Financial Instruments (Tables)

9 Months Ended

Jan. 31, 2022

Financial Instruments and Balance Sheet Classifications

The following tables show the Company’s financial instruments and balance sheet classifications as of January 31, 2022 and April 30, 2021:

	January 31, 2022
	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 and other receivables
	(in thousands)
Changes in Fair Value Recorded in
Other Comprehensive Loss
Level 2:
Commercial paper	$	38,857	$	—	$	(34	)	$	38,823	$	1,999	$	36,824	$	—	$	—
Corporate notes/bonds		39,951		—		(171	)		39,780		—		24,381		15,399		—
U.S. Treasury and Agency Securities		1,500		—		—			1,500		1,500		—		—		—
Total debt investments	$	80,308	$	—	$	(205	)	$	80,103	$	3,499	$	61,205	$	15,399	$	—
Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)								$	184,141	$	—	$	11,905	$	172,236	$	—
Total equity investments								$	184,141	$	—	$	11,905	$	172,236	$	—
Cash								$	754,823	$	754,823	$	—	$	—	$	—
Money market funds									88,183		88,183		—		—		—
Level 2:
Foreign currency forward contracts									1,491		—		—		—		1,491
Total								$	1,108,741	$	846,505	$	73,110	$	187,635	$	1,491

	April 30, 2021
	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)
Changes in Fair Value Recorded in
Other Comprehensive Income
Level 2:
Commercial paper	$	51,979	$	1	$	(7	)	$	51,973		$	9,499	$	42,474	$	—	$	—
Corporate notes/bonds		26,371		—		(20	)		26,351			—		10,134		16,217		—
U.S. Treasury and Agency Securities		1,975		—		—			1,975			—		1,975		—		—
Total debt investments	$	80,325	$	1	$	(27	)	$	80,299		$	9,499	$	54,583	$	16,217	$	—
Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)								$	175,559		$	—	$	9,084	$	166,475	$	—
Total equity investments								$	175,559		$	—	$	9,084	$	166,475	$	—
Cash								$	752,737		$	752,737	$	—	$	—	$	—
Money market funds									88,542			88,542		—		—		—
Level 2:
Foreign currency forward contracts									(12	)		—		—		—		(12	)
Total								$	1,097,125		$	850,778	$	63,667	$	182,692	$	(12	)

(1) These investments are held in trust for settlement of the Company’s vested obligations of $175.2 million and $157.3 million as of January 31, 2022 and April 30, 2021, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $25.9 million and $26.5 million as of January 31, 2022 and April 30, 2021, respectively. During the three months ended January 31, 2022, the fair value of the investments decreased; therefore, the Company recognized a loss of $7.7 million, which was recorded in other (loss) income, net. During the nine months ended January 31, 2022, the fair value increased; therefore, the Company recognized a gain of $2.4 million, which was recorded in other (loss) income, net. During the three and nine months ended January 31, 2021, the fair value of the investments increased; therefore, the Company recognized a gain of $15.2 million and $27.2 million, respectively, which was recorded in other (loss) income, net.

Financial Instruments and Balance Sheet Classifications

The following tables show the Company’s financial instruments and balance sheet classifications as of January 31, 2022 and April 30, 2021:

	January 31, 2022
	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 and other receivables
	(in thousands)
Changes in Fair Value Recorded in
Other Comprehensive Loss
Level 2:
Commercial paper	$	38,857	$	—	$	(34	)	$	38,823	$	1,999	$	36,824	$	—	$	—
Corporate notes/bonds		39,951		—		(171	)		39,780		—		24,381		15,399		—
U.S. Treasury and Agency Securities		1,500		—		—			1,500		1,500		—		—		—
Total debt investments	$	80,308	$	—	$	(205	)	$	80,103	$	3,499	$	61,205	$	15,399	$	—
Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)								$	184,141	$	—	$	11,905	$	172,236	$	—
Total equity investments								$	184,141	$	—	$	11,905	$	172,236	$	—
Cash								$	754,823	$	754,823	$	—	$	—	$	—
Money market funds									88,183		88,183		—		—		—
Level 2:
Foreign currency forward contracts									1,491		—		—		—		1,491
Total								$	1,108,741	$	846,505	$	73,110	$	187,635	$	1,491

	April 30, 2021
	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)
Changes in Fair Value Recorded in
Other Comprehensive Income
Level 2:
Commercial paper	$	51,979	$	1	$	(7	)	$	51,973		$	9,499	$	42,474	$	—	$	—
Corporate notes/bonds		26,371		—		(20	)		26,351			—		10,134		16,217		—
U.S. Treasury and Agency Securities		1,975		—		—			1,975			—		1,975		—		—
Total debt investments	$	80,325	$	1	$	(27	)	$	80,299		$	9,499	$	54,583	$	16,217	$	—
Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)								$	175,559		$	—	$	9,084	$	166,475	$	—
Total equity investments								$	175,559		$	—	$	9,084	$	166,475	$	—
Cash								$	752,737		$	752,737	$	—	$	—	$	—
Money market funds									88,542			88,542		—		—		—
Level 2:
Foreign currency forward contracts									(12	)		—		—		—		(12	)
Total								$	1,097,125		$	850,778	$	63,667	$	182,692	$	(12	)

(1) These investments are held in trust for settlement of the Company’s vested obligations of $175.2 million and $157.3 million as of January 31, 2022 and April 30, 2021, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $25.9 million and $26.5 million as of January 31, 2022 and April 30, 2021, respectively. During the three months ended January 31, 2022, the fair value of the investments decreased; therefore, the Company recognized a loss of $7.7 million, which was recorded in other (loss) income, net. During the nine months ended January 31, 2022, the fair value increased; therefore, the Company recognized a gain of $2.4 million, which was recorded in other (loss) income, net. During the three and nine months ended January 31, 2021, the fair value of the investments increased; therefore, the Company recognized a gain of $15.2 million and $27.2 million, respectively, which was recorded in other (loss) income, net.

Fair Value of Liabilities Derivatives

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

	January 31, 2022		April 30, 2021
	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	1,753	$	822
Derivative liabilities:
Foreign currency forward contracts	$	262	$	834

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, 2022		April 30, 2021
	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	1,753	$	822
Derivative liabilities:
Foreign currency forward contracts	$	262	$	834