XML 26 R12.htm IDEA: XBRL DOCUMENT v3.25.2
Financial Instruments
 3 Months Ended
Jul. 31, 2025
Investments, All Other Investments [Abstract]  
Financial Instruments Financial Instruments
The following tables show the Company’s financial instruments and balance sheet classification as of July 31, 2025 and April 30, 2025:
July 31, 2025
Fair Value MeasurementBalance Sheet Classification
CostUnrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Marketable
Securities,
Current		Marketable
Securities,
Non-
current
Other Accrued Liabilities
(in thousands)
Changes in Fair Value Recorded in
Other Comprehensive Loss
Level 2:
Commercial paper$4,630 $— $(3)$4,627 $599 $4,028 $— $— 
Corporate notes/bonds32,358 34 (31)32,361 — 19,091 13,270 — 
U.S. Treasury and Agency Securities4,102 1 (4)4,099 — — 4,099 — 
Total debt investments$41,090 $35 $(38)$41,087 $599 $23,119 $17,369 $— 
Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)
$237,951 $— $13,158 $224,793 $— 
Total equity investments$237,951 $— $13,158 $224,793 $— 
Cash$520,062 $520,062 $— $— $— 
Money market funds164,194 164,194 — — — 
Level 2:
Foreign currency forward contracts(881)— — — (881)
Total$962,413 $684,855 $36,277 $242,162 $(881)
April 30, 2025
Fair Value Measurement Balance Sheet Classification
CostUnrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Marketable
Securities,
Current		Marketable
Securities,
Non-current
Income Taxes & Other Receivables
(in thousands)
Changes in Fair Value Recorded in
Other Comprehensive Income
Level 2:
Commercial paper$3,842 $— $(1)$3,841 $500 $3,341 $— $— 
Corporate notes/bonds32,747 83 (10)32,820 — 18,709 14,111 — 
U.S. Treasury and Agency Securities3,497 4 — 3,501 — 1,995 1,506 — 
Total debt investments$40,086 $87 $(11)$40,162 $500 $24,045 $15,617 $— 
Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)
$230,352 $— $12,343 $218,009 $— 
Total equity investments$230,352 $— $12,343 $218,009 $— 
Cash$704,091 $704,091 $— $— $— 
Money market funds302,373 302,373 — — — 
Level 2:
Foreign currency forward contracts891 — — — 891 
Total$1,277,869 $1,006,964 $36,388 $233,626 $891 
___________________
(1)
These investments are held in trust for settlement of the Company’s vested obligations of $223.8 million and $205.3 million as of July 31, 2025 and April 30, 2025, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $14.2 million and $19.5 million as of July 31, 2025 and April 30, 2025, respectively. During the three months ended July 31, 2025 and 2024, the fair value of the investments increased; therefore, the Company recognized a gain of $12.3 million and $14.2 million, respectively, which was recorded in other income, net.
As of July 31, 2025, available-for-sale marketable securities had remaining maturities ranging from less than 1 month to 24 months. During the three months ended July 31, 2025 and 2024, there were $8.8 million and $6.9 million in sales/maturities of available-for-sale marketable securities, respectively. Investments in marketable securities that are held in trust for settlement of the Company’s vested obligations under the ECAP are equity securities and are based upon the investment selections the employee elects from a pre-determined set of securities in the ECAP and the Company invests in equity securities to mirror these elections. As of July 31, 2025 and April 30, 2025, the Company’s investments in equity securities consisted of mutual funds for which market prices are readily available. Unrealized gains that relate to equity securities still held as of July 31, 2025 and 2024 were $10.3 million and $11.7 million, respectively.
Foreign Currency Forward Contracts Not Designated as Hedges
The fair value of derivatives not designated as hedge instruments are as follows:
July 31,
2025		April 30,
2025
(in thousands)
Derivative assets:
Foreign currency forward contracts$554 $2,486 
Derivative liabilities:  
Foreign currency forward contracts$1,435 $1,595 
As of July 31, 2025, the total notional amounts of the forward contracts purchased and sold were $91.7 million and $43.0 million, respectively. As of April 30, 2025, the total notional amounts of the forward contracts purchased and sold were $74.7 million and $42.6 million, respectively. The Company recognizes forward contracts as a net asset or net liability on the condensed consolidated balance sheets as such contracts are covered by master netting agreements. During the three months ended July 31, 2025 and 2024, the Company incurred losses of $1.1 million and $0.2 million, respectively, related to forward contracts which are recorded in general and administrative expenses in the accompanying condensed consolidated statements of income. These foreign currency losses offset foreign currency gains that result from transactions denominated in a currency other than the Company’s functional currency. The cash flows related to foreign currency forward contracts are included in cash flows from operating activities.