Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.23.2
Financial Instruments (Tables)
 3 Months Ended
Jul. 31, 2023
Fair Value Disclosures [Abstract]  
Financial Instruments and Balance Sheet Classification
The following tables show the Company’s financial instruments and balance sheet classification as of July 31, 2023 and April 30, 2023:
July 31, 2023
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 Gain
Level 2:
Corporate notes/bonds $ 19,327  $ —  $ (203) $ 19,124  $ —  $ 19,124  $ —  $ — 
Total debt investments $ 19,327  $ —  $ (203) $ 19,124  $ —  $ 19,124  $ —  $ — 
Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)
$ 199,721  $ —  $ 10,362  $ 189,359  $ — 
Total equity investments $ 199,721  $ —  $ 10,362  $ 189,359  $ — 
Cash $ 520,898  $ 520,898  $ —  $ —  $ — 
Money market funds 41,311  41,311  —  —  — 
Level 2:
Foreign currency forward contracts 859  —  —  —  859 
Total $ 781,913  $ 562,209  $ 29,486  $ 189,359  $ 859 
April 30, 2023
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 $ 11,751  $ —  $ (30) $ 11,721  $ —  $ 11,721  $ —  $ — 
Corporate notes/bonds 24,754  —  (355) 24,399  —  21,492  2,907  — 
Total debt investments $ 36,505  $ —  $ (385) $ 36,120  $ —  $ 33,213  $ 2,907  $ — 
Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)
$ 187,757  $ —  $ 11,624  $ 176,133  $ — 
Total equity investments $ 187,757  $ —  $ 11,624  $ 176,133  $ — 
Cash $ 696,180  $ 696,180  $ —  $ —  $ — 
Money market funds 147,844  147,844  —  —  — 
Level 2:
Foreign currency forward contracts 2,133  —  —  —  2,133 
Total $ 1,070,034  $ 844,024  $ 44,837  $ 179,040  $ 2,133 
___________________
(1)
These investments are held in trust for settlement of the Company’s vested obligations of $192.5 million and $172.2 million as of July 31, 2023 and April 30, 2023, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $16.8 million and $21.9 million as of July 31, 2023 and April 30, 2023, respectively. During the three months ended July 31, 2023 and 2022, the fair value of the investments increased; therefore, the Company recognized a gain of $12.8 million and $0.1 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, 2023 and April 30, 2023:
July 31, 2023
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 Gain
Level 2:
Corporate notes/bonds $ 19,327  $ —  $ (203) $ 19,124  $ —  $ 19,124  $ —  $ — 
Total debt investments $ 19,327  $ —  $ (203) $ 19,124  $ —  $ 19,124  $ —  $ — 
Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)
$ 199,721  $ —  $ 10,362  $ 189,359  $ — 
Total equity investments $ 199,721  $ —  $ 10,362  $ 189,359  $ — 
Cash $ 520,898  $ 520,898  $ —  $ —  $ — 
Money market funds 41,311  41,311  —  —  — 
Level 2:
Foreign currency forward contracts 859  —  —  —  859 
Total $ 781,913  $ 562,209  $ 29,486  $ 189,359  $ 859 
April 30, 2023
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 $ 11,751  $ —  $ (30) $ 11,721  $ —  $ 11,721  $ —  $ — 
Corporate notes/bonds 24,754  —  (355) 24,399  —  21,492  2,907  — 
Total debt investments $ 36,505  $ —  $ (385) $ 36,120  $ —  $ 33,213  $ 2,907  $ — 
Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)
$ 187,757  $ —  $ 11,624  $ 176,133  $ — 
Total equity investments $ 187,757  $ —  $ 11,624  $ 176,133  $ — 
Cash $ 696,180  $ 696,180  $ —  $ —  $ — 
Money market funds 147,844  147,844  —  —  — 
Level 2:
Foreign currency forward contracts 2,133  —  —  —  2,133 
Total $ 1,070,034  $ 844,024  $ 44,837  $ 179,040  $ 2,133 
___________________
(1)
These investments are held in trust for settlement of the Company’s vested obligations of $192.5 million and $172.2 million as of July 31, 2023 and April 30, 2023, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $16.8 million and $21.9 million as of July 31, 2023 and April 30, 2023, respectively. During the three months ended July 31, 2023 and 2022, the fair value of the investments increased; therefore, the Company recognized a gain of $12.8 million and $0.1 million, respectively, which was recorded in other income, net.
Fair Value of Assets Derivatives
The fair value of derivatives not designated as hedge instruments are as follows:
July 31,
2023		 April 30,
2023
(in thousands)
Derivative assets:
Foreign currency forward contracts $ 1,573  $ 2,813 
Derivative liabilities:    
Foreign currency forward contracts $ 714  $ 680 
Fair Value of Liabilities Derivatives
The fair value of derivatives not designated as hedge instruments are as follows:
July 31,
2023		 April 30,
2023
(in thousands)
Derivative assets:
Foreign currency forward contracts $ 1,573  $ 2,813 
Derivative liabilities:    
Foreign currency forward contracts $ 714  $ 680