| Financial Instruments and Balance Sheet Classification |
The following tables show the Company’s financial instruments and balance sheet classification as of April 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 $198.6 million and $172.2 million as of April 30, 2024 and 2023, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $22.4 million and $21.9 million as of April 30, 2024 and 2023, respectively. During fiscal 2024 and 2023, the fair value of the investments increased; therefore, the Company recognized income of $29.8 million and $2.9 million, respectively, which was recorded in other income (loss), net. During fiscal 2022, the fair value of the investments decreased; therefore, the Company recognized a loss of $12.0 million which was recorded in other income (loss), net.
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| Financial Instruments and Balance Sheet Classification |
The following tables show the Company’s financial instruments and balance sheet classification as of April 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 $198.6 million and $172.2 million as of April 30, 2024 and 2023, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). Unvested obligations under the deferred compensation plans totaled $22.4 million and $21.9 million as of April 30, 2024 and 2023, respectively. During fiscal 2024 and 2023, the fair value of the investments increased; therefore, the Company recognized income of $29.8 million and $2.9 million, respectively, which was recorded in other income (loss), net. During fiscal 2022, the fair value of the investments decreased; therefore, the Company recognized a loss of $12.0 million which was recorded in other income (loss), net.
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