Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.22.2.2
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