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