XML 92 R25.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Derivative Instruments and Activities
 12 Months Ended
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 ItemDate entered intoNature of Swap20242023Fixed Interest Rate Variable Interest Rate
Amended and Restated CAApril 09, 2024Pay 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 CAJanuary 31, 2024Pay fixed/receive variable50,000 — 3.700 %
1-month SOFR reset every month for a 3-year period ending April 15, 2027
Amended and Restated CAJanuary 24, 2024Pay fixed/receive variable50,000 — 3.774 %
1-month SOFR reset every month for a 3-year period ending April 15, 2027
Amended and Restated CAJanuary 05, 2024Pay fixed/receive variable50,000 — 3.689 %
1-month SOFR reset every month for a 3-year period ending April 15, 2027
Amended and Restated CADecember 19, 2023Pay fixed/receive variable50,000 — 3.850 %
1-month SOFR reset every month for a 3-year period ending January 15, 2027
Amended and Restated CAMarch 15, 2023Pay fixed/receive variable50,000 50,000 3.565 %
1-month SOFR reset every month for a 3-year period ending April 15, 2026
Amended and Restated CAMarch 14, 2023Pay fixed/receive variable50,000 50,000 4.053 %
1-month SOFR reset every month for a 3-year period ending March 15, 2026
Amended and Restated CAMarch 13, 2023Pay fixed/receive variable50,000 50,000 3.720 %
1-month SOFR reset every month for a 3-year period ending March 15, 2026
Amended and Restated CADecember 13, 2022Pay fixed/receive variable50,000 50,000 3.772 %
1-month SOFR reset every month for a 3-year period ending December 15, 2025
Amended and Restated CAJune 16, 2022Pay fixed/receive variable100,000 100,000 3.467 %
1-month SOFR reset every month for a 2-year period ending May 15, 2024
Amended and Restated CAApril 06, 2022Pay 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 CAApril 12, 2021Pay 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
20242023
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:

202420232022
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.