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Derivative Instruments and Activities | 12 Months Ended
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Apr. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Activities | Derivative Instruments and Activities Interest Rate Contracts As of April 30, 2024, we had total debt outstanding of $774.6 million, net of unamortized issuance costs of $0.6 million. The $775.2 million of debt outstanding are variable rate loans under the Amended and Restated CA. The carrying value of the debt approximates fair value. As of April 30, 2024 and 2023, the interest rate swap agreements we maintained were designated as fully effective cash flow hedges as defined under ASC Topic 815. As a result, the impact on our Consolidated Statements of (Loss) Income from changes in the fair value of the interest rate swaps was fully offset by changes in the interest expense on the underlying variable rate debt instruments. It is management’s intention that the notional amount of interest rate swaps be less than the variable rate loans outstanding during the life of the derivatives. The following table summarizes our interest rate swaps designated as cash flow hedges:
|  |  |  | Notional Amount |  |  |
|  |  |  | As of April 30, |  |  |
Hedged Item | Date entered into | Nature of Swap |  | 2024 |  | 2023 |  | Fixed Interest Rate | Variable Interest Rate
Amended and Restated CA | April 09, 2024 | Pay fixed/receive variable |  | $ | 50,000 |  |  | $ | — |  |  | 4.243 | % | 1-month SOFR reset every month for a 3-year period ending July 15, 2027
| Forward starting contract(1) |  | 50,000 |  |  | — |  |  |  |
Amended and Restated CA | January 31, 2024 | Pay fixed/receive variable |  | 50,000 |  |  | — |  |  | 3.700 | % | 1-month SOFR reset every month for a 3-year period ending April 15, 2027
Amended and Restated CA | January 24, 2024 | Pay fixed/receive variable |  | 50,000 |  |  | — |  |  | 3.774 | % | 1-month SOFR reset every month for a 3-year period ending April 15, 2027
Amended and Restated CA | January 05, 2024 | Pay fixed/receive variable |  | 50,000 |  |  | — |  |  | 3.689 | % | 1-month SOFR reset every month for a 3-year period ending April 15, 2027
Amended and Restated CA | December 19, 2023 | Pay fixed/receive variable |  | 50,000 |  |  | — |  |  | 3.850 | % | 1-month SOFR reset every month for a 3-year period ending January 15, 2027
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 06, 2022 | Pay fixed/receive variable |  | — |  |  | 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 |  |  | 0.465 | % | 1-month SOFR reset every month for a 3-year period ending April 15, 2024
| Existing contracts |  | $ | 500,000 |  |  | $ | 500,000 |  |  |  |
(1) | During the fourth quarter of fiscal 2024, we entered into a $50.0 million notional amount of forward starting interest rate swap agreement to hedge the cash flow risk of variability in interest payments on our variable rate borrowings. The effective date of the forward starting interest rate swap agreement is July 15, 2024. As of April 30, 2024, this contract met the criteria of a cash flow hedge.
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 our interest rate swaps designated as cash flow hedges as of April 30 are reflected in our Consolidated Statements of Financial Position as follows:
Assets (Liabilities) |  | Balance Sheet Location | 2024 |  | 2023
Current asset portion |  | Prepaid expenses and other current assets | $ | 154 |  |  | $ | 6,394 |
Non-current asset portion |  | Other non-current assets | 9,686 |  |  | 1,439 |
Non-current liability portion |  | Other long-term liabilities | — |  |  | (648) |
Total cash flow hedges |  |  | $ | 9,840 |  |  | $ | 7,185 |
The effect of our interest rate swaps on the Statements of Other Comprehensive (Loss) Income and the Statements of (Loss) Income for the years ended April 30 are as follows:
|  | 2024 |  | 2023 |  | 2022
Amount of pretax gains (losses) recognized in Other comprehensive income (loss) |  | $ | 15,164 |  |  | $ | 6,036 |  |  | $ | (6,894) |
Amount of pretax gains (losses) reclassified from Accumulated other comprehensive loss into Interest expense |  | $ | 12,420 |  |  | $ | 5,039 |  |  | $ | (4,242) |
Based on the amount in Accumulated other comprehensive loss at April 30, 2024, approximately $4.6 million, net of tax, would be reclassified into Net income in the next twelve months. Foreign Currency Contracts We may enter into foreign currency forward contracts to manage our exposure on certain foreign currency denominated assets and liabilities. The foreign currency forward exchange contracts are marked to market through Foreign exchange transaction (losses) gains on our Consolidated Statements of (Loss) Income and carried at fair value on our 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) gains on our Consolidated Statements of (Loss) Income. As of April 30, 2024 and 2023, we did not maintain any open foreign currency forward contracts. In addition, we did not maintain any open foreign currency forward contracts during the years ended April 30, 2024 and 2023.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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