Financial Instruments (Tables)

6 Months Ended

Oct. 31, 2023

Fair Value Disclosures [Abstract]

Financial Instruments and Balance Sheet Classification

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

	October 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		Other Accrued Liabilities
	(in thousands)
Changes in Fair Value Recorded in
Other Comprehensive (Loss) Income
Level 2:
Commercial paper	$	8,264	$	—	$	(5)	$	8,259	$	3,889	$	4,370	$	—	$	—
Corporate notes/bonds	21,622		—		(136)		21,486		—		11,727		9,759		—
U.S. Treasury and Agency Securities	8,093		—		(14)		8,079		4,299		—		3,780		—
Total debt investments	$	37,979	$	—	$	(155)	$	37,824	$	8,188	$	16,097	$	13,539	$	—
Changes in Fair Value Recorded in
Net Income (Loss)
Level 1:
Mutual funds (1)							$	193,373	$	—	$	10,052	$	183,321	$	—
Total equity investments							$	193,373	$	—	$	10,052	$	183,321	$	—
Cash							$	499,666	$	499,666	$	—	$	—	$	—
Money market funds							112,982		112,982		—		—		—
Level 2:
Foreign currency forward contracts							(1,460)		—		—		—		(1,460)
Total							$	842,385	$	620,836	$	26,149	$	196,860	$	(1,460)

	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 $177.8 million and $172.2 million as of October 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 $21.4 million and $21.9 million as of October 31, 2023 and April 30, 2023, respectively. During the three and six months ended October 31, 2023, the fair value of the investments decreased; therefore, the Company recognized a loss of $13.8 million and $1.0 million, respectively, which was recorded in other loss, net. During the three and six months ended October 31, 2022, the fair value of the investments decreased; therefore, the Company recognized a loss of $9.7 million and $9.7 million, respectively, which was recorded in other loss, net.

Financial Instruments and Balance Sheet Classification

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

	October 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		Other Accrued Liabilities
	(in thousands)
Changes in Fair Value Recorded in
Other Comprehensive (Loss) Income
Level 2:
Commercial paper	$	8,264	$	—	$	(5)	$	8,259	$	3,889	$	4,370	$	—	$	—
Corporate notes/bonds	21,622		—		(136)		21,486		—		11,727		9,759		—
U.S. Treasury and Agency Securities	8,093		—		(14)		8,079		4,299		—		3,780		—
Total debt investments	$	37,979	$	—	$	(155)	$	37,824	$	8,188	$	16,097	$	13,539	$	—
Changes in Fair Value Recorded in
Net Income (Loss)
Level 1:
Mutual funds (1)							$	193,373	$	—	$	10,052	$	183,321	$	—
Total equity investments							$	193,373	$	—	$	10,052	$	183,321	$	—
Cash							$	499,666	$	499,666	$	—	$	—	$	—
Money market funds							112,982		112,982		—		—		—
Level 2:
Foreign currency forward contracts							(1,460)		—		—		—		(1,460)
Total							$	842,385	$	620,836	$	26,149	$	196,860	$	(1,460)

	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 $177.8 million and $172.2 million as of October 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 $21.4 million and $21.9 million as of October 31, 2023 and April 30, 2023, respectively. During the three and six months ended October 31, 2023, the fair value of the investments decreased; therefore, the Company recognized a loss of $13.8 million and $1.0 million, respectively, which was recorded in other loss, net. During the three and six months ended October 31, 2022, the fair value of the investments decreased; therefore, the Company recognized a loss of $9.7 million and $9.7 million, respectively, which was recorded in other loss, net.

Fair Value of Assets Derivatives

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

	October 31, 2023		April 30, 2023
	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	546	$	2,813
Derivative liabilities:
Foreign currency forward contracts	$	2,006	$	680

Fair Value of Liabilities Derivatives

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

	October 31, 2023		April 30, 2023
	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	546	$	2,813
Derivative liabilities:
Foreign currency forward contracts	$	2,006	$	680