Financial Instruments (Tables)

3 Months Ended

Jul. 31, 2023

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


	July 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 Gain
Level 2:
Corporate notes/bonds	$	19,327	$	—	$	(203)	$	19,124	$	—	$	19,124	$	—	$	—
Total debt investments	$	19,327	$	—	$	(203)	$	19,124	$	—	$	19,124	$	—	$	—

Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)							$	199,721	$	—	$	10,362	$	189,359	$	—
Total equity investments							$	199,721	$	—	$	10,362	$	189,359	$	—
Cash							$	520,898	$	520,898	$	—	$	—	$	—
Money market funds							41,311		41,311		—		—		—
Level 2:
Foreign currency forward contracts							859		—		—		—		859
Total							$	781,913	$	562,209	$	29,486	$	189,359	$	859


	April 30, 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	$	11,751	$	—	$	(30)	$	11,721	$	—	$	11,721	$	—	$	—
Corporate notes/bonds	24,754		—		(355)		24,399		—		21,492		2,907		—

Total debt investments	$	36,505	$	—	$	(385)	$	36,120	$	—	$	33,213	$	2,907	$	—

Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)							$	187,757	$	—	$	11,624	$	176,133	$	—
Total equity investments							$	187,757	$	—	$	11,624	$	176,133	$	—
Cash							$	696,180	$	696,180	$	—	$	—	$	—
Money market funds							147,844		147,844		—		—		—
Level 2:
Foreign currency forward contracts							2,133		—		—		—		2,133
Total							$	1,070,034	$	844,024	$	44,837	$	179,040	$	2,133

___________________


(1)			These investments are held in trust for settlement of the Company’s vested obligations of $192.5 million and $172.2 million as of July 31, 2023 and April 30, 2023, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $16.8 million and $21.9 million as of July 31, 2023 and April 30, 2023, respectively. During the three months ended July 31, 2023 and 2022, the fair value of the investments increased; therefore, the Company recognized a gain of $12.8 million and $0.1 million, respectively, which was recorded in other income, net.

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


	July 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 Gain
Level 2:
Corporate notes/bonds	$	19,327	$	—	$	(203)	$	19,124	$	—	$	19,124	$	—	$	—
Total debt investments	$	19,327	$	—	$	(203)	$	19,124	$	—	$	19,124	$	—	$	—

Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)							$	199,721	$	—	$	10,362	$	189,359	$	—
Total equity investments							$	199,721	$	—	$	10,362	$	189,359	$	—
Cash							$	520,898	$	520,898	$	—	$	—	$	—
Money market funds							41,311		41,311		—		—		—
Level 2:
Foreign currency forward contracts							859		—		—		—		859
Total							$	781,913	$	562,209	$	29,486	$	189,359	$	859


	April 30, 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	$	11,751	$	—	$	(30)	$	11,721	$	—	$	11,721	$	—	$	—
Corporate notes/bonds	24,754		—		(355)		24,399		—		21,492		2,907		—

Total debt investments	$	36,505	$	—	$	(385)	$	36,120	$	—	$	33,213	$	2,907	$	—

Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)							$	187,757	$	—	$	11,624	$	176,133	$	—
Total equity investments							$	187,757	$	—	$	11,624	$	176,133	$	—
Cash							$	696,180	$	696,180	$	—	$	—	$	—
Money market funds							147,844		147,844		—		—		—
Level 2:
Foreign currency forward contracts							2,133		—		—		—		2,133
Total							$	1,070,034	$	844,024	$	44,837	$	179,040	$	2,133

___________________


(1)			These investments are held in trust for settlement of the Company’s vested obligations of $192.5 million and $172.2 million as of July 31, 2023 and April 30, 2023, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $16.8 million and $21.9 million as of July 31, 2023 and April 30, 2023, respectively. During the three months ended July 31, 2023 and 2022, the fair value of the investments increased; therefore, the Company recognized a gain of $12.8 million and $0.1 million, respectively, which was recorded in other income, net.

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


	July 31, 2023		April 30, 2023

	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	1,573	$	2,813
Derivative liabilities:
Foreign currency forward contracts	$	714	$	680

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


	July 31, 2023		April 30, 2023

	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	1,573	$	2,813
Derivative liabilities:
Foreign currency forward contracts	$	714	$	680