Financial Instruments (Tables)

9 Months Ended

Jan. 31, 2019

Financial Instruments and Balance Sheet Classification

The following tables show the Company’s financial instruments and balance sheet classification as of January 31, 2019 and April 30, 2018:

	January 31, 2019
	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
	(in thousands)
Level 1:
Cash	$	468,275	$	—	$	—		$	468,275	$	468,275	$	—	$	—	$	—
Money market funds		21,234		—		—			21,234		21,234		—		—		—
Mutual funds (1)		133,857		3,392		(3,885	)		133,364		—		6,414		126,950		—
Total	$	623,366	$	3,392	$	(3,885	)	$	622,873	$	489,509	$	6,414	$	126,950	$	—
Level 2:
Foreign currency forward contracts	$	—	$	1,633	$	(683	)	$	950	$	—	$	—	$	—	$	950
Interest rate swap	$	—	$	1,128	$	—		$	1,128	$	—	$	—	$	—	$	1,128

	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
	(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 $116.2 million and $118.2 million as of January 31, 2019 and April 30, 2018, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $23.8 million and $29.5 million as of January 31, 2019 and April 30, 2018, respectively. During the three and nine months ended January 31, 2019, the fair value of the investments increased; therefore, the Company recognized a gain of $2.2 million and $1.3 million, respectively, which was recorded in other income, net. During the three and nine months ended January 31, 2018, the fair value of the investments increased; therefore, the Company recognized income of $7.2 million and $14.0 million, respectively, which was recorded in other income, net.

Financial Instruments and Balance Sheet Classification

The following tables show the Company’s financial instruments and balance sheet classification as of January 31, 2019 and April 30, 2018:

	January 31, 2019
	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
	(in thousands)
Level 1:
Cash	$	468,275	$	—	$	—		$	468,275	$	468,275	$	—	$	—	$	—
Money market funds		21,234		—		—			21,234		21,234		—		—		—
Mutual funds (1)		133,857		3,392		(3,885	)		133,364		—		6,414		126,950		—
Total	$	623,366	$	3,392	$	(3,885	)	$	622,873	$	489,509	$	6,414	$	126,950	$	—
Level 2:
Foreign currency forward contracts	$	—	$	1,633	$	(683	)	$	950	$	—	$	—	$	—	$	950
Interest rate swap	$	—	$	1,128	$	—		$	1,128	$	—	$	—	$	—	$	1,128

	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
	(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 $116.2 million and $118.2 million as of January 31, 2019 and April 30, 2018, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $23.8 million and $29.5 million as of January 31, 2019 and April 30, 2018, respectively. During the three and nine months ended January 31, 2019, the fair value of the investments increased; therefore, the Company recognized a gain of $2.2 million and $1.3 million, respectively, which was recorded in other income, net. During the three and nine months ended January 31, 2018, the fair value of the investments increased; therefore, the Company recognized income of $7.2 million and $14.0 million, respectively, which was recorded in other income, net.

Summary of Gains and Losses on Interest Rate Swap

During the three and nine months ended January 31, 2019, the Company recognized the following gains and losses on the interest rate swap:

	Three Months Ended January 31,						Nine Months Ended January 31,
	2019			2018			2019			2018
	(in thousands)
(Losses) gains recognized in other comprehensive income (net of tax effects of ($309), $553, ($189), and $609, respectively)	$	(880	)	$	973		$	(538	)	$	1,061
Gains (losses) reclassified from accumulated other comprehensive income into interest expense, net	$	135		$	(167	)	$	221		$	(667	)

Fair Value of Liabilities Derivatives

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

	January 31, 2019		April 30, 2018
	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	1,633	$	1,778
Derivative liabilities:
Foreign currency forward contracts	$	683	$	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:

	January 31, 2019		April 30, 2018
	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	1,633	$	1,778
Derivative liabilities:
Foreign currency forward contracts	$	683	$	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:

	January 31, 2019		April 30, 2018
	(in thousands)
Derivative asset:
Interest rate swap contract	$	1,128	$	2,076