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Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests
 12 Months Ended
Apr. 30, 2025
Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests  
Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests
The following table presents a summary of changes to the liabilities for stock appreciation rights, deferred compensation and redeemable noncontrolling interests:
Stock
Appreciation
Rights		Deferred
Compensation		Redeemable
Noncontrolling
Interests
(in thousands)
Balance as of April 30, 2023$32,432 $2,407 $12,002 
Amounts redeemed(1,810)(586)(2,931)
Change in fair value5,391 239 1,188 
Balance as of April 30, 202436,013 2,060 10,259 
Amounts redeemed(5,060)(785)(3,935)
Change in fair value2,296 210 1,050 
Balance as of April 30, 2025$33,249 $1,485 $7,374 
Classified as current as of April 30, 2024$11,038 $733 $3,666 
Classified as long-term as of April 30, 202424,975 1,327 6,593 
Classified as current as of April 30, 2025$20,798 $1,485 $7,374 
Classified as long-term as of April 30, 202512,451 — — 
Total expense related to these instruments was $3.6 million, $6.9 million and $8.9 million during the years ended April 30, 2025, 2024 and 2023, respectively, and was included in selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income. Current and long-term liabilities for stock appreciation rights, deferred compensation and redeemable noncontrolling interests are included in other accrued expenses and liabilities and other liabilities, respectively, in the Consolidated Balance Sheets.
The Company uses a lognormal binomial method to determine the fair value of stock appreciation rights, deferred compensation and redeemable noncontrolling interests at redemption date. Significant inputs used in this method include volatility rates, a discount rate, the expected time to redemption of the liabilities, historical values of the book equity of certain subsidiaries and market information for comparable entities. The use of these inputs to derive the fair value of the liabilities at a point in time can result in volatility in the financial statements.
Stock Appreciation Rights
Certain subsidiaries have granted stock appreciation rights to certain employees under which payments are dependent on the appreciation in the book value per share, adjusted for certain provisions, of the applicable subsidiary. Settlements of the awards can be made in a combination of cash or installment notes, generally paid over five years, upon a triggering event. As of April 30, 2025, all stock appreciation rights were vested. Liabilities related to these agreements are classified as share-based liability awards and are measured at fair value.
Deferred Compensation
Subsidiaries’ stockholders have entered into other deferred compensation agreements that granted the stockholders a payment based on a percentage in excess of book value, adjusted for certain provisions, upon an occurrence as defined in the related agreements. These instruments are redeemed in cash or installment notes, generally paid in annual installments over the five years following termination of employment. Liabilities related to these agreements are classified as share-based liability awards and are measured at fair value.
Redeemable Noncontrolling Interests
Noncontrolling interests were issued to certain employees of certain of the Company’s subsidiaries. The noncontrolling interest awards are subject to mandatory redemption on termination of employment for any reason. These instruments are redeemed in cash or installment notes, generally paid in annual installments over the five years following termination of employment. Under the terms of the employee agreements, the redemption value is determined based on the book value of the subsidiary, as adjusted for certain items. Liabilities related to these agreements are classified as share-based liability awards and are measured at fair value.
Upon the termination of employment or other triggering events including death or disability of the noncontrolling stockholders in the Company’s subsidiaries, we have to purchase, or redeem, the noncontrolling interests at either an agreed upon price or a formula value provided in the stockholder agreements. This formula value is typically based on the book value per share of the subsidiary’s equity, including certain adjustments.