Financial Instruments (Tables)

6 Months Ended

Oct. 31, 2018

Financial Instruments and Balance Sheet Classification

The following tables show the Company’s financial instruments and balance sheet classification as of October 31, 2018 and April 30, 2018:                        

	October 31, 2018
	Fair Value Measurement										Balance Sheet Classification
	Cost		Unrealized Gains		Unrealized Losses			Fair Value			Cash and Cash Equivalents		Marketable Securities, Current		Marketable Securities, Non- current		Income Taxes & Other Receivables		Other Accrued Liabilities
	(in thousands)
Level 1:
Cash	$	366,549	$	—	$	—		$	366,549		$	366,549	$	—	$	—	$	—	$	—
Money market funds		21,130		—		—			21,130			21,130		—		—		—		—
Mutual funds (1)		133,202		5,061		(2,664	)		135,599			—		6,686		128,913		—		—
Total	$	520,881	$	5,061	$	(2,664	)	$	523,278		$	387,679	$	6,686	$	128,913	$	—	$	—
Level 2:
Foreign currency forward contracts	$	—	$	1,436	$	(2,150	)	$	(714	)	$	—	$	—	$	—	$	—	$	(714	)
Interest rate swap	$	—	$	2,452	$	—		$	2,452		$	—	$	—	$	—	$	2,452	$	—

	April 30, 2018
	Fair Value Measurement									Balance Sheet Classification
	Cost		Unrealized Gains		Unrealized Losses			Fair Value		Cash and Cash Equivalents		Marketable Securities, Current		Marketable Securities, Non- current		Income Taxes & Other Receivables		Other Accrued Liabilities
	(in thousands)
Level 1:
Cash	$	519,818	$	—	$	—		$	519,818	$	519,818	$	—	$	—	$	—	$	—
Money market funds		1,030		—		—			1,030		1,030		—		—		—		—
Mutual funds (1)		127,077		11,040		(1,032	)		137,085		—		14,293		122,792		—		—
Total	$	647,925	$	11,040	$	(1,032	)	$	657,933	$	520,848	$	14,293	$	122,792	$	—	$	—
Level 2:
Foreign currency forward contracts	$	—	$	1,778	$	(1,025	)	$	753	$	—	$	—	$	—	$	753	$	—
Interest rate swap	$	—	$	2,076	$	—		$	2,076	$	—	$	—	$	—	$	2,076	$	—

(1) These investments are held in trust for settlement of the Company’s vested obligations of $115.9 million and $118.2 million as of October 31, 2018 and April 30, 2018, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $24.2 million and $29.5 million as of October 31, 2018 and April 30, 2018, respectively. During the three and six months ended October 31, 2018, the fair value of the investments decreased; therefore, the Company recognized a loss of $4.8 million and $0.8 million, respectively, which was recorded in other (loss) income, net. During the three and six months ended October 31, 2017, the fair value of the investments increased; therefore, the Company recognized income of $3.4 million and $6.8 million, respectively, which was recorded in other (loss) income, net.

Financial Instruments and Balance Sheet Classification

The following tables show the Company’s financial instruments and balance sheet classification as of October 31, 2018 and April 30, 2018:                        

	October 31, 2018
	Fair Value Measurement										Balance Sheet Classification
	Cost		Unrealized Gains		Unrealized Losses			Fair Value			Cash and Cash Equivalents		Marketable Securities, Current		Marketable Securities, Non- current		Income Taxes & Other Receivables		Other Accrued Liabilities
	(in thousands)
Level 1:
Cash	$	366,549	$	—	$	—		$	366,549		$	366,549	$	—	$	—	$	—	$	—
Money market funds		21,130		—		—			21,130			21,130		—		—		—		—
Mutual funds (1)		133,202		5,061		(2,664	)		135,599			—		6,686		128,913		—		—
Total	$	520,881	$	5,061	$	(2,664	)	$	523,278		$	387,679	$	6,686	$	128,913	$	—	$	—
Level 2:
Foreign currency forward contracts	$	—	$	1,436	$	(2,150	)	$	(714	)	$	—	$	—	$	—	$	—	$	(714	)
Interest rate swap	$	—	$	2,452	$	—		$	2,452		$	—	$	—	$	—	$	2,452	$	—

	April 30, 2018
	Fair Value Measurement									Balance Sheet Classification
	Cost		Unrealized Gains		Unrealized Losses			Fair Value		Cash and Cash Equivalents		Marketable Securities, Current		Marketable Securities, Non- current		Income Taxes & Other Receivables		Other Accrued Liabilities
	(in thousands)
Level 1:
Cash	$	519,818	$	—	$	—		$	519,818	$	519,818	$	—	$	—	$	—	$	—
Money market funds		1,030		—		—			1,030		1,030		—		—		—		—
Mutual funds (1)		127,077		11,040		(1,032	)		137,085		—		14,293		122,792		—		—
Total	$	647,925	$	11,040	$	(1,032	)	$	657,933	$	520,848	$	14,293	$	122,792	$	—	$	—
Level 2:
Foreign currency forward contracts	$	—	$	1,778	$	(1,025	)	$	753	$	—	$	—	$	—	$	753	$	—
Interest rate swap	$	—	$	2,076	$	—		$	2,076	$	—	$	—	$	—	$	2,076	$	—

(1) These investments are held in trust for settlement of the Company’s vested obligations of $115.9 million and $118.2 million as of October 31, 2018 and April 30, 2018, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $24.2 million and $29.5 million as of October 31, 2018 and April 30, 2018, respectively. During the three and six months ended October 31, 2018, the fair value of the investments decreased; therefore, the Company recognized a loss of $4.8 million and $0.8 million, respectively, which was recorded in other (loss) income, net. During the three and six months ended October 31, 2017, the fair value of the investments increased; therefore, the Company recognized income of $3.4 million and $6.8 million, respectively, which was recorded in other (loss) income, net.

Summary of Gains and Losses on Interest Rate Swap

During the three and six months ended October 31, 2018, the Company recognized the following gains and losses on the interest rate swap:

	Three Months Ended October 31,					Six Months Ended October 31,
	2018		2017			2018		2017
	(in thousands)
Gains (Losses) recognized in other comprehensive income (net of tax effects of $67, ($205), $120, and ($56), respectively)	$	193	$	(322	)	$	342	$	(88	)
Gains (Losses) reclassified from accumulated other comprehensive income into interest expense, net	$	64	$	(220	)	$	86	$	(500	)

Fair Value of Liabilities Derivatives

The fair value of derivatives not designated as hedge instruments are as follows:

	October 31, 2018		April 30, 2018
	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	1,436	$	1,778
Derivative liabilities:
Foreign currency forward contracts	$	2,150	$	1,025

Not Designated as Hedge Instrument

Fair Value of Assets Derivatives

The fair value of derivatives not designated as hedge instruments are as follows:

	October 31, 2018		April 30, 2018
	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	1,436	$	1,778
Derivative liabilities:
Foreign currency forward contracts	$	2,150	$	1,025

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:

	October 31, 2018		April 30, 2018
	(in thousands)
Derivative asset:
Interest rate swap contract	$	2,452	$	2,076