Fair Value of Financial Instruments and Long Term Debt (Tables)

12 Months Ended

Apr. 30, 2020

The carrying amount of the Company’s long-term debt and finance lease obligations by issuance is as follows:



	As of April 30,
	2020		2019
Finance lease liabilities (Note 7)	$	16,746	$	16,480
5.72% Senior notes due in 14 installments beginning September 30, 2012 and ending March 30, 2020	—		15,000
5.22% Senior notes due August 9, 2020 (1)	569,000		569,000
3.67% Senior notes (Series A) due in 7 installments beginning June 17, 2022, and ending June 15, 2028	150,000		150,000
3.75% Senior notes (Series B) due in 7 installments beginning December 17, 2022 and ending December 18, 2028	50,000		50,000
3.65% Senior notes (Series C) due in 7 installments beginning May 2, 2025 and ending May 2, 2031	50,000		50,000
3.72% Senior notes (Series D) due in 7 installments beginning October 28, 2025 and ending October 28, 2031	50,000		50,000
3.51% Senior notes (Series E) due June 13, 2025	150,000		150,000
3.77% Senior notes (Series F) due August 22, 2028	250,000		250,000
	1,285,746		1,300,480
Less current maturities (2)	571,244		17,205
	$	714,502	$	1,283,275

(1) The Company is in the process of refinancing these Senior notes, and expects to execute the applicable note purchase agreement for the refinancing in the near future shortly after the report date.

(2) Long-term debt is presented gross in the table above, but net of unamortized debt issuance costs of $964 and $1,171 on the consolidated balance sheets for the years ended April 30, 2020 and 2019, respectively.

Schedule of Maturities of Long-term Debt Including Capitalized Lease Obligations

Listed below are the aggregate maturities of long-term debt, including finance lease obligations, for the 5 years commencing May 1, 2020 and thereafter:



Years ended April 30,	Finance Leases		Senior Notes		Total
2021	$	2,244	$	569,000	$	571,244
2022	2,354		—		2,354
2023	2,484		20,000		22,484
2024	2,060		32,000		34,060
2025	734		32,000		32,734
Thereafter	6,870		616,000		622,870
	$	16,746	$	1,269,000	$	1,285,746

Finance Lease, Liability, Maturity

Listed below are the aggregate maturities of long-term debt, including finance lease obligations, for the 5 years commencing May 1, 2020 and thereafter:



Years ended April 30,	Finance Leases		Senior Notes		Total
2021	$	2,244	$	569,000	$	571,244
2022	2,354		—		2,354
2023	2,484		20,000		22,484
2024	2,060		32,000		34,060
2025	734		32,000		32,734
Thereafter	6,870		616,000		622,870
	$	16,746	$	1,269,000	$	1,285,746



	April 30, 2020
Weighted-average remaining lease-term - finance lease	10.9
Weighted-average remaining lease-term - operating lease	20.4

Weighted-average discount rate - finance lease	5.34		%
Weighted-average discount rate - operating lease	4.25		%

Right-of-use assets obtained in exchange for new finance lease liabilities (in thousands)	$	1,520
Right-of-use assets obtained in exchange for new operating lease liabilities (in thousands)	$	2,840

Future minimum payments under the finance leases and operating leases with initial or remaining terms of one year or more consisted of the following at April 30, 2020 and April 30, 2019:



Years ended April 30, 2020	Finance leases		Operating leases
2021	$	3,118	$	1,829
2022	3,110		1,814
2023	3,116		1,717
2024	2,565		1,683
2025	1,167		1,686
Thereafter	10,764		25,335
Total minimum lease payments	23,840		34,064
Less amount representing interest	7,094		12,468
Present value of net minimum lease payments	$	16,746	$	21,596



Years ended April 30, 2019	Capital leases		Operating leases
2020	$	3,103	$	1,703
2021	3,109		1,547
2022	3,096		1,354
2023	3,098		1,228
2024	2,548		1,066
Thereafter	9,215		10,438
Total minimum lease payments	24,169		$	17,336
Less amount representing interest	7,689
Present value of net minimum lease payments	$	16,480