Financial Instruments (Tables)

3 Months Ended

Jul. 31, 2019

Financial Instruments and Balance Sheet Classification

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

	July 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		Other Accrued Liabilities
	(in thousands)
Level 1:
Cash	$	378,070	$	—	$	—		$	378,070		$	378,070	$	—	$	—	$	—
Money market funds		46,567		—		—			46,567			46,567		—		—		—
Mutual funds (1)		136,258		7,168		(770	)		142,656			—		8,508		134,148		—
Total	$	560,895	$	7,168	$	(770	)	$	567,293		$	424,637	$	8,508	$	134,148	$	—
Level 2:
Foreign currency forward contracts	$	—	$	840	$	(1,411	)	$	(571	)	$	—	$	—	$	—	$	(571	)
Interest rate swap	$	—	$	—	$	(185	)	$	(185	)	$	—	$	—	$	—	$	(185	)

	April 30, 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	$	579,998	$	—	$	—		$	579,998	$	579,998	$	—	$	—	$	—
Money market funds		46,362		—		—			46,362		46,362		—		—		—
Mutual funds (1)		135,439		6,301		(989	)		140,751		—		8,288		132,463		—
Total	$	761,799	$	6,301	$	(989	)	$	767,111	$	626,360	$	8,288	$	132,463	$	—
Level 2:
Foreign currency forward contracts	$	—	$	821	$	(722	)	$	99	$	—	$	—	$	—	$	99
Interest rate swap	$	—	$	619	$	—		$	619	$	—	$	—	$	—	$	619

(1) These investments are held in trust for settlement of the Company’s vested obligations of $133.7 million and $122.3 million as of July 31, 2019 and April 30, 2019, respectively, under the ECAP (see Note 7 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $17.3 million and $24.6 million as of July 31, 2019 and April 30, 2019, respectively. During the three months ended July 31, 2019 and 2018, the fair value of the investments increased; therefore, the Company recognized a gain of $1.9 million and $4.0 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 July 31, 2019 and April 30, 2019:

	July 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		Other Accrued Liabilities
	(in thousands)
Level 1:
Cash	$	378,070	$	—	$	—		$	378,070		$	378,070	$	—	$	—	$	—
Money market funds		46,567		—		—			46,567			46,567		—		—		—
Mutual funds (1)		136,258		7,168		(770	)		142,656			—		8,508		134,148		—
Total	$	560,895	$	7,168	$	(770	)	$	567,293		$	424,637	$	8,508	$	134,148	$	—
Level 2:
Foreign currency forward contracts	$	—	$	840	$	(1,411	)	$	(571	)	$	—	$	—	$	—	$	(571	)
Interest rate swap	$	—	$	—	$	(185	)	$	(185	)	$	—	$	—	$	—	$	(185	)

	April 30, 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	$	579,998	$	—	$	—		$	579,998	$	579,998	$	—	$	—	$	—
Money market funds		46,362		—		—			46,362		46,362		—		—		—
Mutual funds (1)		135,439		6,301		(989	)		140,751		—		8,288		132,463		—
Total	$	761,799	$	6,301	$	(989	)	$	767,111	$	626,360	$	8,288	$	132,463	$	—
Level 2:
Foreign currency forward contracts	$	—	$	821	$	(722	)	$	99	$	—	$	—	$	—	$	99
Interest rate swap	$	—	$	619	$	—		$	619	$	—	$	—	$	—	$	619

(1) These investments are held in trust for settlement of the Company’s vested obligations of $133.7 million and $122.3 million as of July 31, 2019 and April 30, 2019, respectively, under the ECAP (see Note 7 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $17.3 million and $24.6 million as of July 31, 2019 and April 30, 2019, respectively. During the three months ended July 31, 2019 and 2018, the fair value of the investments increased; therefore, the Company recognized a gain of $1.9 million and $4.0 million, respectively, which was recorded in other income, net.

Summary of Gains and Losses on Interest Rate Swap

During the three months ended July 31, 2019 and 2018, the Company recognized the following gains and losses on the interest rate swap:

	Three Months Ended July 31,
	2019			2018
	(in thousands)
(Losses) gains recognized in other comprehensive income (net of tax effects of $(172) and $53, respectively)	$	(491	)	$	149
Gains reclassified from accumulated other comprehensive income into interest expense, net	$	141		$	22

Fair Value of Liabilities Derivatives

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

	July 31, 2019		April 30, 2019
	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	840	$	821
Derivative liabilities:
Foreign currency forward contracts	$	1,411	$	722

Not Designated as Hedge Instrument

Fair Value of Assets Derivatives

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

	July 31, 2019		April 30, 2019
	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	840	$	821
Derivative liabilities:
Foreign currency forward contracts	$	1,411	$	722

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 was as follows:

	July 31, 2019		April 30, 2019
	(in thousands)
Derivative asset:
Interest rate swap contract	$	—	$	619
Derivative liability:
Interest rate swap contract	$	185	$	—