Financial Instruments (Tables)

9 Months Ended

Jan. 31, 2024

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 January 31, 2024 and April 30, 2023:

	January 31, 2024
	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 Income
Level 2:
Commercial paper	$	14,670	$	9	$	(3)	$	14,676	$	1,500	$	13,176	$	—	$	—
Corporate notes/bonds	19,814		84		(32)		19,866		—		10,897		8,969		—
U.S. Treasury and Agency Securities	3,829		21		—		3,850		—		993		2,857		—
Total debt investments	$	38,313	$	114	$	(35)	$	38,392	$	1,500	$	25,066	$	11,826	$	—
Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)							$	213,161	$	—	$	20,661	$	192,500	$	—
Total equity investments							$	213,161	$	—	$	20,661	$	192,500	$	—
Cash							$	590,938	$	590,938	$	—	$	—	$	—
Money market funds							144,359		144,359		—		—		—
Level 2:
Foreign currency forward contracts							651		—		—		—		651
Total							$	987,501	$	736,797	$	45,727	$	204,326	$	651

	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 $197.1 million and $172.2 million as of January 31, 2024 and April 30, 2023, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $22.3 million and $21.9 million as of January 31, 2024 and April 30, 2023, respectively. During the three and nine months ended January 31, 2024, the fair value of the investments increased; therefore, the Company recognized a gain of $23.8 million and $22.8 million, respectively, which was recorded in other income, net. 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, net.

Financial Instruments and Balance Sheet Classification

The following tables show the Company’s financial instruments and balance sheet classification as of January 31, 2024 and April 30, 2023:

	January 31, 2024
	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 Income
Level 2:
Commercial paper	$	14,670	$	9	$	(3)	$	14,676	$	1,500	$	13,176	$	—	$	—
Corporate notes/bonds	19,814		84		(32)		19,866		—		10,897		8,969		—
U.S. Treasury and Agency Securities	3,829		21		—		3,850		—		993		2,857		—
Total debt investments	$	38,313	$	114	$	(35)	$	38,392	$	1,500	$	25,066	$	11,826	$	—
Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)							$	213,161	$	—	$	20,661	$	192,500	$	—
Total equity investments							$	213,161	$	—	$	20,661	$	192,500	$	—
Cash							$	590,938	$	590,938	$	—	$	—	$	—
Money market funds							144,359		144,359		—		—		—
Level 2:
Foreign currency forward contracts							651		—		—		—		651
Total							$	987,501	$	736,797	$	45,727	$	204,326	$	651

	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 $197.1 million and $172.2 million as of January 31, 2024 and April 30, 2023, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $22.3 million and $21.9 million as of January 31, 2024 and April 30, 2023, respectively. During the three and nine months ended January 31, 2024, the fair value of the investments increased; therefore, the Company recognized a gain of $23.8 million and $22.8 million, respectively, which was recorded in other income, net. 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, net.

Fair Value of Assets Derivatives

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

	January 31, 2024		April 30, 2023
	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	1,032	$	2,813
Derivative liabilities:
Foreign currency forward contracts	$	381	$	680

Fair Value of Liabilities Derivatives

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

	January 31, 2024		April 30, 2023
	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	1,032	$	2,813
Derivative liabilities:
Foreign currency forward contracts	$	381	$	680