Derivative Instruments

3 Months Ended

Jul. 31, 2019

Derivative Instruments [Text Block]

Note 5	Derivative Instruments
	In the normal course of business, the Company is exposed to fluctuations in the exchange rates associated with foreign currencies. The Company’s primary objective for holding derivative financial instruments is to manage foreign currency exchange rate risk.
	Foreign Currency Exchange Rate Risk
	A majority of the Company’s revenue activities are transacted in U.S. dollars. However, the Company is exposed to foreign currency exchange rate risk, inherent in conducting business globally in multiple currencies, primarily from its business operations in Canada.
	The Company’s foreign currency risk management program includes entering into foreign currency derivatives at various times to mitigate the currency exchange rate risk on Canadian dollar denominated cash flows. These foreign currency forward and option contracts are considered non-designated derivative instruments and are not used for trading or speculative purposes. The changes in fair value and settlements are recorded in change in fair value of derivative instruments, net in the consolidated statement of operations.
	During the three months ended July 31, 2019 and 2018, the Company did not enter into any designated cash flow hedge contracts.
	The following table summarizes the notional amounts of the Company’s outstanding derivative instruments:

		July 31,		April 30,
Fair value of Undesignated Derivatives		2019		2019
Foreign currency option contracts	$	1,400,000	$	1,500,000

The following tables present the fair values of the Company’s derivative instruments on a gross basis as reflected on the Company’s consolidated balance sheets.

		July 31,2019
		Derivative		Derivative
Fair value of Undesignated Derivatives		Assets		Liabilities
Foreign currency option contracts	$	4,800	$	7,614

		April 30, 2019
		Derivative		Derivative
Fair value of Undesignated Derivatives		Assets		Liabilities
Foreign currency option contracts	$	1,178	$	4,512

During the three months ended July 31, 2019 and 2018, the Company recorded gains of $586 and $5,402, respectively, resulting from the change in fair value of derivative instruments.