| Comprehensive Income |
3. Comprehensive Income
Comprehensive income is comprised of net income and all changes to stockholders’ equity, except those changes resulting from investments by stockholders (changes in paid-in capital) and distributions to stockholders (dividends) and is reported in the accompanying consolidated statements of comprehensive income. Accumulated other comprehensive income (loss), net of taxes, is recorded as a component of stockholders’ equity.
The components of accumulated other comprehensive (loss) income were as follows:
|
|
|
April 30,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
(in thousands)
|
|
|
Foreign currency translation adjustments
|
|
$
|
(60,270
|
)
|
|
$
|
(32,399
|
)
|
|
Deferred compensation and pension plan adjustments, net of taxes
|
|
|
(16,838
|
)
|
|
|
(9,073
|
)
|
|
Interest rate swap unrealized gain, net of taxes
|
|
|
456
|
|
|
|
1,337
|
|
|
Accumulated other comprehensive loss, net
|
|
$
|
(76,652
|
)
|
|
$
|
(40,135
|
)
|
The following table summarizes the changes in each component of accumulated other comprehensive (loss) income:
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|
|
Foreign
Currency
Translation
|
|
|
Deferred
Compensation
and Pension
Plan (1)
|
|
|
Unrealized
(Losses)
Gains on
Interest Rate
Swap (2)
|
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
Balance as of May 1, 2016
|
|
$
|
(36,339
|
)
|
|
$
|
(21,572
|
)
|
|
$
|
—
|
|
|
$
|
(57,911
|
)
|
|
Unrealized (losses) gains arising during the period
|
|
|
(19,020
|
)
|
|
|
4,584
|
|
|
|
(635
|
)
|
|
|
(15,071
|
)
|
|
Reclassification of realized net losses to net income
|
|
|
—
|
|
|
|
1,861
|
|
|
|
57
|
|
|
|
1,918
|
|
|
Balance as of April 30, 2017
|
|
|
(55,359
|
)
|
|
|
(15,127
|
)
|
|
|
(578
|
)
|
|
|
(71,064
|
)
|
|
Unrealized gains arising during the period
|
|
|
22,960
|
|
|
|
4,813
|
|
|
|
1,465
|
|
|
|
29,238
|
|
|
Reclassification of realized net losses to net income
|
|
|
—
|
|
|
|
1,241
|
|
|
|
450
|
|
|
|
1,691
|
|
|
Balance as of April 30, 2018
|
|
|
(32,399
|
)
|
|
|
(9,073
|
)
|
|
|
1,337
|
|
|
|
(40,135
|
)
|
|
Unrealized losses arising during the period
|
|
|
(27,871
|
)
|
|
|
(6,461
|
)
|
|
|
(800
|
)
|
|
|
(35,132
|
)
|
|
Reclassification of realized losses (gains) to net income
|
|
|
—
|
|
|
|
1,092
|
|
|
|
(280
|
)
|
|
|
812
|
|
|
Effect of adoption of accounting standard
|
|
|
—
|
|
|
|
(2,396
|
)
|
|
|
199
|
|
|
|
(2,197
|
)
|
|
Balance as of April 30, 2019
|
|
$
|
(60,270
|
)
|
|
$
|
(16,838
|
)
|
|
$
|
456
|
|
|
$
|
(76,652
|
)
|
|
(1)
|
The tax effects on unrealized (losses) gains were $(2.3) million, $2.5 million and $1.9 million as of April 30, 2019, 2018 and 2017, respectively. The tax effects on reclassifications of realized net losses were $0.4 million, $0.8 million and $1.2 million as of April 30, 2019, 2018 and 2017, respectively.
|
|
(2)
|
The tax effects on unrealized (losses) gains were $(0.3) million, $0.8 million and $(0.4) million as of April 30, 2019, 2018 and 2017, respectively. The tax effect on the reclassification of realized net gains (losses) to net income was $0.1 million and $(0.3) million as of April 30, 2019 and 2018, respectively.
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|