Financial Instruments (Tables)

9 Months Ended

Jan. 31, 2025

The following tables show the Company’s financial instruments and balance sheet classification as of January 31, 2025 and April 30, 2024:


	January 31, 2025
	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	$	4,650	$	—	$	(3)	$	4,647	$	—	$	4,647	$	—	$	—
Corporate notes/bonds	31,030		76		(32)		31,074		—		17,470		13,604		—
U.S. Treasury and Agency Securities	4,466		5		(1)		4,470		—		3,971		499		—
Total debt investments	$	40,146	$	81	$	(36)	$	40,191	$	—	$	26,088	$	14,103	$	—
Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)							$	241,504	$	—	$	14,570	$	226,934	$	—
Total equity investments							$	241,504	$	—	$	14,570	$	226,934	$	—
Cash							$	604,876	$	604,876	$	—	$	—	$	—
Money market funds							174,422		174,422		—		—		—
Level 2:
Foreign currency forward contracts							(1,150)		—		—		—		(1,150)
Total							$	1,059,843	$	779,298	$	40,658	$	241,037	$	(1,150)


	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 $220.3 million and $198.6 million as of January 31, 2025 and April 30, 2024, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $19.9 million and $22.4 million as of January 31, 2025 and April 30, 2024, respectively. During the three and nine months ended January 31, 2025, the fair value of the investments increased; therefore, the Company recognized a gain of $9.1 million and $28.0 million, respectively, which was recorded in other income, net. 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.

The following tables show the Company’s financial instruments and balance sheet classification as of January 31, 2025 and April 30, 2024:


	January 31, 2025
	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	$	4,650	$	—	$	(3)	$	4,647	$	—	$	4,647	$	—	$	—
Corporate notes/bonds	31,030		76		(32)		31,074		—		17,470		13,604		—
U.S. Treasury and Agency Securities	4,466		5		(1)		4,470		—		3,971		499		—
Total debt investments	$	40,146	$	81	$	(36)	$	40,191	$	—	$	26,088	$	14,103	$	—
Changes in Fair Value Recorded in
Net Income
Level 1:
Mutual funds (1)							$	241,504	$	—	$	14,570	$	226,934	$	—
Total equity investments							$	241,504	$	—	$	14,570	$	226,934	$	—
Cash							$	604,876	$	604,876	$	—	$	—	$	—
Money market funds							174,422		174,422		—		—		—
Level 2:
Foreign currency forward contracts							(1,150)		—		—		—		(1,150)
Total							$	1,059,843	$	779,298	$	40,658	$	241,037	$	(1,150)


	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 $220.3 million and $198.6 million as of January 31, 2025 and April 30, 2024, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $19.9 million and $22.4 million as of January 31, 2025 and April 30, 2024, respectively. During the three and nine months ended January 31, 2025, the fair value of the investments increased; therefore, the Company recognized a gain of $9.1 million and $28.0 million, respectively, which was recorded in other income, net. 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.

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


	January 31, 2025		April 30, 2024

	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	569	$	979
Derivative liabilities:
Foreign currency forward contracts	$	1,719	$	1,406

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


	January 31, 2025		April 30, 2024

	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	569	$	979
Derivative liabilities:
Foreign currency forward contracts	$	1,719	$	1,406