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:
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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 |
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(in thousands) |
Changes in Fair Value Recorded in |
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|
|
|
|
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|
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|
|
|
|
Other Comprehensive Gain |
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Level 2: |
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|
|
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|
|
|
|
|
|
Corporate notes/bonds |
$ |
19,327 |
|
|
$ |
— |
|
|
$ |
(203) |
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|
$ |
19,124 |
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|
$ |
— |
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|
$ |
19,124 |
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|
$ |
— |
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|
$ |
— |
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Total debt investments |
$ |
19,327 |
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|
$ |
— |
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|
$ |
(203) |
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|
$ |
19,124 |
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|
$ |
— |
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$ |
19,124 |
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$ |
— |
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$ |
— |
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Changes in Fair Value Recorded in |
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Net Income |
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Level 1: |
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Mutual funds (1)
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$ |
199,721 |
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$ |
— |
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$ |
10,362 |
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$ |
189,359 |
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$ |
— |
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Total equity investments |
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$ |
199,721 |
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$ |
— |
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$ |
10,362 |
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$ |
189,359 |
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$ |
— |
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Cash |
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$ |
520,898 |
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$ |
520,898 |
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$ |
— |
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$ |
— |
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$ |
— |
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Money market funds |
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|
41,311 |
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41,311 |
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— |
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— |
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— |
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Level 2: |
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Foreign currency forward contracts |
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|
859 |
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— |
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— |
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— |
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|
859 |
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Total |
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$ |
781,913 |
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$ |
562,209 |
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$ |
29,486 |
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$ |
189,359 |
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$ |
859 |
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April 30, 2023 |
|
Fair Value Measurement |
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Balance Sheet Classification |
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Cost |
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Unrealized Gains |
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Unrealized Losses |
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Fair Value |
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Cash and Cash Equivalents |
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Marketable Securities, Current |
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Marketable Securities, Non-current |
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Income Taxes & Other Receivables |
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(in thousands) |
Changes in Fair Value Recorded in |
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Other Comprehensive Loss |
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Level 2: |
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Commercial paper |
$ |
11,751 |
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$ |
— |
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$ |
(30) |
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$ |
11,721 |
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$ |
— |
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$ |
11,721 |
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$ |
— |
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$ |
— |
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Corporate notes/bonds |
24,754 |
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— |
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(355) |
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|
24,399 |
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— |
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|
21,492 |
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|
2,907 |
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— |
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Total debt investments |
$ |
36,505 |
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|
$ |
— |
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|
$ |
(385) |
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|
$ |
36,120 |
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$ |
— |
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$ |
33,213 |
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$ |
2,907 |
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$ |
— |
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Changes in Fair Value Recorded in |
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Net Income |
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Level 1: |
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Mutual funds (1)
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$ |
187,757 |
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$ |
— |
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$ |
11,624 |
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$ |
176,133 |
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|
$ |
— |
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Total equity investments |
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|
|
|
$ |
187,757 |
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|
$ |
— |
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$ |
11,624 |
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$ |
176,133 |
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$ |
— |
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Cash |
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$ |
696,180 |
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$ |
696,180 |
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$ |
— |
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$ |
— |
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$ |
— |
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Money market funds |
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|
147,844 |
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|
147,844 |
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|
— |
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|
— |
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|
— |
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Level 2: |
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Foreign currency forward contracts |
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|
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|
2,133 |
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|
— |
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|
— |
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|
— |
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|
2,133 |
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Total |
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$ |
1,070,034 |
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$ |
844,024 |
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$ |
44,837 |
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|
$ |
179,040 |
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|
$ |
2,133 |
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___________________
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(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:
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|
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 |
|
|
|
|
|
|
|
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|
|
|
|
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|
|
|
(in thousands) |
Changes in Fair Value Recorded in |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive Gain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 2: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate notes/bonds |
$ |
19,327 |
|
|
$ |
— |
|
|
$ |
(203) |
|
|
$ |
19,124 |
|
|
$ |
— |
|
|
$ |
19,124 |
|
|
$ |
— |
|
|
$ |
— |
|
Total debt investments |
$ |
19,327 |
|
|
$ |
— |
|
|
$ |
(203) |
|
|
$ |
19,124 |
|
|
$ |
— |
|
|
$ |
19,124 |
|
|
$ |
— |
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|
$ |
— |
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|
|
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Changes in Fair Value Recorded in |
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|
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|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
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|
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|
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 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
|
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|
|
|
|
|
|
|
|
|
|
|
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:
|
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|
|
|
|
|
|
|
|
|
|
|
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 |
|
|