We are a party to certain offsetting and identical interest rate cap agreements entered into to fulfill certain covenants of the equipment finance contract sale agreements. The interest rate cap agreements also provide a credit enhancement feature for the financing contracts sold by PDC Funding and PDC Funding II to the commercial paper conduit.

The interest rate cap agreements are canceled and new agreements are entered into periodically to maintain consistency with the dollar maximum of the sale agreements and the maturity of the underlying financing contracts. As of October 29, 2022, PDC Funding had purchased an interest rate cap from a bank with a notional amount of $525,000 and a maturity date of August 2030. We sold an identical interest rate cap to the same bank. As of October 29, 2022, PDC Funding II had purchased an interest rate cap from a bank with a notional amount of $100,000 and a maturity date of September 2029. We sold an identical interest rate cap to the same bank.

These interest rate cap agreements do not qualify for hedge accounting treatment and, accordingly, we record the fair value of the agreements as an asset or liability and the change in fair value as income or expense during the period in which the change occurs.

In January 2014, we entered into a forward interest rate swap agreement with a notional amount of $250,000 and accounted for it as a cash flow hedge, in order to hedge interest rate fluctuations in anticipation of refinancing the 5.17% senior notes due March 25, 2015. These notes were repaid on March 25, 2015 and replaced with new $250,000 3.48% senior notes due March 24, 2025. A cash payment of $29,003 was made in March 2015 to settle the interest rate swap. This amount is recorded in other comprehensive income (loss), net of tax, and is recognized as interest expense over the life of the related debt.

We utilize forward interest rate swap agreements to hedge against interest rate fluctuations that impact the amount of net sales we record related to our customer financing contracts. These interest rate swap agreements do not qualify for hedge accounting treatment and, accordingly, we record the fair value of the agreements as an asset or liability and the change in fair value as income or expense during the period in which the change occurs.

As of April 30, 2022, the remaining notional amount for interest rate swap agreements was $574,144, with the latest maturity date in fiscal 2029. During the six months ended October 29, 2022, we entered into forward interest rate swap agreements with a notional amount of $79,010. As of October 29, 2022, the remaining notional amount for interest rate swap agreements was $538,519, with the latest maturity date in fiscal 2030.

Net cash receipts of $782 were received and net cash payments of $3,992 were made during the six months ended October 29, 2022 and October 30, 2021, respectively, to settle a portion of our liabilities related to interest rate swap agreements. These payments and receipts are reflected as cash flows in the condensed consolidated statements of cash flows within net cash used in operating activities.


Derivative type	Classification	October 29, 2022		April 30, 2022
Assets:
Interest rate contracts	Prepaid expenses and other current assets	$	7,863	$	3,875
Interest rate contracts	Other non-current assets, net	33,512		19,871
Total asset derivatives		$	41,375	$	23,746
Liabilities:
Interest rate contracts	Other accrued liabilities	$	199	$	250
Interest rate contracts	Other non-current liabilities	17,351		10,013
Total liability derivatives		$	17,550	$	10,263

The following tables present the pre-tax effect of derivative instruments on the condensed consolidated statements of operations and other comprehensive income:


		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)
		Three Months Ended				Six Months Ended
Derivatives in cash flow hedging relationships	Statements of operations location	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
Interest rate contracts	Interest expense	$	(341)	$	(341)	$	(682)	$	(682)


		Amount of Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended				Six Months Ended
Derivatives not designated as hedging instruments	Statements of operations location	October 29, 2022		October 30, 2021		October 29, 2022		October 30, 2021
Interest rate contracts	Other income, net	$	13,072	$	3,304	$	11,124	$	2,117

There were no gains or losses recognized in other comprehensive income (loss) on cash flow hedging derivatives during the three and six months ended October 29, 2022 or October 30, 2021.