XML 42 R26.htm IDEA: XBRL DOCUMENT v3.20.2
Financial Instruments (Tables)
 3 Months Ended
Jul. 31, 2020
Financial Instruments and Balance Sheet Classification

The following tables show the Company’s financial instruments and balance sheet classification as of July 31, 2020 and April 30, 2020:

 

 

 

July 31, 2020

 

 

 

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

 

$

20,879

 

 

$

12

 

 

$

(5

)

 

$

20,886

 

 

$

1,800

 

 

$

19,086

 

 

$

—

 

 

$

—

 

Corporate notes/bonds

 

 

19,246

 

 

 

29

 

 

 

(3

)

 

 

19,272

 

 

 

—

 

 

 

19,272

 

 

 

—

 

 

 

—

 

Total debt investments

 

$

40,125

 

 

$

41

 

 

$

(8

)

 

$

40,158

 

 

$

1,800

 

 

$

38,358

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in Fair Value Recorded in

 

Net Loss

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

151,842

 

 

$

—

 

 

$

11,512

 

 

$

140,330

 

 

$

—

 

Total equity investments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

151,842

 

 

$

—

 

 

$

11,512

 

 

$

140,330

 

 

$

—

 

Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

$

451,359

 

 

$

451,359

 

 

$

—

 

 

$

—

 

 

$

—

 

Money market funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89,627

 

 

 

89,627

 

 

 

—

 

 

 

—

 

 

 

—

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

406

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

406

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

$

733,392

 

 

$

542,786

 

 

$

49,870

 

 

$

140,330

 

 

$

406

 

 

 

 

April 30, 2020

 

 

 

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

 

$

19,132

 

 

$

39

 

 

$

—

 

 

$

19,171

 

 

$

4,785

 

 

$

14,386

 

 

$

—

 

 

$

—

 

Corporate notes/bonds

 

 

19,181

 

 

 

26

 

 

 

(19

)

 

 

19,188

 

 

 

901

 

 

 

18,287

 

 

 

—

 

 

 

—

 

Total debt investments

 

$

38,313

 

 

$

65

 

 

$

(19

)

 

$

38,359

 

 

$

5,686

 

 

$

32,673

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in Fair Value Recorded in

 

Net Income

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

141,412

 

 

$

—

 

 

$

9,278

 

 

$

132,134

 

 

$

—

 

Total equity investments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

141,412

 

 

$

—

 

 

$

9,278

 

 

$

132,134

 

 

$

—

 

Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

$

611,795

 

 

$

611,795

 

 

$

—

 

 

$

—

 

 

$

—

 

Money market funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

71,763

 

 

 

71,763

 

 

 

—

 

 

 

—

 

 

 

—

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,634

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,634

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

$

865,963

 

 

$

689,244

 

 

$

41,951

 

 

$

132,134

 

 

$

2,634

 

 

(1)

These investments are held in trust for settlement of the Company’s vested obligations of $137.4 million and $124.6 million as of July 31, 2020 and April 30, 2020, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $24.1 million and $21.7 million as of July 31, 2020 and April 30, 2020, respectively. During the three months ended July 31, 2020 and 2019, the fair value of the investments increased; therefore, the Company recognized a gain of $11.5 million and $1.9 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 July 31, 2020 and April 30, 2020:

 

 

 

July 31, 2020

 

 

 

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

 

$

20,879

 

 

$

12

 

 

$

(5

)

 

$

20,886

 

 

$

1,800

 

 

$

19,086

 

 

$

—

 

 

$

—

 

Corporate notes/bonds

 

 

19,246

 

 

 

29

 

 

 

(3

)

 

 

19,272

 

 

 

—

 

 

 

19,272

 

 

 

—

 

 

 

—

 

Total debt investments

 

$

40,125

 

 

$

41

 

 

$

(8

)

 

$

40,158

 

 

$

1,800

 

 

$

38,358

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in Fair Value Recorded in

 

Net Loss

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

151,842

 

 

$

—

 

 

$

11,512

 

 

$

140,330

 

 

$

—

 

Total equity investments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

151,842

 

 

$

—

 

 

$

11,512

 

 

$

140,330

 

 

$

—

 

Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

$

451,359

 

 

$

451,359

 

 

$

—

 

 

$

—

 

 

$

—

 

Money market funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89,627

 

 

 

89,627

 

 

 

—

 

 

 

—

 

 

 

—

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

406

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

406

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

$

733,392

 

 

$

542,786

 

 

$

49,870

 

 

$

140,330

 

 

$

406

 

 

 

 

April 30, 2020

 

 

 

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

 

$

19,132

 

 

$

39

 

 

$

—

 

 

$

19,171

 

 

$

4,785

 

 

$

14,386

 

 

$

—

 

 

$

—

 

Corporate notes/bonds

 

 

19,181

 

 

 

26

 

 

 

(19

)

 

 

19,188

 

 

 

901

 

 

 

18,287

 

 

 

—

 

 

 

—

 

Total debt investments

 

$

38,313

 

 

$

65

 

 

$

(19

)

 

$

38,359

 

 

$

5,686

 

 

$

32,673

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in Fair Value Recorded in

 

Net Income

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

141,412

 

 

$

—

 

 

$

9,278

 

 

$

132,134

 

 

$

—

 

Total equity investments

 

 

 

 

 

 

 

 

 

 

 

 

 

$

141,412

 

 

$

—

 

 

$

9,278

 

 

$

132,134

 

 

$

—

 

Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

$

611,795

 

 

$

611,795

 

 

$

—

 

 

$

—

 

 

$

—

 

Money market funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

71,763

 

 

 

71,763

 

 

 

—

 

 

 

—

 

 

 

—

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,634

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,634

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

$

865,963

 

 

$

689,244

 

 

$

41,951

 

 

$

132,134

 

 

$

2,634

 

 

(1)

These investments are held in trust for settlement of the Company’s vested obligations of $137.4 million and $124.6 million as of July 31, 2020 and April 30, 2020, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $24.1 million and $21.7 million as of July 31, 2020 and April 30, 2020, respectively. During the three months ended July 31, 2020 and 2019, the fair value of the investments increased; therefore, the Company recognized a gain of $11.5 million and $1.9 million, respectively, which was recorded in other income, net.
Fair Value of Liabilities Derivatives

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

 

 

 

July 31,

2020

 

 

April 30,

2020

 

 

 

(in thousands)

 

Derivative assets:

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

2,309

 

 

$

3,034

 

Derivative liabilities:

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

1,903

 

 

$

400

 

 
Not Designated as Hedge Instrument  
Fair Value of Assets Derivatives

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

 

 

 

July 31,

2020

 

 

April 30,

2020

 

 

 

(in thousands)

 

Derivative assets:

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

2,309

 

 

$

3,034

 

Derivative liabilities:

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

$

1,903

 

 

$

400