Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.21.2
Financial Instruments (Tables)
3 Months Ended
Jul. 31, 2021
Financial Instruments and Balance Sheet Classifications

The following tables show the Company’s financial instruments and balance sheet classifications as of July 31, 2021 and April 30, 2021:

 

 

 

July 31, 2021

 

 

 

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

 

$

35,925

 

 

$

2

 

 

$

(6

)

 

$

35,921

 

 

$

 

 

$

35,921

 

 

$

 

 

$

 

Corporate notes/bonds

 

 

36,014

 

 

 

2

 

 

 

(19

)

 

 

35,997

 

 

 

 

 

 

20,601

 

 

 

15,396

 

 

 

 

U.S. Treasury and Agency Securities

 

 

1,975

 

 

 

 

 

 

 

 

 

1,975

 

 

 

 

 

 

1,975

 

 

 

 

 

 

 

Total debt investments

 

$

73,914

 

 

$

4

 

 

$

(25

)

 

$

73,893

 

 

$

 

 

$

58,497

 

 

$

15,396

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in Fair Value Recorded in

 

Net Income

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

181,089

 

 

$

 

 

$

9,750

 

 

$

171,339

 

 

$

 

Total equity investments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

181,089

 

 

$

 

 

$

9,750

 

 

$

171,339

 

 

$

 

Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

$

554,698

 

 

$

554,698

 

 

$

 

 

$

 

 

$

 

Money market funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

94,606

 

 

 

94,606

 

 

 

 

 

 

 

 

 

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(203

)

 

 

 

 

 

 

 

 

 

 

 

(203

)

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

$

904,083

 

 

$

649,304

 

 

$

68,247

 

 

$

186,735

 

 

$

(203

)

 

 

 

April 30, 2021

 

 

 

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

 

$

51,979

 

 

$

1

 

 

$

(7

)

 

$

51,973

 

 

$

9,499

 

 

$

42,474

 

 

$

 

 

$

 

Corporate notes/bonds

 

 

26,371

 

 

 

 

 

 

(20

)

 

 

26,351

 

 

 

 

 

 

10,134

 

 

 

16,217

 

 

 

 

U.S. Treasury and Agency Securities

 

 

1,975

 

 

 

 

 

 

 

 

 

1,975

 

 

 

 

 

 

1,975

 

 

 

 

 

 

 

Total debt investments

 

$

80,325

 

 

$

1

 

 

$

(27

)

 

$

80,299

 

 

$

9,499

 

 

$

54,583

 

 

$

16,217

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in Fair Value Recorded in

 

Net Income

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

175,559

 

 

$

 

 

$

9,084

 

 

$

166,475

 

 

$

 

Total equity investments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

175,559

 

 

$

 

 

$

9,084

 

 

$

166,475

 

 

$

 

Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

$

752,737

 

 

$

752,737

 

 

$

 

 

$

 

 

$

 

Money market funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

88,542

 

 

 

88,542

 

 

 

 

 

 

 

 

 

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12

)

 

 

 

 

 

 

 

 

 

 

 

(12

)

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,097,125

 

 

$

850,778

 

 

$

63,667

 

 

$

182,692

 

 

$

(12

)

 

 

(1)

These investments are held in trust for settlement of the Company’s vested obligations of $171.2 million and $157.3 million as of July 31, 2021 and April 30, 2021, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $24.7 million and $26.5 million as of July 31, 2021 and April 30, 2021, respectively. During the three months ended July 31, 2021 and 2020, the fair value of the investments increased; therefore, the Company recognized a gain of $5.2 million and $11.5 million, respectively, which was recorded in other income, net.

Financial Instruments and Balance Sheet Classifications

The following tables show the Company’s financial instruments and balance sheet classifications as of July 31, 2021 and April 30, 2021:

 

 

 

July 31, 2021

 

 

 

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

 

$

35,925

 

 

$

2

 

 

$

(6

)

 

$

35,921

 

 

$

 

 

$

35,921

 

 

$

 

 

$

 

Corporate notes/bonds

 

 

36,014

 

 

 

2

 

 

 

(19

)

 

 

35,997

 

 

 

 

 

 

20,601

 

 

 

15,396

 

 

 

 

U.S. Treasury and Agency Securities

 

 

1,975

 

 

 

 

 

 

 

 

 

1,975

 

 

 

 

 

 

1,975

 

 

 

 

 

 

 

Total debt investments

 

$

73,914

 

 

$

4

 

 

$

(25

)

 

$

73,893

 

 

$

 

 

$

58,497

 

 

$

15,396

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in Fair Value Recorded in

 

Net Income

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

181,089

 

 

$

 

 

$

9,750

 

 

$

171,339

 

 

$

 

Total equity investments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

181,089

 

 

$

 

 

$

9,750

 

 

$

171,339

 

 

$

 

Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

$

554,698

 

 

$

554,698

 

 

$

 

 

$

 

 

$

 

Money market funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

94,606

 

 

 

94,606

 

 

 

 

 

 

 

 

 

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(203

)

 

 

 

 

 

 

 

 

 

 

 

(203

)

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

$

904,083

 

 

$

649,304

 

 

$

68,247

 

 

$

186,735

 

 

$

(203

)

 

 

 

April 30, 2021

 

 

 

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

 

$

51,979

 

 

$

1

 

 

$

(7

)

 

$

51,973

 

 

$

9,499

 

 

$

42,474

 

 

$

 

 

$

 

Corporate notes/bonds

 

 

26,371

 

 

 

 

 

 

(20

)

 

 

26,351

 

 

 

 

 

 

10,134

 

 

 

16,217

 

 

 

 

U.S. Treasury and Agency Securities

 

 

1,975

 

 

 

 

 

 

 

 

 

1,975

 

 

 

 

 

 

1,975

 

 

 

 

 

 

 

Total debt investments

 

$

80,325

 

 

$

1

 

 

$

(27

)

 

$

80,299

 

 

$

9,499

 

 

$

54,583

 

 

$

16,217

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in Fair Value Recorded in

 

Net Income

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

175,559

 

 

$

 

 

$

9,084

 

 

$

166,475

 

 

$

 

Total equity investments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

175,559

 

 

$

 

 

$

9,084

 

 

$

166,475

 

 

$

 

Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

$

752,737

 

 

$

752,737

 

 

$

 

 

$

 

 

$

 

Money market funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

88,542

 

 

 

88,542

 

 

 

 

 

 

 

 

 

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12

)

 

 

 

 

 

 

 

 

 

 

 

(12

)

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,097,125

 

 

$

850,778

 

 

$

63,667

 

 

$

182,692

 

 

$

(12

)

 

 

(1)

These investments are held in trust for settlement of the Company’s vested obligations of $171.2 million and $157.3 million as of July 31, 2021 and April 30, 2021, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $24.7 million and $26.5 million as of July 31, 2021 and April 30, 2021, respectively. During the three months ended July 31, 2021 and 2020, the fair value of the investments increased; therefore, the Company recognized a gain of $5.2 million and $11.5 million, respectively, which was recorded in other income, net.

Fair Value of Liabilities Derivatives

The fair value of derivatives not designated as hedge instruments are as follows:

 

 

 

July 31,

2021

 

 

April 30,

2021

 

 

 

(in thousands)

 

Derivative assets:

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

779

 

 

$

822

 

Derivative liabilities:

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

982

 

 

$

834

 

 

Not Designated as Hedge Instrument  
Fair Value of Assets Derivatives

The fair value of derivatives not designated as hedge instruments are as follows:

 

 

 

July 31,

2021

 

 

April 30,

2021

 

 

 

(in thousands)

 

Derivative assets:

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

779

 

 

$

822

 

Derivative liabilities:

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

982

 

 

$

834