Annual report pursuant to Section 13 and 15(d)

Financial Instruments (Tables)

v3.7.0.1
Financial Instruments (Tables)
 12 Months Ended
Apr. 30, 2017
Financial Instruments and Balance Sheet Classification

The following tables show the Company’s financial instruments and balance sheet classification as of April 30, 2017 and 2016:

 

    April 30, 2017  
    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)  

Level 1:

                

Cash

   $ 409,824     $ —     $ —     $ 409,824     $ 409,824     $ —     $ —     $ —  

Money market funds

     1,058       —       —       1,058       1,058       —       —       —  

Mutual funds (1)

     113,818       6,697       (578 )      119,937       —       4,363       115,574       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 524,700     $ 6,697     $ (578 )    $ 530,819     $ 410,882     $ 4,363     $ 115,574     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Level 2:

                

Foreign currency forward contracts

   $ —     $ 129     $ (846 )    $ (717 )    $ —     $ —     $ —     $ (717 ) 

Interest rate swap

   $ —     $ —     $ (947 )    $ (947 )    $ —     $ —     $ —     $ (947 ) 

 

    April 30, 2016  
    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)  

Level 1:

                

Cash

   $ 269,558     $ —     $ —     $ 269,558     $ 269,558     $ —     $ —     $ —  

Money market funds

     3,694       —       —       3,694       3,694       —       —       —  

Mutual funds (1)

     142,588       1,395       (2,553 )      141,430       —       11,338       130,092       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $     415,840     $ 1,395     $ (2,553 )    $     414,682     $ 273,252     $ 11,338     $ 130,092     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Level 2:

                

Foreign currency forward contracts

   $ —     $ 324     $ (1,041 )    $ (717 )    $ —     $ —     $ —     $ (717 ) 

Interest rate swap

   $ —     $ —     $ —     $ —     $ —     $ —     $ —     $ —  

 

(1) These investments are held in trust for settlement of the Company’s vested and unvested obligations of $137.1 million and $138.8 million as of April 30, 2017 and 2016, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). During fiscal 2017 and 2015, the fair value of the investments increased; therefore, the Company recognized income of $10.8 million and $8.8 million, respectively which was recorded in other income (loss), net. During fiscal 2016, the fair value of the investments decreased; therefore, the Company recognized a loss of $3.3 million, which was recorded in other income (loss), net.
Financial Instruments and Balance Sheet Classification

The following tables show the Company’s financial instruments and balance sheet classification as of April 30, 2017 and 2016:

 

    April 30, 2017  
    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)  

Level 1:

                

Cash

   $ 409,824     $ —     $ —     $ 409,824     $ 409,824     $ —     $ —     $ —  

Money market funds

     1,058       —       —       1,058       1,058       —       —       —  

Mutual funds (1)

     113,818       6,697       (578 )      119,937       —       4,363       115,574       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $ 524,700     $ 6,697     $ (578 )    $ 530,819     $ 410,882     $ 4,363     $ 115,574     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Level 2:

                

Foreign currency forward contracts

   $ —     $ 129     $ (846 )    $ (717 )    $ —     $ —     $ —     $ (717 ) 

Interest rate swap

   $ —     $ —     $ (947 )    $ (947 )    $ —     $ —     $ —     $ (947 ) 

 

    April 30, 2016  
    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)  

Level 1:

                

Cash

   $ 269,558     $ —     $ —     $ 269,558     $ 269,558     $ —     $ —     $ —  

Money market funds

     3,694       —       —       3,694       3,694       —       —       —  

Mutual funds (1)

     142,588       1,395       (2,553 )      141,430       —       11,338       130,092       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

   $     415,840     $ 1,395     $ (2,553 )    $     414,682     $ 273,252     $ 11,338     $ 130,092     $ —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Level 2:

                

Foreign currency forward contracts

   $ —     $ 324     $ (1,041 )    $ (717 )    $ —     $ —     $ —     $ (717 ) 

Interest rate swap

   $ —     $ —     $ —     $ —     $ —     $ —     $ —     $ —  

 

(1) These investments are held in trust for settlement of the Company’s vested and unvested obligations of $137.1 million and $138.8 million as of April 30, 2017 and 2016, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). During fiscal 2017 and 2015, the fair value of the investments increased; therefore, the Company recognized income of $10.8 million and $8.8 million, respectively which was recorded in other income (loss), net. During fiscal 2016, the fair value of the investments decreased; therefore, the Company recognized a loss of $3.3 million, which was recorded in other income (loss), net.
Summary of Losses on Interest Rate Swap

During fiscal 2017, the Company recognized the following losses on the interest rate swap:

 

     April 30,
2017 		 
     (in thousands)  

Losses recognized in OCI (net of tax effects of $406)

    $ 635  

Losses reclassified from AOCI into interest income (expense), net

      (94 ) 
Cash Flow Hedge  
Fair Value of Derivative Designated as Cash Flow Hedge Instrument

The fair value of the derivative designated as a cash flow hedge instrument is as follows:

 

       April 30,  
2017 		 
     (in thousands)  

Derivative liability:

   

Interest rate swap contract

    $ 947  
Not Designated as Hedge Instrument  
Fair Value of Liabilities Derivatives

The fair value of derivatives not designated as hedge instruments are as follows:

 

     April 30,  
     2017      2016  
     (in thousands)  

Derivative assets:

      

Foreign currency forward contracts

    $ 129      $ 324  

Derivative liabilities:

      

Foreign currency forward contracts

      846        1,041  
Fair Value of Assets Derivatives

The fair value of derivatives not designated as hedge instruments are as follows:

 

     April 30,  
     2017      2016  
     (in thousands)  

Derivative assets:

      

Foreign currency forward contracts

    $ 129      $ 324  

Derivative liabilities:

      

Foreign currency forward contracts

      846        1,041