, 2023 was a deferred loss of $(0.6) million and a deferred gain of $7.8 million. Based on the maturity dates of the contracts, the entire deferred loss as of April 30, 2023 was recorded within Other long-term liabilities, $6.4 million of the deferred gain was recorded within Prepaid expenses and other current assets, and $1.4 million was recorded within Other non-current assets. The pretax gains (losses) that were reclassified from Accumulated other comprehensive loss into Interest expense for the three months ended July 31, 2023 and 2022 were $2.9 million and $(0.4) 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 losses on our Unaudited Condensed Consolidated Statements of Net Loss 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 losses on our Unaudited Condensed Consolidated Statements of Net Loss. As of July 31, 2023, and April 30, 2023, we did not maintain any open forward exchange contracts. In addition, we did not maintain any open forward contracts during the three months ended July 31, 2023 and 2022.

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