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
|
|
|