Financial Instruments (Tables)

6 Months Ended

Oct. 31, 2024

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


	October 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		Other Accrued Liabilities

	(in thousands)
Changes in Fair Value Recorded in
Other Comprehensive Income
Level 2:
Commercial paper	$	5,645	$	1	$	(4)	$	5,642	$	—	$	5,642	$	—	$	—
Corporate notes/bonds	27,879		92		(28)		27,943		—		15,536		12,407		—
U.S. Treasury and Agency Securities	6,166		15		—		6,181		—		4,931		1,250		—
Total debt investments	$	39,690	$	108	$	(32)	$	39,766	$	—	$	26,109	$	13,657	$	—

Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)							$	232,848	$	—	$	14,549	$	218,299	$	—
Total equity investments							$	232,848	$	—	$	14,549	$	218,299	$	—
Cash							$	519,083	$	519,083	$	—	$	—	$	—
Money market funds							175,767		175,767		—		—		—
Level 2:
Foreign currency forward contracts							(1,007)		—		—		—		(1,007)
Total							$	966,457	$	694,850	$	40,658	$	231,956	$	(1,007)


	April 30, 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		Other Accrued Liabilities

	(in thousands)
Changes in Fair Value Recorded in
Other Comprehensive Loss
Level 2:
Commercial paper	$	16,873	$	1	$	(19)	$	16,855	$	3,932	$	12,923	$	—	$	—
Corporate notes/bonds	17,322		3		(27)		17,298		—		10,050		7,248		—
U.S. Treasury and Agency Securities	4,355		—		(9)		4,346		—		2,441		1,905		—
Total debt investments	$	38,550	$	4	$	(55)	$	38,499	$	3,932	$	25,414	$	9,153	$	—
Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)							$	219,856	$	—	$	17,328	$	202,528	$	—
Total equity investments							$	219,856	$	—	$	17,328	$	202,528	$	—
Cash							$	790,938	$	790,938	$	—	$	—	$	—
Money market funds							146,135		146,135		—		—		—
Level 2:
Foreign currency forward contracts							(427)		—		—		—		(427)
Total							$	1,195,001	$	941,005	$	42,742	$	211,681	$	(427)

___________________


(1)			These investments are held in trust for settlement of the Company’s vested obligations of $215.4 million and $198.6 million as of October 31, 2024 and April 30, 2024, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $19.6 million and $22.4 million as of October 31, 2024 and April 30, 2024, respectively. During the three and six months ended October 31, 2024, the fair value of the investments increased; therefore, the Company recognized a gain of $4.7 million and $18.9 million, respectively, which was recorded in other income (loss), net. 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 income (loss), net.

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


	October 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		Other Accrued Liabilities

	(in thousands)
Changes in Fair Value Recorded in
Other Comprehensive Income
Level 2:
Commercial paper	$	5,645	$	1	$	(4)	$	5,642	$	—	$	5,642	$	—	$	—
Corporate notes/bonds	27,879		92		(28)		27,943		—		15,536		12,407		—
U.S. Treasury and Agency Securities	6,166		15		—		6,181		—		4,931		1,250		—
Total debt investments	$	39,690	$	108	$	(32)	$	39,766	$	—	$	26,109	$	13,657	$	—

Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)							$	232,848	$	—	$	14,549	$	218,299	$	—
Total equity investments							$	232,848	$	—	$	14,549	$	218,299	$	—
Cash							$	519,083	$	519,083	$	—	$	—	$	—
Money market funds							175,767		175,767		—		—		—
Level 2:
Foreign currency forward contracts							(1,007)		—		—		—		(1,007)
Total							$	966,457	$	694,850	$	40,658	$	231,956	$	(1,007)


	April 30, 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		Other Accrued Liabilities

	(in thousands)
Changes in Fair Value Recorded in
Other Comprehensive Loss
Level 2:
Commercial paper	$	16,873	$	1	$	(19)	$	16,855	$	3,932	$	12,923	$	—	$	—
Corporate notes/bonds	17,322		3		(27)		17,298		—		10,050		7,248		—
U.S. Treasury and Agency Securities	4,355		—		(9)		4,346		—		2,441		1,905		—
Total debt investments	$	38,550	$	4	$	(55)	$	38,499	$	3,932	$	25,414	$	9,153	$	—
Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)							$	219,856	$	—	$	17,328	$	202,528	$	—
Total equity investments							$	219,856	$	—	$	17,328	$	202,528	$	—
Cash							$	790,938	$	790,938	$	—	$	—	$	—
Money market funds							146,135		146,135		—		—		—
Level 2:
Foreign currency forward contracts							(427)		—		—		—		(427)
Total							$	1,195,001	$	941,005	$	42,742	$	211,681	$	(427)

___________________


(1)			These investments are held in trust for settlement of the Company’s vested obligations of $215.4 million and $198.6 million as of October 31, 2024 and April 30, 2024, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $19.6 million and $22.4 million as of October 31, 2024 and April 30, 2024, respectively. During the three and six months ended October 31, 2024, the fair value of the investments increased; therefore, the Company recognized a gain of $4.7 million and $18.9 million, respectively, which was recorded in other income (loss), net. 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 income (loss), net.

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


	October 31, 2024		April 30, 2024

	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	730	$	979
Derivative liabilities:
Foreign currency forward contracts	$	1,737	$	1,406

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


	October 31, 2024		April 30, 2024

	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	730	$	979
Derivative liabilities:
Foreign currency forward contracts	$	1,737	$	1,406