As of April 30, 2025, we had total debt outstanding of $799.4 million, net of unamortized issuance costs of $0.4 million. The $799.8 million of debt outstanding are variable rate loans under the Amended and Restated CA. The carrying value of the debt approximates fair value.

As of April 30, 2025 and 2024, the interest rate swap agreements we maintained were designated as fully effective cash flow hedges as defined under ASC Topic 815. As a result, the impact on our Consolidated Statements of Income (Loss) from changes in the fair value of the interest rate swaps was fully offset by changes in the interest expense on the underlying variable rate debt instruments. It is management’s intention that the notional amount of interest rate swaps be less than the variable rate loans outstanding during the life of the derivatives.

As of both April 30, 2025 and 2024, we had interest rate swaps outstanding with a combined notional amount of $500.0 million that were designated as cash flow hedges.

We record the fair value of our interest rate swaps on a recurring basis using Level 2 inputs of quoted prices for similar assets or liabilities in active markets. The fair value of our interest rate swaps designated as cash flow hedges as of April 30 are reflected in our Consolidated Statements of Financial Position as follows:


Asset (Liability)	Balance Sheet Location	2025		2024
Current asset portion	Prepaid expenses and other current assets	$	197	$	154
Non-current asset portion	Other non-current assets	—		9,686
Current liability portion	Other accrued liabilities	(118)		—
Non-current liability portion	Other long-term liabilities	(3,438)		—
Total cash flow hedges		$	(3,358)	$	9,840

The effect of our interest rate swaps on the Consolidated Statements of Comprehensive Income (Loss) and the Consolidated Statements of Income (Loss) for the years ended April 30 are as follows:


	2025		2024		2023
Amount of pretax (losses) gains recognized in Other comprehensive income (loss)	$	(8,186)	$	15,164	$	6,036
Amount of pretax gains reclassified from Accumulated other comprehensive loss into Interest expense	$	4,755	$	12,420	$	5,039

Based on the amount in Accumulated other comprehensive loss at April 30, 2025, approximately $(0.4) million, net of tax, would be reclassified into Net income in the next twelve months.

We may enter into foreign currency forward contracts to manage our exposure on certain foreign currency denominated assets and liabilities. The foreign currency forward exchange contracts are marked to market through Net foreign exchange transaction (losses) gains on our Consolidated Statements of Income (Loss) and carried at fair value on our Consolidated Statements of Financial Position. Foreign currency denominated assets and liabilities are remeasured at spot rates in effect on the balance sheet date, with the effects of changes in spot rates reported in Net foreign exchange transaction (losses) gains on our Consolidated Statements of Income (Loss).

As of April 30, 2025 and 2024, we did not maintain any open foreign currency forward contracts. In addition, we did not maintain any open foreign currency forward contracts during the years ended April 30, 2025, 2024, and 2023.