Financial Instruments (Tables)
|
3 Months Ended |
Jul. 31, 2022 |
Financial Instruments and Balance Sheet Classification |
The following tables show the Company’s financial instruments and balance sheet classification as of July 31, 2022 and April 30, 2022:
|
|
July 31, 2022
|
|
|
|
Fair Value Measurement
|
|
|
Balance Sheet Classification
|
|
|
|
Cost
|
|
|
Unrealized
Gains
|
|
|
Unrealized
Losses
|
|
|
Fair
Value
|
|
|
Cash and
Cash
Equivalents
|
|
|
Marketable
Securities,
Current
|
|
|
Marketable
Securities,
Non-
current
|
|
|
Income Taxes & Other Receivables
|
|
|
|
(in thousands)
|
|
Changes in Fair Value Recorded in
|
|
Other Comprehensive Loss
|
|
Level 2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper
|
|
$
|
35,709
|
|
|
$
|
—
|
|
|
$
|
(180
|
)
|
|
$
|
35,529
|
|
|
$
|
—
|
|
|
$
|
35,529
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Corporate notes/bonds
|
|
|
43,600
|
|
|
|
8
|
|
|
|
(470
|
)
|
|
|
43,138
|
|
|
|
—
|
|
|
|
24,138
|
|
|
|
19,000
|
|
|
|
—
|
|
U.S. Treasury and Agency Securities
|
|
|
996
|
|
|
|
—
|
|
|
|
(10
|
)
|
|
|
986
|
|
|
|
—
|
|
|
|
986
|
|
|
|
—
|
|
|
|
—
|
|
Total debt investments
|
|
$
|
80,305
|
|
|
$
|
8
|
|
|
$
|
(660
|
)
|
|
$
|
79,653
|
|
|
$
|
—
|
|
|
$
|
60,653
|
|
|
$
|
19,000
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in
|
|
Net Income
|
|
Level 1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
177,011
|
|
|
$
|
—
|
|
|
$
|
10,519
|
|
|
$
|
166,492
|
|
|
$
|
—
|
|
Total equity investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
177,011
|
|
|
$
|
—
|
|
|
$
|
10,519
|
|
|
$
|
166,492
|
|
|
$
|
—
|
|
Cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
577,195
|
|
|
$
|
577,195
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Money market funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,589
|
|
|
|
62,589
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Level 2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency forward contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
497
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
497
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
896,945
|
|
|
$
|
639,784
|
|
|
$
|
71,172
|
|
|
$
|
185,492
|
|
|
$
|
497
|
|
|
|
April 30, 2022
|
|
|
|
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
|
|
$
|
41,627
|
|
|
$
|
—
|
|
|
$
|
(126
|
)
|
|
$
|
41,501
|
|
|
$
|
15,489
|
|
|
$
|
26,012
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Corporate notes/bonds
|
|
|
37,736
|
|
|
|
—
|
|
|
|
(450
|
)
|
|
|
37,286
|
|
|
|
—
|
|
|
|
20,242
|
|
|
|
17,044
|
|
|
|
—
|
|
U.S. Treasury and Agency Securities
|
|
|
995
|
|
|
|
—
|
|
|
|
(8
|
)
|
|
|
987
|
|
|
|
—
|
|
|
|
987
|
|
|
|
—
|
|
|
|
—
|
|
Total debt investments
|
|
$
|
80,358
|
|
|
$
|
—
|
|
|
$
|
(584
|
)
|
|
$
|
79,774
|
|
|
$
|
15,489
|
|
|
$
|
47,241
|
|
|
$
|
17,044
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in
|
|
Net Income
|
|
Level 1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
168,742
|
|
|
$
|
—
|
|
|
$
|
10,003
|
|
|
$
|
158,739
|
|
|
$
|
—
|
|
Total equity investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
168,742
|
|
|
$
|
—
|
|
|
$
|
10,003
|
|
|
$
|
158,739
|
|
|
$
|
—
|
|
Cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
874,490
|
|
|
$
|
874,490
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Money market funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88,091
|
|
|
|
88,091
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Level 2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency forward contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(204
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(204
|
)
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,210,893
|
|
|
$
|
978,070
|
|
|
$
|
57,244
|
|
|
$
|
175,783
|
|
|
$
|
(204
|
)
|
(1)
|
These investments are held in trust for settlement of the Company’s vested obligations of $178.8 million and $160.8 million as of July 31, 2022 and April 30, 2022, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $17.5 million and $24.0 million as of July 31, 2022 and April 30, 2022, respectively. During the three months ended July 31, 2022 and 2021, the fair value of the investments increased; therefore, the Company recognized a gain of $0.1 million and $5.2 million, respectively, which was recorded in other income, net.
|
|
Financial Instruments and Balance Sheet Classification |
The following tables show the Company’s financial instruments and balance sheet classification as of July 31, 2022 and April 30, 2022:
|
|
July 31, 2022
|
|
|
|
Fair Value Measurement
|
|
|
Balance Sheet Classification
|
|
|
|
Cost
|
|
|
Unrealized
Gains
|
|
|
Unrealized
Losses
|
|
|
Fair
Value
|
|
|
Cash and
Cash
Equivalents
|
|
|
Marketable
Securities,
Current
|
|
|
Marketable
Securities,
Non-
current
|
|
|
Income Taxes & Other Receivables
|
|
|
|
(in thousands)
|
|
Changes in Fair Value Recorded in
|
|
Other Comprehensive Loss
|
|
Level 2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper
|
|
$
|
35,709
|
|
|
$
|
—
|
|
|
$
|
(180
|
)
|
|
$
|
35,529
|
|
|
$
|
—
|
|
|
$
|
35,529
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Corporate notes/bonds
|
|
|
43,600
|
|
|
|
8
|
|
|
|
(470
|
)
|
|
|
43,138
|
|
|
|
—
|
|
|
|
24,138
|
|
|
|
19,000
|
|
|
|
—
|
|
U.S. Treasury and Agency Securities
|
|
|
996
|
|
|
|
—
|
|
|
|
(10
|
)
|
|
|
986
|
|
|
|
—
|
|
|
|
986
|
|
|
|
—
|
|
|
|
—
|
|
Total debt investments
|
|
$
|
80,305
|
|
|
$
|
8
|
|
|
$
|
(660
|
)
|
|
$
|
79,653
|
|
|
$
|
—
|
|
|
$
|
60,653
|
|
|
$
|
19,000
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in
|
|
Net Income
|
|
Level 1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
177,011
|
|
|
$
|
—
|
|
|
$
|
10,519
|
|
|
$
|
166,492
|
|
|
$
|
—
|
|
Total equity investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
177,011
|
|
|
$
|
—
|
|
|
$
|
10,519
|
|
|
$
|
166,492
|
|
|
$
|
—
|
|
Cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
577,195
|
|
|
$
|
577,195
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Money market funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,589
|
|
|
|
62,589
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Level 2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency forward contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
497
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
497
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
896,945
|
|
|
$
|
639,784
|
|
|
$
|
71,172
|
|
|
$
|
185,492
|
|
|
$
|
497
|
|
|
|
April 30, 2022
|
|
|
|
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
|
|
$
|
41,627
|
|
|
$
|
—
|
|
|
$
|
(126
|
)
|
|
$
|
41,501
|
|
|
$
|
15,489
|
|
|
$
|
26,012
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Corporate notes/bonds
|
|
|
37,736
|
|
|
|
—
|
|
|
|
(450
|
)
|
|
|
37,286
|
|
|
|
—
|
|
|
|
20,242
|
|
|
|
17,044
|
|
|
|
—
|
|
U.S. Treasury and Agency Securities
|
|
|
995
|
|
|
|
—
|
|
|
|
(8
|
)
|
|
|
987
|
|
|
|
—
|
|
|
|
987
|
|
|
|
—
|
|
|
|
—
|
|
Total debt investments
|
|
$
|
80,358
|
|
|
$
|
—
|
|
|
$
|
(584
|
)
|
|
$
|
79,774
|
|
|
$
|
15,489
|
|
|
$
|
47,241
|
|
|
$
|
17,044
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in
|
|
Net Income
|
|
Level 1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
168,742
|
|
|
$
|
—
|
|
|
$
|
10,003
|
|
|
$
|
158,739
|
|
|
$
|
—
|
|
Total equity investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
168,742
|
|
|
$
|
—
|
|
|
$
|
10,003
|
|
|
$
|
158,739
|
|
|
$
|
—
|
|
Cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
874,490
|
|
|
$
|
874,490
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Money market funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88,091
|
|
|
|
88,091
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Level 2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency forward contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(204
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(204
|
)
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,210,893
|
|
|
$
|
978,070
|
|
|
$
|
57,244
|
|
|
$
|
175,783
|
|
|
$
|
(204
|
)
|
(1)
|
These investments are held in trust for settlement of the Company’s vested obligations of $178.8 million and $160.8 million as of July 31, 2022 and April 30, 2022, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $17.5 million and $24.0 million as of July 31, 2022 and April 30, 2022, respectively. During the three months ended July 31, 2022 and 2021, the fair value of the investments increased; therefore, the Company recognized a gain of $0.1 million and $5.2 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,
2022
|
|
|
April 30,
2022
|
|
|
|
(in thousands)
|
|
Derivative assets:
|
|
|
|
|
|
|
|
|
Foreign currency forward contracts
|
|
$
|
1,026
|
|
|
$
|
1,639
|
|
Derivative liabilities:
|
|
|
|
|
|
|
|
|
Foreign currency forward contracts
|
|
$
|
529
|
|
|
$
|
1,843
|
|
|
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,
2022
|
|
|
April 30,
2022
|
|
|
|
(in thousands)
|
|
Derivative assets:
|
|
|
|
|
|
|
|
|
Foreign currency forward contracts
|
|
$
|
1,026
|
|
|
$
|
1,639
|
|
Derivative liabilities:
|
|
|
|
|
|
|
|
|
Foreign currency forward contracts
|
|
$
|
529
|
|
|
$
|
1,843
|
|
|