Comprehensive Income

9 Months Ended

Jan. 31, 2019

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 income (loss) were as follows:

	January 31, 2019			April 30, 2018
	(in thousands)
Foreign currency translation adjustments	$	(53,455	)	$	(32,399	)
Deferred compensation and pension plan adjustments, net of tax		(10,650	)		(9,073	)
Interest rate swap unrealized gain, net of taxes		834			1,337
Accumulated other comprehensive loss, net	$	(63,271	)	$	(40,135	)

The following table summarizes the changes in each component of accumulated other comprehensive income (loss) for the three months ended January 31, 2019:

	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 October 31, 2018	$	(59,472	)	$	(10,923	)	$	1,814		$	(68,581	)
Unrealized gains (losses) arising during the period		6,017			—			(880	)		5,137
Reclassification of realized net losses (gains) to net income		—			273			(100	)		173
Balance as of January 31, 2019	$	(53,455	)	$	(10,650	)	$	834		$	(63,271	)

The following table summarizes the changes in each component of accumulated other comprehensive (loss) income for the nine months ended January 31, 2019:

	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 April 30, 2018	$	(32,399	)	$	(9,073	)	$	1,337		$	(40,135	)
Unrealized losses arising during the period		(21,056	)		—			(538	)		(21,594	)
Reclassification of realized net losses (gains) to net income		—			819			(164	)		655
Effect of adoption of accounting standard		—			(2,396	)		199			(2,197	)
Balance as of January 31, 2019	$	(53,455	)	$	(10,650	)	$	834		$	(63,271	)

(1)	The tax effect on the reclassifications of realized net losses was $0.1 million and $0.3 million for the three and nine months ended January 31, 2019, respectively.

(2)	The tax effect on unrealized losses was $0.3 million and $0.2 million for the three and nine months ended January 31, 2019, respectively. The tax effect on the reclassification of realized net gains to net income was $0.1 million for the nine months ended January 31, 2019.

The following table summarizes the changes in each component of accumulated other comprehensive income (loss), net for the three months ended January 31, 2018:

	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 October 31, 2017	$	(43,294	)	$	(14,423	)	$	(185	)	$	(57,902	)
Unrealized gains arising during the period		17,793			—			973			18,766
Reclassification of realized net losses to net income		—			361			104			465
Balance as of January 31, 2018	$	(25,501	)	$	(14,062	)	$	892		$	(38,671	)

The following table summarizes the changes in each component of accumulated other comprehensive income (loss), net for the nine months ended January 31, 2018:

	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 April 30, 2017	$	(55,359	)	$	(15,127	)	$	(578	)	$	(71,064	)
Unrealized gains arising during the period		29,858			—			1,061			30,919
Reclassification of realized net losses to net income		—			1,065			409			1,474
Balance as of January 31, 2018	$	(25,501	)	$	(14,062	)	$	892		$	(38,671	)

________

(1)	The tax effect on the reclassifications of realized net losses was $0.2 million and $0.7 million for the three and nine months ended January 31, 2018, respectively.

(2)

The tax effect on unrealized gains was $0.6 million and $0.6 million for the three and nine months ended January 31, 2018, respectively. The tax effect on the reclassification of realized net losses to net income was $0.1 million and $0.3 million for the three and nine months ended January 31, 2018, respectively.