Financial Instruments (Tables)

9 Months Ended

Jan. 31, 2023

Investments, All Other Investments [Abstract]

Financial Instruments and Balance Sheet Classification

The following tables show the Company’s financial instruments and balance sheet classification as of January 31, 2023 and April 30, 2022:


	January 31, 2023
	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)
Changes in Fair Value Recorded in
Other Comprehensive Loss
Level 2:
Commercial paper	$	16,294	$	—	$	(79)	$	16,215	$	—	$	16,215	$	—	$	—
Corporate notes/bonds	31,363		1		(489)		30,875		—		23,572		7,303		—

Total debt investments	$	47,657	$	1	$	(568)	$	47,090	$	—	$	39,787	$	7,303	$	—

Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)							$	188,809	$	—	$	8,466	$	180,343	$	—
Total equity investments							$	188,809	$	—	$	8,466	$	180,343	$	—
Cash							$	735,392	$	735,392	$	—	$	—	$	—
Money market funds							36,506		36,506		—		—		—
Level 2:
Foreign currency forward contracts							1,303		—		—		—		1,303
Total							$	1,009,100	$	771,898	$	48,253	$	187,646	$	1,303


	April 30, 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		Other Accrued Liabilities

	(in thousands)
Changes in Fair Value Recorded in
Other Comprehensive Loss
Level 2:
Commercial paper	$	41,627	$	—	$	(126)	$	41,501	$	15,489	$	26,012	$	—	$	—
Corporate notes/bonds	37,736		—		(450)		37,286		—		20,242		17,044		—
U.S. Treasury and Agency Securities	995		—		(8)		987		—		987		—		—
Total debt investments	$	80,358	$	—	$	(584)	$	79,774	$	15,489	$	47,241	$	17,044	$	—

Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)							$	168,742	$	—	$	10,003	$	158,739	$	—
Total equity investments							$	168,742	$	—	$	10,003	$	158,739	$	—
Cash							$	874,490	$	874,490	$	—	$	—	$	—
Money market funds							88,091		88,091		—		—		—
Level 2:
Foreign currency forward contracts							(204)		—		—		—		(204)
Total							$	1,210,893	$	978,070	$	57,244	$	175,783	$	(204)

___________________


(1)			These investments are held in trust for settlement of the Company’s vested obligations of $173.7 million and $160.8 million as of January 31, 2023 and April 30, 2022, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $22.3 million and $24.0 million as of January 31, 2023 and April 30, 2022, respectively. During the three and nine months ended January 31, 2023, the fair value of the investments increased; therefore, the Company recognized a gain of $12.7 million and $3.0 million, respectively, which was recorded in other income (loss), net. 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 income (loss), net. During the nine months ended January 31, 2022, the fair value of the investments increased; therefore, the Company recognized a gain of $2.4 million, which was recorded in other income (loss), net.

Financial Instruments and Balance Sheet Classification

The following tables show the Company’s financial instruments and balance sheet classification as of January 31, 2023 and April 30, 2022:


	January 31, 2023
	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)
Changes in Fair Value Recorded in
Other Comprehensive Loss
Level 2:
Commercial paper	$	16,294	$	—	$	(79)	$	16,215	$	—	$	16,215	$	—	$	—
Corporate notes/bonds	31,363		1		(489)		30,875		—		23,572		7,303		—

Total debt investments	$	47,657	$	1	$	(568)	$	47,090	$	—	$	39,787	$	7,303	$	—

Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)							$	188,809	$	—	$	8,466	$	180,343	$	—
Total equity investments							$	188,809	$	—	$	8,466	$	180,343	$	—
Cash							$	735,392	$	735,392	$	—	$	—	$	—
Money market funds							36,506		36,506		—		—		—
Level 2:
Foreign currency forward contracts							1,303		—		—		—		1,303
Total							$	1,009,100	$	771,898	$	48,253	$	187,646	$	1,303


	April 30, 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		Other Accrued Liabilities

	(in thousands)
Changes in Fair Value Recorded in
Other Comprehensive Loss
Level 2:
Commercial paper	$	41,627	$	—	$	(126)	$	41,501	$	15,489	$	26,012	$	—	$	—
Corporate notes/bonds	37,736		—		(450)		37,286		—		20,242		17,044		—
U.S. Treasury and Agency Securities	995		—		(8)		987		—		987		—		—
Total debt investments	$	80,358	$	—	$	(584)	$	79,774	$	15,489	$	47,241	$	17,044	$	—

Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)							$	168,742	$	—	$	10,003	$	158,739	$	—
Total equity investments							$	168,742	$	—	$	10,003	$	158,739	$	—
Cash							$	874,490	$	874,490	$	—	$	—	$	—
Money market funds							88,091		88,091		—		—		—
Level 2:
Foreign currency forward contracts							(204)		—		—		—		(204)
Total							$	1,210,893	$	978,070	$	57,244	$	175,783	$	(204)

___________________


(1)			These investments are held in trust for settlement of the Company’s vested obligations of $173.7 million and $160.8 million as of January 31, 2023 and April 30, 2022, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $22.3 million and $24.0 million as of January 31, 2023 and April 30, 2022, respectively. During the three and nine months ended January 31, 2023, the fair value of the investments increased; therefore, the Company recognized a gain of $12.7 million and $3.0 million, respectively, which was recorded in other income (loss), net. 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 income (loss), net. During the nine months ended January 31, 2022, the fair value of the investments increased; therefore, the Company recognized a gain of $2.4 million, which was recorded in other income (loss), net.

Fair Value of Assets Derivatives

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


	January 31, 2023		April 30, 2022

	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	1,987	$	1,639
Derivative liabilities:
Foreign currency forward contracts	$	684	$	1,843

Fair Value of Liabilities Derivatives

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


	January 31, 2023		April 30, 2022

	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	1,987	$	1,639
Derivative liabilities:
Foreign currency forward contracts	$	684	$	1,843

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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